Saturday, May 18, 2019

Strategic planning in small and large businesses

 Smaller businesses have a limited range of the tools they use in strategic planning. This is largely in part because larger businesses have stronger financial resources than smaller businesses.  Larger businesses also normally have their own in-house department that deals with just this part of the business.  Larger businesses also tend to base their plans on five years or more where smaller firms normally only have theirs based out on five years or less (Siddique, 2015).
            As far as the reasons why it is difficult to execute such plans, there are a lot of variables that a business can not plan for until they actually occur. Environmental uncertainty can end up costing a company more time and money than anticipated. Customers, suppliers, distributors, competitors, government, public attitudes, technology, and financial markets can all affect strategic planning.  Businesses can try to plan for these types of events to happen, but it is impossible to plan for them all (Matthews & Scott, 1995).
Angela Rosario

References

Matthews, C. H., & Scott, S. G. (1995). Uncertainty and planning in small and entrepreneurial firms: an empirical assessment. Journal of Small Business Management, (4),, 34. Retrieved from https://www.freemanagementresources.com
Siddique, M. C. (2015). A Comparative Study of Strategic Planning Practices of SMEs and Large-Sized Business Organizations in Emerging Economies: The Case of UAE. Strategic Change, 24(6), 553–567. https://www.freemanagementresources.com
Thompson. (2018). Crafting & Executing Strategy: The Quest for Competitive Advantage 21st ed. McGraw-Hill ISBN: 9781259732782. Retrieved from: https://www.freemanagementresources.com

Aligning the vision and mission

Strategic plan plays a crucial role in an organizational setting. The need to have a strategic plan does not come so easy; however, it is mandatory that organization have the plan to guide them in their operations. Strategic planning, as stated by the student, helps an organization to focus on the positive side of their operations to meet the organizational goals and objectives. The strategic plan should align with the vision and mission of an organization. Indeed, it makes the organization to focus on their goals and objectives and make adjustments that can help in address gaps that can affect the success of the company.
Notably, my fellow learner has a great understanding of what makes a strategic plan. In their response on the components of a strategic plan, the various components are identified accordingly. In reference to Thompson (2018), strategic plans may come in different shapes and sizes. However, the major components are mission and vision, long and short-term objectives, strategies, scorecard, financial assessment among others. He has well established the components and thus its one of the major pros I have identified from the his response. In other words, he understands the strategic plan and has indeed included resources are useful to read about strategic plan. In my view, I did not get any cons from the work as all of the important issues have been addressed as per the assignment guidelines ( Srivastava et al., 2013). However, I identified some grammatical errors, which is not an important concern, but can be addressed for future assignment.
References
Thompson. (2018). Crafting & Executing Strategy: The Quest for Competitive Advantage 21st ed. McGraw-Hill ISBN: 9781259732782.
Srivastava, S. C., Mithas, S., & Jha, B. (2013). What Is Your Global Innovation Strategy? IT Professional, 15(6), 2–6.
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