Crafting and Executing Management Strategy Essay

1257 WordsJan 21, 20136 Pages
Enid K Bukambu Dr. Muscia Strategic MAnagement 01/17/2013 An argument supporting the importance of a strategic plan for the success of the defined business Strategic planning is critical to business success. Different from classic business planning, the strategic variety involves vision, mission and outside-of-the-box thinking. Strategic planning describes where you want your company to go, not necessarily how you're going to get there. However, like all other travel plans, without knowing where you want to go, creating details on how to arrive are meaningless. Strategic planning defines the "where" that your company is heading. Often confused with business operation plans, strategic plans are expressions of ownership dreams and visions of successful results (Pirraglia, 2012). The strategic plan displays the finished product or goal. Usually, in smaller businesses, strategic planning is focused on the overall company, not on a department or division (pirraglia, 2012). Envisioning goals and then defining strategies you'll embrace to achieve your objectives is the essence of strategic planning. Easy to overlook in a smaller business, strategic thinking identifies the methods you will take to reach your goals. For example, if you believe you must expand your e-commerce function to achieve increased sales volume, you've also identified the method to use your strategy and reach company goals. Save the specific steps and components for your business plan. By selecting the strategy, you have defined the method to employ in your detailed specifications in your business plan. As critical as business planning is to the success of your company, all plans are useless unless followed by action. An additional side benefit of strategic planning is the natural action plan that stems from identifying your preferred strategy. While strategic planning involves your vision,

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