Crafting and Executing Strategy
Dr. William Stieber
1. Develop an argument supporting the importance of a strategic plan for the success of the defined business. The business I have chosen to write about is the pharmaceutical business. In order to become a successful business in this field a business manager needs and must know the importance in education on all aspects of the field. Pharmaceuticals are not only about medicine, but also about the education, the knowledge bases that back up this medication as well as knowing that this medication is at the top of the line available to its buyers is not only performance but also cost. The strategic plan I want to present for the business is simple. First it must prove it is what the business needs to survive in today’s competition. Second, it must prove that it will last for more than just the current medications but for future planning without losing the cost and effectiveness to allow the buyers ( both patients as well as facilities ) to afford it at a reasonable price. Third it needs to be able to be laid out in simple terms that are both reachable and also challenging in order to improve current conditions of the business. In saying this, it is necessary to find a strategic plan that allows this business to compete with the generic market of medications available and the current competitors with the same kinds of medications. What makes this company better and what will draw consumers to the new product over others.
First, the company needs to have a vision. When somebody decides to take a vacation she/he also decides where, what and how that vacation is going to happen. This is much like the vision needed for a company. It needs to have not only where the business will go but what will happen along the way to allow it to happen. As a business owner or manager in order to build a strategic plan there is no right or wrong answer but rather what will work or what does not help move the business forward. Thinking outside the box and creativity is what will build a good plan. But the basis is best built on understanding the business and future needs and wants of that business (www.smallbusiness.chron.com.N/A). Strategic plan is an action plan needs to be put in motion. In order to do this, each part of the business needs to have its share in the action and understand what their roles are in order to implement this action effectively. Each one made for division, group, and team needs to have one solution in other words the main end result to be accomplished (www.taskey.com.N/A). Allocating these duties to the different areas of the business allows everyone to be on board in order to reach the end result as well as not placing the entire burden on the owner itself. If the entire business is not working together strategy is spent on closed doors preventing a business to move forward. Second, as head of the business in charge of the strategy it must be monitored in order to see what is working and what is not working. Visual charting can be easily implemented to show tasks or projects that have been completed and if successful or not. Thirdly, the business strategy is to set up continual improvement and education about the business. This movement within the business will provide new staff; managers and successors as well as current staff with the guidance on how the business is ran. Discuss with the business its strengths, weaknesses, and current threats to withhold the business from moving into the future as a leading market. Once the business have these objectives in mind the business can move forward to coming up with plans and strategy to put into motion. Below is a diagram that demonstrates the process of how to develop a business strategic plan;
Build a team with ambition and know-how to implement the plan in the field...
References: http://mystrategicplan.com/resources/objectives-and-goal-setting/3187165.html. Retrieved in January 17, 2013
http://smallbusiness.chron.com/strategic-planning-important-business-2671.html. Retrieved in January 18, 2013
http://www.taskey.com/methodology.aspx. Retrieved in January 18, 2013
http://www.timethoughts.com/goalsetting/vision-statements.htm. Retrieved in January 18, 2013
http://www.umacs-business-solutions.com/financial-objectives.html.Retrieved in January 19, 2013
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