How To Implement Strategic Plan?
A strategic plan is an effective tool that ensures the achievement of a firm’s predetermined goals and objectives. The strategic plan must be formulated to achieve the predetermined goals. For this, the formulated strategic plan must be implemented effectively which is an equally challenging job.
If you formulate the strategic plan with no intention to implement it, it is just a waste of time and effort. The result can only be achieved by the plan after implementing it.
It is necessary the strategic plan should be implemented in time and accurately because its success totally lies in the way it is implemented.
Whatever may be the quality of the plans, it is judged by how far it is implemented and predetermined goals are achieved. The following are the important points you should consider for the effective implementation of the strategic plan.
- Successful implementation depends on organizational structure. Organizational activities should be properly organized, divided, and coordinated. Organizational structure should be matched with strategy.
- Goals should be determined clearly in quantitative figures as far as possible.
- The strategy must be institutionalized. It should be transferred into actions, plans, policies, procedures, and rules which will be helpful for decision-makers.
- There should be an environment of teamwork.
- Policies and procedures are powerful tools for the implementation of strategic plans. The annual budget and target should be defined clearly.
- There must be open and two-way communication systems between different levels of management and employees.
- Performance-based rewards and incentives also help to implement the plan effectively.
- Research and action should be matched clearly which is the essence of successful implementation.
- A maximum number of managers and employees should be involved in the formulation and implementation process.
- Working conditions and organizational climate should be supportive for successful implementation.
- Proper technology is essential for the implementation of plans.
- Leadership roles play a vital role in the effectiveness of plan implementation. It must be supportive and motivating to employees.
- The implemented strategic plans should be continuously monitored and performance checked, if any deviation is found between actual and desired performance, adjustments should be made in time.
When the formulated strategic plan is put into action, its effectiveness is seen. In addition, the one who makes decisions in the process of implementation has a significant impact on the plan’s performance. Therefore, it is equally important to have a skilled person for successful implementation.
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