Strategy implementation
refers to the means for execution of strategic plan. This involve
designing the organizational structure, allocating resources,
taking proper decision and managing the human resources
effectively.
Strategic implementation is
important to strategic management because: -
- It helps the organization
to strengthen the existing strategy or make new strategies as per
the business requirements.
- It involves taking
important decisions of balancing the strategy with the
organizational structure.
- It helps the organization
to accomplish the organizational objectives.
- It helps in identifying
the gaps or loopholes in strategy formulation.
- It helps the managers to
initiate corrective measure once the strategy is
implemented.
Since business environment
is uncertain and challenging, the strategic management plays
important role in making the business respond to the environment
effectively. In order to ensure the successful implementation of
strategy, following steps can be taken: -
- Making strategies with
proper planning.
- Strategic plan should be
evaluated and communicated in effective way. This can be done by
aligning the strategies with the initiatives, aligning the budget
to the annual goals and objectives and communicating and clarifying
the goals, objectives and strategies to a;; members of the
organization.
- Setting priorities based
on the changing environment by conducting need
analysis.
- commitment of higher
management and staff towards meeting the organizational
goal.
- Implementation structure
and implementation-support policies and programs should be
developed
- Proper budgeting and
allocation of resources should be done.
- executing the strategies
appropriately by the employees.
- performing business
activities based on the formulated strategies
- making the strategies
adaptable to changing environment.
- making the employees and
management adaptable to changing environment.
- considering the reality,
facts and assumptions when making strategies.