Week 2 MGMT 670 Conf Essay Example | Topics and Well Written Essays - 500 words

Week 2 MGMT 670 Conf - Essay Example However, strategic plans that are too vague and do not distinguish between key organizational objectives will result in a firm that ultimately fails. This is because there is no planning and direction from top management, whose responsibility it is to make sure that no stone is left unturned when it comes to strategic planning. The key is to strike a balance between flexible and firm strategic plans. In some industries, the margin for error in this process can be extremely tight, so it is important to have the right executives with industry experience making key management decisions. The right timeframe for a strategic plan depends on the situation of the firm involved and the industry it is in, but in general a strategic plan should last for about one year. After this period of time, management can reevaluate whether the market conditions have changed, and if so, how the strategic plan should be adapted to accommodate these changes. Because a strategic plan is of extreme importance to a company’s future success, only those with the appropriate knowledge and expertise should develop a strategic plan. Traditionally this has been a top-down process, but the best strategic plans include many more people than just top management. Opinions should be sought from department heads as to where the company currently is and where each department sees the company going in the future. This is important because only by receiving the opinions of middle management can the top executives understand how a strategic plan will affect the company. Also, a strategic plan can then be implemented based on the opinions of every department, which will not only help everyone to feel included in the process, but it will get every department working from the same page. The most successful strategic plans are followed because everyone understands their part in the process and what is expected of