Strategic Management Planning: Strategic Implementation

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Strategic Management Planning – Strategic Implementation Successful strategy implementation is not at all fully guaranteed by successful strategy formulation. Although it looks like they are interdependent, strategy formulation and strategy implementation are characteristically different. The real work begins when a firm has to start implementation of the formulated strategies. Central activities under implementation of strategies are setting up of annual objectives, devising various policies, and allocating resources. Issues in strategy implementation Formulating the right strategies is not enough, because managers and employees must be motivated to implement the formulated strategies. And at this level (Functional), there can be many challenges…show more content…
This is an autocratic way of bringing changes in the organization where no employee can disobey the orders given to him. This change strategy is fast process to adapt to change but it always welcomes low commitment from the people involved in it. In the second change strategy, people working in the organization are given all information relating to the characteristics and benefits of the change to people. Thus it convinces the people by correct information about the change implementation and guides people to adapt to the change. A positive about this strategy is that it indeed fetches employee commitment to the organization, but on the contrary it takes immense time to inform all the people thoroughly about the…show more content…
Finance and accounting managers must devise effective strategy implementation approaches at low cost and minimum risk to the organization. Finance strategies are subjective to acquire capital required from various sources after considering the cost effectiveness of the sources of capital. Implementation of finance strategies deals with how appropriately the capital is used and how flexible are the strategies to be effectively implemented. Implementation of finance strategies may require additional capital, so the firm has to be prepared to source for additional capital at the time of implementation of strategies. Projected financial statement analysis is a central strategy implementation technique because it allows an organization to examine the expected results of various actions and approaches. Financial budget is another action in implementing finance strategies. A financial budget is the document that details how funds will be obtained and spent for a specific period of time. Fundamentally, financial budgeting is a method for specifying what must be done to complete strategy implementation

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