Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
The importance of having a strategic plan as an organization
The importance of having a strategic plan as an organization
Strengths and weaknesses of a strategic plan
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Purpose The purpose of a strategic plan is to help guide an organization for future success. It can be difficult to look past the current issues and concerns, but strategic plans are directed towards the future success of the organization (Drenkard, 2012). Strategic planning is important as it addresses “current trends, forecasts, and innovations to set in action activities that need to continue, expand, or be developed to remain competitive in the healthcare industry” (Roussel, Thomas, & Harris, 2016, p. 149). Zuckerman further discusses the importance of a continuous and more integrated strategic plan in healthcare which is named strategic management (2014). Strategic management is an ongoing strategic plan that not only addresses the …show more content…
To set goals that are appropriate for the organization, the vison and mission must be known (Kurec, 2014). It is also important to assess the internal and external influences. Knowing what the potential influences on the plan are will help to create goals that will be effective. Kurec discusses that for the strategic plan to be successful it is vital to increase the knowledge base (2014). Kurec recommends addressing the “Social, Technological, Economic, Environmental, and Political agendas” (STEEP) when gathering data (2014, p. 17). Utilizing reputable resources when collecting data will ensure that the strategic plan is factual and successful (Kurec, …show more content…
Zuckerman discusses challenges such as financial, time, team support, and making decisions for the future (2014). Financial challenges can be both internal and external factors. It is important to have finance involved throughout the process to ensure that there will not be an issue with the projected strategic plan. Time is a challenge that can be both external and internal. Internally there may be direction from management to complete the strategic plan in a timeframe that is not reasonable. Externally there may be changes happening that require the strategic plan to be enforced earlier than predicted. The lack of team support is an internal issue. There may be difficult or politically sensitive issues that members of the team do not agree on (Zuckerman, 2014). Another challenge that strategic planning faces is the difficulty of the mindset for future planning versus addressing more current issues. Many of these challenges can be addressed with the help of the supportive systems mentioned above. Systems thinking, shared governance and nursing informatics can play a vital role in overcoming these
It is through following these statements that will bring a firm success in the future. However, external factors outside of a company’s control can negatively affect the expected targets and steer the company from their mission & vision. Most companies do not have direct influence on this kind of environment (Harrison & St. John, 2014).
Strategic planning is crucial for the success of all business endeavors. Analyzing currents trends in technology, consumer markets, competition, and the workforce can play a pivotal part in whether or not the organization can survive. Overtime, strategic planning strategies must be modified in order to compensate for changes in the industry. Goals and strategic planning often necessitate change to ensure that the organization is performing at peak level, while offering the most beneficial and quality services to consumers.
Objective 3: To increase the number of competitors by 70% by the end of the year.To evaluate this objective, we will plan ahead in addressing the needs of the organization, with providing a structured agenda of things to achieve and collecting data from the competitors. To measure the planning skills, we will use organization skills, use sufficient data, and establish goals to achieve. The data collected will come from competition numbers and facts pertaining to improving planning
Generally, strategic management is a set of managerial decisions and actions that determines the long-term performance of a company, involving both internal and external environmental scanning, strategy formulation, strategy implementation, and evaluation and control. According to the study of strategic management, the corporation should concentrate on monitoring and appraising outside opportunities and threats based on an organization’s strengths and weaknesses (Thomas Wheelen and David Hunger, 2012).
A periodic evaluation of your internal and external environment is an important part of the strategic planning process. Strengths describe what an organization excels at, allowing decisions on how to gain a competitive advantage. Weaknesses stop an organization from performing at its optimum level. They have the potential to reduce progress or to give a competitive edge to the competition. Opportunities refer to favorable external factors that an organization can use it its advantage. If utilized effectively, opportunities have the potential to create a competitive advantage. Threats refer to factors that have the potential to negatively impact an organization.
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
Managers face difficulties in trying to understand the encionment. First ¡°the environment¡¯ encapsulates many different influences; the difficulty is making sense of this diversity in a way which can contribute to strategic decision making. The second difficulty is that of uncertainty, managers typically claim that the pace of technological change and the speed of global communications mean more and faster change now than ever before.
Historically, strategic planning within the healthcare industry has focused on enlarging the market and increasing share. However, five new areas need to be the primary focus in regards to strategic planning. First, organizations will need to scale up by merging, acquiring, or creating new partnerships in order to remain in business. Next, organizations need to be able to provide quality care and service at a competitive cost. Finally, true integration of all these parts to create a holistic care experience for all patients is necessary.
Strategic Plan Review Corinna Rall, Kate Utgaard, and Melissa Rowe University of Mary Introduction Strategic planning is the foundation to future innovation and success for an organization. To further understand the concept of strategic planning, as it relates to the nursing profession, a strategic plan review was completed. Specific components of the strategic plan review include a review of strategic planning resources and generate of an annotated bibliography, a case study review and reflection of current practice were completed. Completion of the strategic plan review will enhance our understanding of nursing’s participation in strategic planning process to validate the need for nursing services
Good strategic planning is typically based on a rich mix of conceptual, qualitative and quantitative information about what works for whom.
...c management or planning presents a structure or agenda for dealing with issues and solving problems, therefore, understanding potential risks or pitfalls of strategic management and being prepared to deal with them is critical and vital to success. Strategic management not only permits top leaders and managers to be more proactive than reactive in building or developing their own potential or outlook in an organization, and it also lets them to make the first move and influence activities, consequently, executives and management can control or in charge of the company’s own future, and achieve its main goals and objectives. Overall, increasing cost-effectiveness and efficiency, improving the value for its stakeholders, and advancing customer services and management excellence are the key objectives of strategic management and decision making in an organization.
Strategic management is a process to enhance the goals of your business. This gives managers a strategic awareness and value of the company when strategic management is implemented. Having a strategic plan in a company makes the business successful. When a manager takes lead in the change of the environment it allows the company to improve on their short and long term goals. Managers
Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment.
Strategic management is the process where organization managers reach the goals and aspirations of the organization on behalf of its owners. This is done through formulation and implementation of ways and methods to fulfill the organizational goals and objectives (Brian, 2011). This is done with in-depth consideration of both the internal and external environments that the organization operates in, in order to allow the organization make the right decisions. Strategic management is an important element that firms must put together through strategic thinking as well as strategic planning (Nag, R., Hambrick & Chen, 2007).
The statement of a mission encourages one to progress to succession. A mission statement involves strategic planning in ...