‘Myths and realities of ‘Strategic planning’ for Co.’s sustained growth’ by John Spence
These articles review all the myths and misconceptions that a company faces when making sound decisions for their strategic plans. Planning is one of the critical areas of management. Planning involves forecasting about the future market trends and opportunities. Strategic planning leads to successful outcomes of the desired goals and objectives. Lack of sound planning leads to a company’s failure.
The author argues out the problem that most managers face when coming up with sound decisions for the better progress of the organization; He uses the following myths; analysis is not a strategy, coming up with real strategy involves making risky decisions on resource allocations e.g. committing a significant amount of money into construction of new facilities and lastly, implementation of new goals. The author argues that; most business organizations lack the ability of differentiating between analysis of the company’s goal and coming up with new strategies that can bolster positive growth of a company’s profit. This problem is associated with the implementing agency. The author debates that; implementation of new strategies and goals of the organization is a key determinant of value addition to a company’s future trend in the market. A team that is tasked with implementation of these goals ought to devolve specific and unique channels that work to realize positive trends of profits in the business.
Establishing of an independent implementing team is significant to the company’s decision making team. An exterior team needs to be outsourced to guide in the implementation process of a company’s key strategies. This only boosts the company’s trust on the planning process and its longevity. Planning is a key success tool for an organization that is futuristic.
Spence, J. (2009). Myths and Realities of ‘Strategic Planning’ for Co.’s Sustained Growth. The Economic Times, 17(4): 12-14.