Final Strategic Plan and Presentation

A strategy is a planned way to do something with fixed objectives and outcome at sight. Strategies are used to reach a goal systematically. Management involves the staffing, controlling, planning, organizing and directing functions of any organization with the aim of achieving set goals and objectives. Strategic management therefore simply means the formulation of objectives and goals and planning the way to reach the objectives in an organization and thereafter implementing these methods.

The major components of strategic management

Strategic management involves the systematic analysis of all the internal and external factors that pertain or exist within an organization. Internal factors include employees, organizational policies and culture, shareholders and all the management while external factors are those that the organization has no control over but they influence the existence of the firm and will include the political, social, technological, economic and legal factors. The major objective of strategic management is to align the corporate policies and objectives and strategic priorities in order to achieve competitive advantage in the market industry. Therefore, organizations strategies should be formulated such that they adapt to the external environment at all times. This is what will bring success in the firm.

Why each component is needed for success

One of the basic elements of strategic management includes the plan. It identifies the activities to be undertaken by the organization and the analysis of how these activities are affected by the internal and external environment. This also involves formulation and evaluation of alternative strategies and selecting the best to implement. Strategic planning is important because it lays down objectives and goals to be achieved and therefore acts as a means of motivation to the employees. The other element is strategic implementation which involves the carrying out of the plans by the workforce according to the set procedures and policies. Implementation is important in order to achieve the set objectives as laid down by the strategic plan.

Strategic management also has another element, which is strategic control. It contains the implementation of set strategies and measures the performance of the outcome along the way to find out whether the main goals and objectives are being reached. Strategic planning will involve three types of controlling and planning. The first aspect is management planning and control. This ensures that all the necessary resources are available to facilitate the implementation process. Technical planning and controlling involves the efficient usage of the materials and resources available to the organization and ensuring they are estimated accurately. The last type is strategic planning and control which ensures that changes to the objectives and policies are done where deemed fit. Controlling, therefore, is important because it involves identification of performance gap and taking measures to correct the gap.

The important formulation of an organization’s mission and values

Some of the elements in a strategic plan are the mission and the values. The organization's mission is a timeless expression of the organizations purpose of objective and describing what you seek to accomplish. The value of the organization describes the beliefs in an organization that form the foundation to all transactions and interactions. The mission and value are important in a strategic management because they form the framework of the process. It lays down the beliefs and position the organization aims to be at in future and ensures that the strategic management process aims at achieving only that.

The benefits it brings to a health care organization

Strategic management has numerous advantages to the health care organization. It brings about harmony in the health care organization's goals and the employees efforts since it states the organizations goal and how to achieve it. It also enables the measurement of the organization’s performance by setting standards to be achieved. It also facilitates easy and efficient decision making since everyone is driven by the goals set by the strategic plan.

Organizational decision making and financial performance

There is an acknowledgement for strategic management to provide a framework for decision making in an organization. Since strategy planning provides a framework through which employees implement daily, it means that employees will make decisions based on the strategies laid down with the understanding that all decisions made are made with only one goal in mind. This in turn improves the performance of the employees because they know very well of the duties they have to undertake in order to achieve the objective and therefore an increase in the financial performance.

An organization response to its environment

Conclusion

In conclusion, strategic management should be implemented in order to achieve efficiency in its operations as well as to gain competitive advantage over the other organizations in the same industry. Well-designed strategies will always increase organizations performance and profitability as well. These strategies should therefore portray what is contained in the mission and vision statements.

References

Distelzweig, H., Clark, C., & Plenert, G. (2006). Strategy Formulation. In M. M. Helms (Ed.), Encyclopedia of Management (5th ed., pp. 837-845).

Ginter, P. M. (2013). Strategic Management of Health Care Organizations (7th Edition). Somerset, NJ, USA: John Wiley & Sons. Retrieved from http://www.ebrary.com

Rao, P. S. (2010). Strategic Management. Mumbai, IND: Himalaya Publishing House. Retrieved from http://www.ebrary.com