Why No Corporation Should Be Devoid Of A Realistic Business Strategy

Every enterprise, big or small, faces constant change. Fashions change at an astounding pace, new products are developed and introduced almost daily and technology is advancing so fast that few people can keep up. Yet, if enterprises do not keep pace with new needs, demands and products, they will grow stagnant and eventually simply cease to exist. With a proper business strategy it is possible to keep up to date, to anticipate change and to take advantage of those changes in good time.

Large companies often consist of a number of trading units that each act as a separate enterprise, but that nevertheless forms part of the portfolio of the mother company. Unless there are strategic plans in place, the various units cannot co exist in cohesion. This can even lead to a situation where some units harm the operations of other units in the same stable.

All organization, large and small and regardless of its purpose needs a strategic plan. This is because each organization is striving towards a very specific goal and it is almost impossible to achieve any goal or objective without a practical plan. A strategic plan is therefore a guideline that is developed to make sure that the organization keeps moving in the right direction.

A strategic plan must take many factors outside the organization into account. Developments in the fields of technology, medicine, the social environments, politics and many others will most certainly have a direct influence on the organization. These fields must therefore be studied. The purpose is to determine the ways in which advances will influence the organization itself. If this is not done no strategic plan can be realistic.

The internal workings of the enterprise also need careful study. It is vital to list all the weaknesses and strengths of the company in an objective manner. In this way the strategic plan can work at building upon existing strengths and implementing plans to overcome weaknesses. Threats to the company and new opportunities must also be listed so that the first can be exploited and the latter prevented.

Many large corporations prefer to hire independent experts to develop strategic plans for the enterprise. This is because those inside the organization often find it very difficult to remain objective. Strategic planning also requires a high degree of skill in various fields and these skills are not often to be found internally. It is vital however, that various experts within the company provide input to the experts.

Because the world keeps changing there are always new factors that have to be made part of the strategic plan. A strategic plan can therefore never be completed. It is an ongoing process that can only be valuable if it stays in pace with the world at large. Enterprises must therefore be vigilant for any change in the micro and macro environments. Some corporations have experts focusing solely on this function.

The day to day efforts of every organization should be done with the long term in mind. This can only be achieved if new developments and trends are identified long before they actually become fact. This is the only way to gain the competitive edge and to capitalize on new developments. That is why strategic planning should be a vital part of organizational management.

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