The Top Ten Management Primer on Leading The Management Process: All That You Need to Know About The Top 10 Ways to Make Sure a Company Has a Good Strategic Plan
This review of the top ten things you need to know about Making Sure a Company Has a Good Strategic Plan was prepared by Taylor Willie while a Marketing major in the College of Business at Southeastern Louisiana University in Hammond, Louisiana.
Introduction
This review aims to provide valuable information about the importance of having a good strategic plan within a business. It explains thoroughly what a strategic plan is and the relevance of getting it right. This review picks out the top points that can be implemented by any business or person who needs a proper plan and how to go about obtaining that. In general, it starts at very basic concepts that can be used by any level management and ties all top 10 points together.
This review can serve as a guide for any upper-level management positions or executive positions. It shows the importance of a leader setting the tone for a good plan and executing it properly. Within the review, there are many leadership examples given. Along with examples, a video will provide additional information from real-life persons within management positions who show the importance of having a good strategic plan.
The Idea in a Nutshell
The concept of having a strategic plan and its importance within a thriving business has long been recognized within the organizational framework of “Business Plans”. An actual strategic plan should not be confused with a business plan, but rather it serves as a framework for decisions and securing support. It provides a basis for more detailed planning, along with explaining the business to the public at large. It informs, motivates, and involves people within or outside that company or business. It can assist in performance monitoring and stimulate change, acting as a building block for the next plan of action. In a nutshell, a strategic plan provides a company with a purpose and direction.
The 10 Things You Need to Know About When Making Sure a Company Has a Good Strategic Plan
1. Defining The Vision: A realistic vision for a business is a good start to making a strategic plan. A vision can be verbally executed in terms of physical appearance, size, and activities. Within a vision, it’s important a business thinks about future products, markets, locations, customers, and processes. The vision should be simple and clear and within a time frame of no more than three years to be measurable. A good vision will help a company achieve credibility.
2. Defining The Mission: A mission explains the purpose and activities any business has. A good mission statement will help a business select which markets to focus on, customers to target, and set realistic financial goals. More importantly, a mission should tell its customers what it aims to achieve by servicing them. A business can use their mission statement to gauge progress with success. Overall, the mission should describe the business capabilities of that business.
3. Defining the Values: Values govern the operations of a business and its conduct for relationships with society, its customers, suppliers, employees, and stakeholders. A value itself is a belief, mission, or philosophy that is meaningful to company. On the most superior levels, values can be a statement of the company’s intentions for higher performance. Valuing quality is an attribute beneficial to any business. An example of a strong value is the pharmaceutical company Merck, whose success came from their dedication to “high quality and purity of its drug products”.
this is the 3rd of your articles I’ve visit and I always find a nut’s picture there…
I know it is very important that a company sets a strategic plan in order to achieve goals and succeed. I think defining the mission statement is one of the most important parts because it lets customers know what they stand for and what their goals are. The company needs to make sure that it gets the right people to work with so that they can implement their strategy in the right way.
A good strategic plan is so important for a business. I have learned from this article that they must develop a good vision as well as a good mission statement. The mission statement explains what the company’s goals are. Without a good mission statement the company could turn into the wrong direction and become unsuccessful. People want to know what their goal is and then they will give them their business if they like what they hear. Great job!
I did not realize that a strategic plan and a business plan were not the same thing. I thought they went hand in hand. This was a very well written and organized article. I enjoyed reading it and learning things I didn’t know before.