Free Corporate Strategic Plan Essay Sample
Is it necessary that a strategic plan be done?
Yes. It is important to realize that despite YSV is a high performance firm, it is facing many contradictory demands hence there is a need to know what to focus on and the company’s priorities. The leadership of YSV needs to accentuate on measurable outcomes as rivalry becomes unbendable. The strategic plan should be done because YSV will achieve a balanced scorecard. It is important to articulate that a strategic plan will steer in the new leadership especially the chief executive officer.
A strategic plan will assist YSV organize and manage successful organizational change process and determine what to modify. Through a strategic plan the new chief executive officer will be able to build on the nature of decision making in YSV. It acts as a reaction to incidents that require combined and often fresh response. Strategic plan will help YSV to build strengths and take advantage of major opportunities available in the market, while they minimize limitations and serious challenges. YSV’s strategic plan will encourage intelligent strategic consideration on behalf of the company and its key stakeholders.
Advantages of strategic planning process
Through a strategic plan YSV will achieve five main advantages. Firstly, it will promote strategic thinking, acting and learning. It will play a major task in ordinary negotiations about key apprehensions of moving the company forward and increasing its efficiency. In this context, YSV will be able to systematize and manage successful organizational alteration processes. Secondly, strategic planning will encourage improved decision making at YSV. The YSV senior management team will through the strategic plan develop a sound and justifiable basis for decision making and then harmonize the resulting resolution across all levels of YSV
The third advantage of developing a strategic plan is that it will ensure improved efficacy, receptiveness and pliability within YSV. The plan will assist YSV to deal successfully with swiftly changing conditions. YSV through the strategic plan will be able to react wisely to internal and external hassles and forces as well as those associated with accountability. The fourth benefit of strategic planning to YSV is that it ensures enhanced legitimacy within the company. Through the strategic plan YSV will satisfy its key stakeholders according to the stakeholder’s criteria at a reasonable cost.
Fifthly, strategic planning for YSV will help to produce improved effectiveness of broader public systems. Through strategic planning, YSV will be able to take the broader environment into consideration and how well to partner with other companies to create better working atmosphere. Finally, YSV will directly benefit the people involved. This implies that policy makers and key decision makers can be helped to fulfill their functions and tasks and teamwork and expertise are likely to be built among the members in the process
When should YSV initiate a strategic planning process and why?
YSV should initiate its strategic planning process when there is dedication, support and participation from top leadership particularly the chief executive officer and board members. Also, YSV should commence the strategic planning process when the circumstances for successful planning are already in position. The basis is that it assists the top management to settle on whether it is ready to go on board and if or not the strategic plan is the precise management tool to use. In addition, the strategic plan should be initiated when the board and top management are prepared to articulate controls frankly. YSV should initiate the strategic plan when there is a commitment to assign enough funds to sustain the implementation process.
Who should be involved in the process?
Because YSV is a big company, all the key decision makers, employees, the board of directors and its business partners and other stakeholders should be involved in the process. Customers and suppliers should not be left out because the company seeks to improve its customer service. Shareholders of the company should be aware of the strategic planning process because they play a key role in deliberating resource utilization. The state’s legal framework should be considered in case YSV will be seeking to diversify to other foreign markets. Generally the involvement of key decision makers or opinion leaders in the company will play a major role in the entire strategic planning process
Steps for the developing the strategic plan
There are ten steps involved in the strategic planning process. The ten steps should lead deliberatively to actions, results, evaluation and learning. These steps include:
Step 1: Initiate and agree on a strategic planning process- during this step the team will be negotiate with key in-house decision makers and opinion leaders of YSV. At this stage the team will be formed and given the mandate of preparing the plan. In this case the incoming chief executive officer will not draft the strategic plan personally.
Step 2: Identification of YSV’s mandate and mission- the team will identify the official and informal directives placed on YSV. These will be the various needs, boundaries, prospects, strains and constrictions it faces It will important to examine the relevant legislation, guidelines, decrees, contracts, critiques and agreements that draw YSV’s prescribed mandates.
