(Solved Homework): How do you put a strategic plan into action?…

How do you put a strategic plan into action?

Expert Answer

It is indeed an open-ended question. The effort here is being made to highlight the key points which are required for Strategy Implementation of Strategic Plan:

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a) Chart out key Short Term and Long-Term action plans and establish their relationships with Strategic Objectives of the company

b) Deploy action plan amongst all stakeholders including workforce, key suppliers and partners across the organization to achieve strategic objectives.

c) Create mechanisms to ensure that one can sustain key outcomes of Strategic action plans

d) Allocate financial and other resources wisely to support above mentioned action plan

e) Analyse financial other risks associated with action plan and create a process to manage and mitigate such risks associated with action plan

f) WORKFORCE PLAN: Create key workforce plan to support short term and long term strategic objectives and plans. Ensure proper analysis is made to understand potential impacts of action plans on workforce and potential changes in workforce capability and capacity.

g) Establish key Performance Measures or Indicators to track achievement and effectiveness of action plan. Measures and indicators of projected performance might include consideration of changes resulting from new ventures; organisational acquisitions or mergers; new value creation; market entry and shifts; new legislative mandates, legal requirements, or industry standards; and significant anticipated innovations in services and technology.

h) Having established Performance Measures , create Performance Projections for short term and long term planning horizon.

i) Compare Projected performance on these measures and indicators with projected performance of competitors and comparable industries as well as with Benchmarks.

Address the gaps thus found upon comparison along with its action plan

j) Implementation of modified action plan : Establish and implement modified action plan with rapid execution of such new plan

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