Single businesses and multi-business companies

Strategic planning in an organization are sets of activities geared towards growing gaining competitive advantage through identifying goals, rallying all stakeholders, and working towards achieving those specific goals. Over recent years, strategic planning has increasingly become popular in most organizations as they seek to outdo their competitors in an increasingly competitive business environment. As indicated by my fellow learner, developing a strategic vision which the organization seeks to achieve is one of the first steps towards developing a strategic plan which leads an organization to success. Basing the strategic plan on sufficient information and data goes a long way in ensuring that the firm addresses the gaps which exist in the pursuit for organizational success. In developing a successful strategic plan, Santos-Álarez and García-Merino (2011) note that conducting a deep analysis ensures the individuals behind the strategic plan understand the needs of the business as a sustainable entity.

In single businesses and multi-business companies, ensuring that the strategic plan recognizes the environment in which the business operates are key to ensuring that the strategy developed meets the needs of the business. International businesses, on the other hand, as identified by my fellow learners are exposed to diversity issues which should be reflected on the strategic plan (Vu Minh Hieu & Nwachukwu, 2019). Allocating enough resources to the strategic plan as identified by the fellow learners is also a key aspect of a successful strategic plan. Without sufficient resources, an organization would be unable to pursue its strategic goals and plans. As noted by my fellow learners, implementing a strategy takes sufficient preparation and financial resources. After successful implementation, putting in place performance measures which ensure continuous assessment and evaluation to meet the set objectives. Such as performance assessment structure ensures that the strategic plan is continuously assessed against the expected outcomes.

References
Santos-Álarez, V., & García-Merino, T. (2011). Managerial Cognition and Strategic Management: Rethinking Internationalization Strategies. New York: Nova Science Publishers, Inc.

Vu Minh Hieu, & Nwachukwu, C. (2019). Strategy Evaluation Process and Strategic Performance Nexus. Business Management / Biznes Upravlenie, (1), 43–55.