Step 3: Clarifying YSV’s mission and values- this step will examine YSV’s reason for existence. In this step the team will abolish a great deal of redundant variance besides helping it to channel arguments and doings effectively. Development of a new mission statement and ethics should come out of consideration about YSV’s identity, its abiding principle, and required reactions from its stakeholders.
Step 4: Assessment of YSV’s external and internal environments-the strategic planning team should investigate the environment outside YSV to spot the opportunities and challenges or threats the YSV faces. The team should delineate the surroundings inside YSV to identify its strengths and weaknesses. The team should turn its concentration to opportunities and challenges besides stakeholder scrutiny to discover the YSV’s vital success factors.
Step 5: Identifying strategic issues facing YSV- strategic issues involve conflicts of one sort or another. At this phase the strategic planning team should organize a statement of the consequences of failure to address the issue. YSV’s attention on what is truly important for the continued existence, affluence and success of YSV is determined.
Step 6: Formulate strategies to manage the issues-during this stage the team should develop strategies to deal with matters identified in step 5. The importance of this step aims at coming up strategies for one or more programs, services, products, projects or business processes. Its main aim will be to attain reorganization, reengineering, reframing and repurposing YSV.
Step 7: Review and adopt the strategic plan- the purpose of this step is to have an official assurance to adopt and proceed with the implementation of the strategic plan. The step represents the termination of the work of the preceding steps and points towards the implementation phase.
Step 8: Establish an effective YSV vision- during this step a vision of success will be prepared towards the end of the process, to guide implementation. The team should be aware that visualization activities can be used to conduct the process from the beginning or to outline strategic issues.
Step 9: Develop an effective implementation process- in this step approved strategies are executed throughout the appropriate systems. The senior leadership should be aware that an effective implementation process and action plan must be developed. The team should also note that the more those strategies it has prepared with execution in mind the more victorious strategy execution will be.
Step 10: Reassess strategies and the strategic planning process- the importance of this final step is to re-examine executed strategies and the strategic planning process. Its main aim is to find out what worked for YSV, what did not work, and why and therefore prepare the next strategic planning process.
What would you recommend to her about her role?
While she may be placed on senior leadership of YSV she must be concerned with identifying and responding to the most important issues facing YSV. It is important that she addresses the subjective question of her purpose and the often competing values that control YSV’S mission and strategies. In her role she should dependent heavily on the active involvement of senior level managers assisted by staff members where needed. She should be action oriented and stress the significance of developing plans for implementing strategies in YSV. In her role as a chief executive she should assemble a winning team and coalition necessary to adopt and defend the strategic plan during and after implementation. In that capacity, she should build capability and acquaintance to maintain the implementation. In her role she should apportion more time for supplementary reassess and sign-offs of the strategic plan. In this context she should uphold the involvement of considerable numbers of leaders and key stakeholders of YSV.
Steps to make sure the strategic plan is kept meaningful and the effort is sustained
Effective implementation and sustainability of the strategic plan depends on five key interrelated functions. The first one is to understand implementation and assess YSV readiness to adopt the strategic plan. The sustainability is highly dependent on if the activities and objectives are well aligned. Secondly, YSV leadership should get organized. This is because sustainability cannot be achieved without effective leadership. This step is an opportunity for YSV senior management to prepare people for sustained strategic management.
Thirdly, YSV must clarify strategic and operational directions and details so as to give key decision makers the insight of the plan. In this step YSV should adopt a set of guiding values and they should be reflected in the outcomes and outputs of the whole process. For sustainability to be achieved the team should define major implementation alternatives, and come up with performance pointers for each strategy.
The fourth step will entail resourcing and structuring implementation, alignment and ongoing learning. This step is fundamental because sustainability is highly dependent on realistic financial, staff development, technology, time and other resource budgets. The senior leadership of YSV should have a clear agenda on what will no longer be done.
Finally, the last step involves maintaining, replacing or terminating strategies. The strategic plan can only be maintained if it fits within the context of YSV’s ongoing processes of the company’s operation and change. Successful implementation and sustainability of the plan will be achieved if failed strategies are reinstated, completed or their working plans are brought back collectively and reintegrated.