Developing Strategies Stakeholders Firm

Question: 1: Imagine that at a social event one weekend a friend of yours who manages a business unit of a medium-sized firm in your area says to you that I spend a lot of energy and time trying to generate strategies, but when we try to implement them they always seem to go off the rails, I cant understand why the strategies dont seem to work the way we intend them to. Youve studied strategy, why is it that my plans seem to fail more often than they succeed, what am I doing wrong? 2: Imagine that you have been asked to participate in a work project team to help improve strategic practice in your workplace. In particular, the leadership at work wants to improve the ways in which strategies and their implementation are measured and monitored. Based on some key insights from your studies of strategy you have been asked to suggest a few key points that might help make the way that strategic managers monitor and measure success happen at your workplace. What suggestions would you offer? 3: Imagine that you were sitting in an airport lounge waiting to catch a flight on business, when you notice that a TV business program being broadcast in the lounge has an interview with a noted business commentator who is talking about success in strategic management. As part of the interview you notice that the business leader makes the following statement To be really successful at strategy you must understand when to be a leader, and when to be a manager What is the business commentator talking about here do you think? 4: Imagine that while commuting to a business meeting one day you overhear a story on the radio about a major business failure. A short piece of the commentary suggests that if they had done a better job of managing their strategic stakeholders this may not have happened? This reminds you that managing strategic stakeholders is a key skill of an effective strategic manager, but exactly what sorts of things would lead to effective stakeholder management? 5: Under a deterministic or planned view of strategy plans, what elements should a strategic planning document contain? 6: One of the key tasks in effective strategic leadership is communicating effectively. What suggestions would you offer to a strategist to make sure that they were preparing their approach to communication effectively? Answer: There can be many reasons for the failure. Few are: -when planning is done out of the way- As she is developing the strategies, maybe she is not a part of the team doing the execution of those strategies. - inefficient workers- The workers she has employed may be require training, lack ability and directions. - arrival of other problems- During the course of execution some problems arises due to changes in external environment which are not planned. These might diverts their attention from the implementation strategy. - Fight for a change- lack of support and disapproval of the strategy by workers or by the shareholders of her firm. -Poor leadership- This can be a main problem in her firm as the workers are highly dependent on the leader for the outcome of threatening and embarrassing situations (Rajasekar, 2014). -No planning of implementation- She has not planned how the strategy is to be executed. -Lack of resources- her firm can have shortage of the required materials. -Lack of time with the workers and poor communication amongst the team in her firm. 2. Key points to monitor and measure success are (Performance management, 2016): Stating the goals: the goals of the workplace should be SMART so that they can be measured. We can keep marks to way of development and encourage workers for success. Process of praising the workers- We can appraise the workers by attending, perceiving, giving productive reaction, and providing appreciation. The productive reaction includes what worker has learnt, what he requires to learn and thus planning the required skills. Extra pay- We can adopt this also and can give compensation which will help the workplace to keep intelligent people with them only and motivate the other workers to work efficiently. Checking Progress on objectives- The leaders should have knowledge regarding the workers progress on objectives so that he can be helped out at situations of target being missed. The worker should also track their growth. 3: According to me the commentator is saying that a company requires both the leaders and the managers. The role of both are different as the managers execute the plan and leaders made the plan. He should know at what point of time the worker requires motivation, so he should play the role of leader and at what point of time the worker requires help due to being trapped in problems, so he becomes the manager. According to him if in an organization if many people become leaders and no attention is laid on managing the plan, it fails. The person should be aware of when to give directions, he becomes a leader and he should know what type of people should team up for that strategy, at that time he is playing the role of manager. 4: A stakeholder is a person who is energetically gets into the project and his benefits is influenced either good or bad by the implementation of project (Cooper, 2016). Stakeholder management is managing the hope of stakeholder, who is deeply impacted by the project and who has interest in it. It is very important to investigate stakeholder before implementing a strategy so as to bring positive changes and pointing out negativity, opposition or misinterpretations for taking an action. This investigation is also important when project changes its track (Bourda, 1990). So the Stakeholder management safeguards the possession and responsibility for bringing up the changes when there is sensible and organized methodology. The project managers should listen to views of stakeholders and understand their ideas. The stakeholders should be regularly updated honestly about the growth and new issues. The project managers should work sincerely and cooperatively with them. 5: A strategic planning document should contain the following: Vision statement Mission statement- this includes what the company is trying to gain SWOT analysis- Strengths, weakness, opportunities and threats analysis should be included as it will give good chance to follow to attain the organizations progress aims (Lavinsky, 2013). The plans to gain those aims, steps on how to execute those plans Basis for judging the performances of the workers, observing fresh developments and accordingly taking corrective measures Elevator pitch- it is a short description of the company. This is require if the workers are not able to convey your business to others 6: Suggestions for communicating effectively: -By being simple, but deep in their message- this will affect the planning, judgment making and behaviors at all levels. - Use principle of outline- all the messages are not equal so they should be sequentially arranged. 1) inspire 2) educate 3) reinforce -put up a real person hat- many people are not convinced by the messages that the organizations put. O the real messages will help the worker to see tasks -Use stories- mostly the figures does not remain in memory so use stories as it will bring workers close to humanity and understands everything (Everse, 2011) -Use appropriate media- communications are effective only when proper media is used - Open meetings - One to one- people understands better -Use simple words and presentations, good body language, visuals (Belonwu, 2013) List of References Rajasekar, J. (2014). Factors affecting effective strategy implementation in a service industry. International journal of business and social science. 5(9). Performance ManagementThe Key to Outperforming Your Competition. (2016). SAP: Success factors. Cooper, B. (2016). What you must know about stakeholder management. Corporate education group. Bourda, M. F. (1990). Effective Stakeholder Management. Tata consultancy services. Lavinsky, D. (2013). Strategic plan template: what to include in yours. Forbes. Everse, G. (2011). Eight ways to communicate your strategy more effectively. Harvard Business Review. Belonwu, V. (2013). 20 ways to communicate effectively with your team. Small business trends.