CONCEPT 3: THE RELEVANCE OF STRATEGIC PLANNING IN NURSING PRACTICE This concept is taken from Block 2, Module 3 which is entitled as ‘Elements and Process of Administration-1’. Strategy can be defined as plan of action designed to accomplish or fulfill a certain task. Planning is the act of making course of action or formulating plans. Margaret Rouse defined Strategic planning as a review and planning process that is undertaken to make thoughtful decisions about an organization’s future in order to ensure its success. 3.1 Personal context Strategic planning is an important planning process that is of great help to the organization.
The accomplishment of any task such as coaching a football team or running a small business can be made easy or difficulty depending on the strategic plan. My initial strategic plant will be to accurately assess where the business is, conduct external and internal audits to get a clear understanding of the marketplace, the competitive environment, and my organization’s competencies. Once the organization’s competencies have been assessed, the strategic plan will incorporate the process to update the utility software of my firm so that it becomes compatible with the new operating system from Microsoft. Successful implementation of the planned strategies would be set into action by avoiding common implementation mistakes, reach out every stakeholder, measure progress and properly monitor the
By using the three main categories for Corporate Strategy which is stability, growth and retrenchment would guide the corporations toward its goal and objective. The advantage of corporate strategy in connection with the corporation’s goal and objectives is that a corporation can gain financial advantage if it enters into a joint venture or acquires other companies it can increase profits, cash flow and borrowing power. Another strategy is functional strategy. This is used to maximize resource productivity and achieve corporate and business unit objectives and strategies. It is concerned with developing and nurturing a distinctive competence to provide the corporation with competitive advantage.
Strategic planning is a process that can allows us to both study and conduct simulations of the future. The process can show hidden opportunities or threats and providing the way to apply on them early. It is a living, dynamic document. It drives your business and must be integrated into every fiber of your organization so every employee helps move the company in the same direction. Strategic planning gives a clear framework with criteria for us to make day-to-day decisions.
Strategic planning process is essential for effective planning by providing and sharing information with people. In fact, leadership and strategic planning cannot be separated since it is integrated (Christoper, 2013). Leaders can create an environment in which the future concerns of the organizations and individuals can be resolved. In the process of developing strategic planning, providing information to others is fundamental for effective planning (Christoper, 2013). Transformational leadership team brought together to build, learn and reflect on the vision and objectives.
The company must engage in strategic planning with clear objectives and evaluate both internal and external situations to formulate strategies and make adjustments as needed. Goals and objectives provide the foundation for strategic planning. Goals are the outcome statements that needed to be accomplished. On the other hand, objectives are precise, clear, understandable, and directly support the completion of the goals. The first step is reviewing your company’s vision and mission statement.
It is a strategy a firm set up base on external environment and internal resources condition to control and influence its managing strategy in different section in an aggregate view of planning, which include production management, marketing management, financial management and human resources management. Normally a planned strategy will influence a firm’s operation model in a period of 5 to 10 years. But it is a completely fixed pattern. It will change bases on the variation of the firm’s external environment and internal resources condition. It is an overall structure strategy for a business.
A company’s strategy is management`s action plan for running the business and conduction operations. (Thompson, A. A., Strickland III, A. J., & Gamble, J. E. 2007, p.3). The performance of an organization depends on how effective it is in converting a strategy into execution. Implementation is the key to being competitive and sustainable, given an appropriate strategy.
(2010) consider that strategic management is a study field that includes a process through which a company or organization is able to determine its mission, vision, goals and objective as well as companies develop plan, program and various levels of execute strategies at of its industry condition and position in order to create and struggle for their competitive advantage. It provides a holistic view of an organization and also helps organizations to find the importance of their work and goals and list them in priority, it. Barnat (2014) stress that strategy formulation, strategy implementation, and evaluation and control are the three stages in continuous process of strategic management. Top management, board of directors, and planning staff are mostly involved in the strategic management process, scholars believe that performing an environmental analysis, establishing organizational direction, formulating organizational strategy, implementing organizational strategy, evaluating and controlling strategy are all include in the major strategic management. The arisen of strategic management could date back to 400 B.C and linked to the works of Sun Tzu and to Carl von Clausewitz in the