Business_Strategy

Name Management Policy and Strategy Business Strategy Unit Date Strategy is important for a business to be able to arrive at a finalized objective that benefits the company as a whole. It is important as a business to be able to implement strategy because it aids in the everyday decision making process. First of all, it is necessary for a business to be able to implement a mission statement, which specifies the reason and any future goals of the company. This could include an overall statement of what the company wants to accomplish and why they have that mindset as a company. It is also important to be able to determine whether or not as a company, if it is possible to proceed as a business. This includes being able to determine variable conditions which may affect the business profitability. This indicates that a business will be faced with competition from other companies, and may also face other environmental challenges. A business strategy also has to include being able to determine the ability of matching the available resources against other sources. The strategy then needs to state the focus or determination of one goal for the business which will state the overall mission of the business. A strategy needs to include the long-term plans and how the company will arrive at positive results with the options they have available (Pierce and Robinson, 2010). After these long term plans are determined, it is also important to be able to produce short term plans which would work together with the long term plans, to be able to arrive at a main strategy at the end. When completing the strategic planning, it is necessary to be able to produce a budget to be implemented by accommodating expenses and profits allocation, as well as the planning of employee allocation, improvements to technology, as advancements are notices and “reward systems is emphasized” (pg. 4). After all strategic planning is accomplished, it is important to be able to continuously implement these processes for future planning. Managers are an intricate part of all strategy and policy implementation. A manager needs to be able to present results by producing a plan, being able to produce direction to all employees, organizing the plan and business and being able to continue to implement decision making strategies, which benefit the company. This also includes being able to guide employees through proven results and guided behaviors. An employee needs to be able to be involved in the planning and decision making process of a business, to be able to create a team environment, where the employee’s decision makes a difference. This keeps an employee motivated, empowers the employee and adds to the employee’s knowledge. The main components of a company are the company mission, internal analysis, external environment, strategic analysis and choice, long-term objectives, generic and grand strategies, short term objectives, action plans, functional tactics, policies that empower action, restructuring, reengineering, and refocusing the organization and the strategic control and continuous improvement (Pierce and Robinson, 2010). In conjunction, these actions can separate and make a company unique, to be recognized among other companies. One of the most important aspects to create a recognizable company is social responsibility. This means that a company is interested in contributing back to society, rather than only profit from the community. A company needs to be able to produce a “company profile” (pg 13) that provides an attractive opportunity for those investing time and money in the company, while remaining loyal to the company’s mission and desired outcome. All these components of strategic planning and analysis can create a profitable company that benefits the business, as well as employees and the community as a whole. This means that it is important to be able to provide a long-term objective that work together with “generic and grand strategies” (pg. 13) to arrive at the end mission target. This would provide the company with an added benefit to achieve higher proficiency of all actions. It is also important for a company to have a long term objective that provides a strategic plan for the future of the company. A company needs to be able to know how they will arrive at an end result. This also indicates that a company needs to produce a short term plan to be carried out in a shorter period of time, also to remain successful. A company also needs to create actions by creating policies that aid the employee, the community and the business to respond to changes and challenges on a timely manner. This includes empowering employees to be able to arrive at a decision without additional guidance. These actions can assist a manager to create strategies to assist the employees and the company to remain successful through implementation of action plans and tactics which are created to focus on one goal. It is important for a company and its managers to continue to improve and grow, as well as continue to work together for one purpose, to be successful as a company and manager. References: Overview of Strategic Management http://content-bus.kaplan.edu/MT460_1103A/images/product/MT460_Chapter1.pdf Pearce, John A. and Robinson, Richard B, Strategic Management, 12th ed. Villanova University and University of South Carolina, McGraw-Hill 2010.