In today's industrial market, the level of competition is increasing by the day and along with it, the difficulty of survival. We are seeing the Darwin's theory of Survival at its best. If you are not the best and don't evolve according to your surroundings, you would not thrive the environmental conditions and you would be extinct. That's true, before making it big, you need to survive. You need to know how to thrive in the market. Survival per se takes up lot of effort coupled with intelligence now. And so the big strong companies and even the smaller companies that are cropping up every now and then are coming to realize the significance of Strategic Planning and Implementation.
In a successful company, apart from the administration and the execution development, a different team is hired, leaving alone the important yet underestimated unsung-of pieces. That different team is the research and development team. They are mainly like the well-wishers cum ministers in a king's court who used to assist the king in making his important day-to-day decisions on his subjects.
[...] Implementation of the strategy There are three steps to the implementation of the strategy: Actual strategic execution Encouraged dissemination and participation Evaluation and monitoring In the first phase, you need to start at your home that is your organization. You need to obtain a broad agreement from the others on the project and the respective strategy drawn out. The participation of the stakeholders are important and when they are a part of the very own family carrying out the task, it is all the more important. [...]
[...] Though these are not a part of the management, they sure play an vital role in the strategic planning and implementation program. Now who are the stakeholders? Stakeholders, in the simplest of words, are the people or organizations that have some interest in the well-being of the company. They have staked something on the performance and success of the business company. They are affected by the company actions and on the other hands, profit from the viability of the goods and services of the company. [...]
[...] So, studying the related market's trends and conditions are also keys to selecting the right project and creating a solid business strategy. Next when the strategy is to be modeled, the most significant factor that should control your decision is the cost-benefit analysis. Though we have done a run over the various limitations and risks involved in the project, after it is already settled that the project is to be carried forward with, measuring the costs involved in operating the project against the possible benefits that can be earned is a thing to think of. [...]
[...] "Basics of Action Planning (as part of strategic planning)") Developing specific policies over the time and resetting the targets is one of the most important jobs during implementation. It is wrong notion that once you have set your priorities, you have to walk by that path. No, inflexibility only results to failure. The key to success is resourcefully adapting to your environment. And this needs constant check over the ongoing process. Contingency planning is the process of proactively looking out for possible contingencies coming up in the near future and the long run as well. [...]
[...] It asks the company to proactively look at its different aspects, look for loopholes and fill them up in the most strategic and proficient manner. Scenario Planning As the name suggests, scenario planning is a form of study done before fiddling with the project big time. Scenario Planning or Scenario Analysis is a wide article but the basic idea of Scenario Planning is to judge the future scenarios taking into account all the unpredictable and unforeseen factors possible to take long-term decisions of a company. [...]
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