16 May Prior to beginning work on this discussion forum, read Five Steps to a Strategic Plan. Respond to two of your fellow students posts in a substantive manner and provide i
Prior to beginning work on this discussion forum, read Five Steps to a Strategic Plan. Respond to two of your fellow students’ posts in a substantive manner and provide information or concepts that they may not have considered. Support your position by using information from the reading. Minimum of 100 words each
What are three or four components of a well-thought-out, achievable, and reasonable business strategy?
A business strategy is initiatives a company executes to create value and grow the business. The first component of a well-thought-out, achievable, and reasonable business strategy is a self-assessment of the company. According to Aileron, “"for an accurate picture of where your business is, conduct external and internal audits to get a clear understanding of the marketplace, the competitive environment, and your organization's competencies (your real—not perceived—competencies)" (Aileron, 2011). A SWOT analysis can assist a business in identifying these factors to build the foundation of a successful strategy.
The second component is determining the long-term vision for the organization. This is the mission of the company and provides the basis for all future decisions while providing a sense of purpose to the workforce. ““You do need to develop an overall vision for your company – one that is strongly supported by a more targeted strategy at each business that falls under your umbrella” (Uggla, 2015).
The third component are the goals and objectives of the company and assigning actions to achieve the plan. It is important that people are accountable to the plan, so the organization stays on track. According to Gallup, only 13% of personnel are engaged at work and to be successful people must be accountable (Basit, 2021).
The last component is regularly reviewing the plan and assessing if updates are required to address market changes.
Review of the final strategy on a continual basis will ensure success and mitigate wasted manhours and production time. Goran Paun said that “customers are only human, and they will change over time”, so it is important a company continually revisit their strategy and track against performance measures to see if updates are necessary (Paun, 2017).
What mistakes do companies make when developing their strategies?
Developing a successful business strategy is hard and many companies will make mistakes in their strategic planning and execution. According to Benard Marr, there are ten mistakes that companies often make and these include resting on your loreals by assuming success in one year will translate to another; developing an overly complicated plan; not understanding your customer; not thinking about your competitors and market changes; lack of workforce buy-in; bias of weaknesses; not establishing metrics; lack of data; and not continually reassessing where you are (Marr, 2023).
Aileron. (2011, Oct 25). Five Steps to a Strategic Plan. Retrieved from Forbes: https://www.forbes.com/sites/aileron/2011/10/25/five-steps-to-a-strategic- plan/?sh=45e1f7195464
Basit, N. (2021, Dec 8). 15 Reasons Why Accountability Is Important. Retrieved from Curious Desire: https://curiousdesire.com/reasons-why-accountability-is-important/
Marr, B. (2023, Apr 29). The 10 biggest strategy mistakes companies make. Retrieved from Bernard Marr & Co: https://bernardmarr.com/the-10-biggest-strategy-mistakes- companies- make/#:~:text=The%2010%20biggest%20strategy%20mistakes%20companies%20make %201,developing%20KPIs%20to%20monitor%20progress%20…%20More%20items
Paun, G. (2017, Dec 6). The Single Strategy You Need To Fuel Business Growth Right Now. Retrieved from Forbes: https://www.forbes.com/sites/forbesagencycouncil/2017/12/06/the-single-strategy- you-need-to-fuel-business-growth-right-now/?sh=197f8102c595
Uggla, H. (2015). Aligning Brand Portfolio Strategy with Business Strategy. IUP Journal of Brand Management 12(3), 7-17.
"A well-thought-out strategy is grounded in a deep understanding of the organization's strengths, weaknesses, opportunities, and threats." (Sahlman, 19997) Firstly, it should be based on a thorough understanding of the organization's strengths, weaknesses, opportunities, and threats, which can be identified through a SWOT analysis. Secondly, the strategy should align with the organization's mission, vision, and values and be grounded in a clear understanding of the target market and customer needs; "aligning your business strategy with your brand portfolio strategy is essential to ensuring that your brand portfolio is delivering maximum value to the organization." (Viki, 2017)
Thirdly, the strategy should be realistic and achievable, with clear objectives, action plans, and performance indicators to measure progress and success. Finally, the strategy should be adaptable and flexible to changing market conditions and emerging trends. A common mistakes companies make when developing their strategies is a lack of alignment between the strategy and the organization's goals and capabilities. Another mistake is failing to involve key stakeholders, such as employees and customers, in the strategy development process. Additionally, many companies fail to develop specific, measurable, achievable, relevant, and time-bound (SMART) objectives; “developing SMART objectives and action plans is essential to measuring progress and adjusting course when necessary” (Ward, 2021), not using this strategy can make it challenging to track progress and adjust course when necessary.
Additionally, some companies focus too heavily on short-term gains at the expense of long-term sustainability and growth. To avoid these mistakes, companies should invest time and resources in conducting a thorough analysis of their internal and external environments, involve key stakeholders in the strategy development process, develop SMART objectives and action plans, and regularly monitor and adjust their strategies to align with changing market conditions and emerging trends. By doing so, companies can develop well-thought-out, achievable, and reasonable business strategies that can fuel growth and success.
Sahlman, W. A. (19997, July). How to Write a Great Business Plan. Retrieved from Harvard Business Review: https/hbr.org/1997/07/how-to-write-a-great-business-plan
Viki, T. (2017, June 12). Why Companies Must Align Innovation Strategy With Business Strategy. Retrieved from Forbes: https/www.forbes.com/sites/tendayiviki/2017/06/12/why-companies-must-align- innovation-strategy-with-business-strategy/?sh=2ddbb76b3d1a
Ward, S. (2021, October 29). How to Develop a Business Strategy in 5 Steps. Retrieved from The Balance: https/www.thebalancemoney.com/entrepreneur-simple-business- plan-template-4126711
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