Money: Nothing would Money: Nothing would initiate without a proper budget. Forecasts are usually done before the start of the execution of any strategy.initiate without a proper budget. Forecasts are usually done before the start of the execution of any strategy.
Reply 1: Cross-checking with the mission and vision statement is one way to verify if the execution is in line. Having baseline data to verify against and calculating the deviation helps. Some of the strategies impact organization at a location, such as implementing a new financial tool in such cases, different divisions within the organization have to be involved, and all the division leads need to be consulted. Periodic checks need to be done if the execution is going as per plan. Periodic evaluation of day-to-day operations will help in better resource utilization and the successful execution of a strategy.
Below are some of the resources that would be most effective for executing a corporate strategy.
- Money: Nothing would initiate without a proper budget. Forecasts are usually done before the start of the execution of any strategy. Therefore, staying within forecasted budget limits and analyzing the financial impact is a necessity.
- People: one of the key resources. Without people, be it managers, division leads, executive management, or entry-level employees, success is always determined by their involvement.
- Environment: after COVID, the environment has become one of the major resources. To execute what is envisioned, adapting to the environmental changes is necessary.
- Physical Facilities: even though it depends on what level the corporate strategy will impact, for example, multiple location organizations need to consider which locations will be influenced by the execution.
Even though many other resources like Inventory, supply chain, network, etc., need to be considered, it always depends on the SWOT analysis of the strategy being implemented.
Reply 2: Any review of corporate strategy must begin with an honest appraisal of the current state of the firm. If the company has a mission statement or other documented goals, it is a good start. Assess corporate resources and how they are used objectively. If inefficiencies can be remedied or other savings that may be used to go forward, they must be addressed.
It is crucial to evaluate a company’s future vision and see if it is still relevant or if the objectives need to be adjusted. Moving forward, evaluate the choices and develop a technique for determining which ones are the most appropriate and achievable. After doing an assessment of the present situation and setting goals. It is essential to examine the company’s current resources and make the necessary changes.
The Johnson, Scholes, and Whittington approach to strategy evaluation weighs strategic choices for suitability, feasibility, and acceptability. According to Johnson, Scholes, and Whittington, a strategy must meet these three requirements to be effective. As a result, using a SAF strategy model is an excellent method to assess all alternatives.
A business owner or potential investor can be satisfied that the organization is making progress on an approach that effectively addresses its goals, that the approach is workable, and that there will be sufficient acceptance to make the strategy work by investigating a corporate strategy.
References:
Fontana, P. (2016, September 29). The importance of goal setting as a time management tool. Your Business. https://yourbusiness.azcentral.com/importance-goal-setting-time-management-tool-10856.html.
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