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A strategic plan takes a team effort with executive management and other decision makers within a company. The plan acts as a guide map or playbook for the organization’s activities in the long and short term. Many public and larger companies use the strategic plan to align operations for more internal efficiency to promote maximum profitability. Such a plan often includes the following sections:
•An outline of the company’s mission statement and resources
•Identifying what is working well and what is not within the organization
•A list of possible adjustments that need to be made relating to organizational leadership
•A translation of the identified adjustments into strategies
You are interested how a plan can help increase internal efficiencies to help increase revenues. Choose a company that interests you, and explain your interpretations of its strategic plan. Although most plans are confidential, you can often surmise the direction of a company’s plan by reading about its leadership and other activities, either in an annual report or on the Web site.
Based on your research through Week 4, explain your interpretations of your company’s strategic plan. Compile and organize the research you have done for your plan by adding subheadings and discussing the following:
•What is 1 challenge the company has experienced recently? What is working well in the organization?
•Has the company implemented any management strategies in the last few years to help increase revenue by promoting internal operational efficiencies? Why or why not?
•Describe and diagram the organizational structure.
•Do adjustments need to be made in the leadership structure to implement internal efficiencies for maximum profitability? Why or why not?
•Identify 1 organizational theory that can be applied to your company.
•Explain why these strategies are important to grow the company, as well as to stay customer-focused, competitive, and innovative in the current marketplace.
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