STRATEGIC PLANNING FRAMEWORK
Businesses and entrepreneurs must learn to manage resources, set up priorities and focus energy. This management activity is called strategic planning. This management will ensure the stakeholders and employees work towards the set goal, operations will be strengthened and adjustment of organization response in respect to the changing operating environment. Organizational strategic planning is a discipline that will entrepreneurs shape what their business is, why, and what it does with a sharp focus on the future. Effective strategic planning will articulate where the entrepreneur wants to be and the actions they need to take. Therefore, this assignment highlights the framework of strategic planning, its value in long term business success and the role of leadership in strategic planning.
Components of a strategic planning framework
Just like business models, a vital planning framework help entrepreneurs develop more specific action areas because things don’t just work by themselves over time. Therefore, managers and entrepreneurs have developed a picture of where they want their business to be by developing a set of long term goals. A strategic framework focuses on four key elements; vision, Mission, time-frame and objectives (Rothaermel, 2012).
A Vision Statement assumes the business image in the future provided the business has achieved all its set objectives. The statement offers a motivational element for business people by summarizing the whole process. Secondly, a Mission Statement mainly defines the purpose of the entrepreneur being in business. In a more realistic fashion, the mission element highlights why the company exists and what they want to achieve after a period of time. Best business people state their mission statements containing a set of specific elements that communicate priorities, values to which the business operates by, the markets the company will serve, production manufacturing and many more. The Mission should clearly highlight the business intent and its intention clearly emphasizing on customer service. Again, a Strategic Time-Frame can be broadly defined as the amount of time the entrepreneur wishes to spend to achieve the set goals. This time frame needs to be the standard reference for everybody in the company to make sure short, medium and long term goals are achieved accordingly. Lastly, Strategic Objectives entail the objectives of the company or business wishes to accomplish within the time frame. A set number of targets may be pursued, including those in place and those yet to be finished.
Value of using strategic planning framework for long-term success and sustained competitive advantage
There were two primary reasons why strategic planning framework is essential for entrepreneurs and business organizations as identified by Thompson, Strickland &Gamble (2007). First, organizational strategic planning needs to determine how the business will be conducted; this entails a well-set prescription of how to do business. This is the vector and roadmap towards attaining competitive advantage. Competitive is defined by how well the company succeeds in terms of financial performance translated from superb customer service. Secondly, they also stated that an enterprise that stays firmly focused on the strategy is likely to direct all its priorities and resources to the effective formulation and implementation than the one that puts its priorities elsewhere. Literally, this has a significant impact on business earnings, customer satisfaction, growth and return on investment. Strategic development is a process in which the management can shape, inform and support decisions confronting the business. Strategic planning is an endless idea, and it continues as far as the company operates. Therefore, implementation and formulation of strategies are inseparable, and thus strategic planning helps the business during reflective engagement forecasting on questions about the future (Hamel & Prahalad, 2005). An excellent strategic plan is a perfect test of managerial experience, a return by best management performers. The strategy aims to pursue what needs to be produced day in day out and operating excellence that determines the success or failure.
Role of leadership in strategic planning
Involvement, interest and mentoring are some of the prominent functions of leaders in a strategic plan. In a nutshell, leadership plays a crucial role in forming and implementation of strategies; it works a bridge between the institution heart and its body structure. The success of a plan comes out of leaders pledge to make effective decisions; this determines the success of the strategy. Leaders must possess skills and give directions on how to accomplish the set strategy. Broadly, the leader offers the vision broadly, oversea function undertakings and strategy reflections. Leaders must heighten the morale and energy of workers to accomplish the strategy. As per Mason (2011), Leaders must ensure a good relationship with the stakeholders to provide learning and organizational learning to perform organizational tasks. It is, therefore, the duty of leaders and entrepreneurs to motivate and inspire people in the organization to translate the strategy to reality. The process of strategic formation starts when a leader influences people positively on the need for change through flexible behaviour. Through effective communication, leaders should be able to identify gaps in the current system without command or force. Leaders should create a culture that integrates strategic and operational activities to be developed in the whole procedure. The leader performs various roles starting with creating the environment of change (Jooste & Fourie, 2009). The leader should also break down the organizational hierarchy for implementation of vision and Mission, creating a stage of work that is evaluated at every using a system.
Hamel, G., & Prahalad, C. K. (2005). Strategic intent. Harvard Business Review, 83(7/8), 148–161
Jooste, C., & Fourie, B. (2009). The role of strategic leadership in effective strategy implementation: Perceptions of South African strategic leaders. Southern African Business Review, 13(3).
Mason Holloway, 2011, the role of leadership in translating strategy into execution, a presentation in SHRM conference.
MindToolsVideos. (2014). What is strategy? The three levels of business strategy [Video] |Transcript. Retrieved from https://www.youtube.com/watch?v=uhfFoINNEKI
Rothaermel, F. (2012). Why do we need the AFI framework? Analysis, formulation, implementation [Video] | Transcript. Retrieved from https://www.youtube.com/watch?v=nXOVGMVNZ7Y
Rothaermel, F. (2017). Strategic management concepts (3rd ed.). New York, NY: McGraw-Hill. Available from the bookstore. Chapter 1, “What is Strategy?” Chapter 2, “Strategic Leadership.”
Thompson, A., Strickland, A. J., & Gamble, J. (2015). Crafting and executing strategy: Concepts and readings. McGraw-Hill Education.
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