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HCA7022-8Michelle RoseHealth Care Industry and Financial Management Plan for Implementation by Preparing a Policy Brief FORMTEXT Add student comments here Faculty Use Only FORMTEXT Faculty comments here FORMTEXT Faculty Name FORMTEXT Grade Earned FORMTEXT Date Graded Plan for Implementation by Preparing a Policy Brief Chris Flemings NorthCentral University Online Policy Brief Summary of Key Points The process of strategic management constitutes three distinct and chronological processes strategic analysis, strategic formulation and strategic implementation. Leadership performs an in-depth diagnosis of components of a business, organizational objectives and competencies. Strategic formulation investigates the alternative strategies and with consideration for business needs and position, chooses the best action plan to achieve organizational objectives. Strategy implementation executes the chosen strategy. The successful execution of a strategic plan is founded on strategic implementation. There are numerous tools that an organization leadership and management can use to guarantee successful implementation. First, the personnel within an organization must be sufficiently motivated, adequate resources must be provided in form of financial or non-financial options necessary for the process. The structure and culture of an organization must realign to accommodate a dynamic state while the organizational systems, tools and capabilities must be redefined to facilitate the process.
There is a pre-established framework by McKinsey that outlines the processes prerequisite for successfully implementing a strategy plan. McKinsey posits that there are seven (McKinseys 7 Framework) components of an organization that must be aligned with the strategy to guarantee a smooth process strategy, system, structure, style, staff, shared values and skills. Strategy implementation can benefit from creating a system within an organization that can be followed based on a five step process constituting of strategic plan evaluation and communication within an organization, creation of an implementation structure, allocation of resources, implementation support programs and functions discharge. There are inherent risks in the program that management and leadership should consider to ensure that during and after the process, the plan takes root.
The process should be sufficiently communicated throughout the organization, there should be processes that support the content of the plan later on and the dynamic characteristic of a general business environment should be a factor. The Problem Link between Strategy Formulation and Strategy Implementation. Strategic formulation covers choice of the most appropriate course of action for realization of organizational objectives while strategy implementation process translates the chosen strategy to achieve organizational action to facilitate realization of strategic objectives (Noble, 2009). The choice of a policy is succeeded by utilization an amalgamation of organizational systems, culture and control systems to gain competitive advantage. Strategy implementation structures an organization to develop tasks and employee roles to capitalize on efficiency, quality and customer satisfaction.
Strategic formulation and implementation constitute fundamental steps in strategic management. Leadership evaluates the prevailing business strategies and ascertains the corrective mechanisms to ameliorate them (Noble, 2009). In strategic formulation, all essential business areas that influence the external environment are assessed, courses of action considered and accordingly design the superior one. Successfully transforming an action plan to realize organizational objectives necessitates the appropriate allocation of resources, redesign of organizational structure, training and development and a devising system (Noble, 2009). While strategic formulation comprises the design of a course of action, strategic implementation is execution of an organizations opted strategy. Strategic formulation takes a logical approach to consolidate forces into place prior to an action while strategic implementation takes an operational mechanism to manage organizational forces.
After an in-depth analysis of aspects ranging from organizational objectives, resources, business environment and competencies, alternative strategies are considered and the best action plan chosen to achieve the desired vision, with the actualization of the chosen action being realized as the last process (Noble, 2009). Policy Options Strategies that can be used to Effectively Lead Strategy Implementation Strategic management covers strategic implementation, characterized by transforming decisions to action and actual performance. Strategic management is rigorous and necessitates input from organizational resources, articulating who fulfills activities outlined during strategic formulation when and where. It is highly probable that strategies will be unsuccessful if leadership does not align initiatives, processes and stakeholders with the strategy. Strategic implementation can be aided using particular frameworks and components. People For successful strategic implementation, sufficient manpower must be present to implement the strategy and the personnel must be right to guarantee successful process completion. Adequacy of personnel within an organization can be realized by additional recruitment of manpower. It is imperative that the right skills, competencies and knowledge are considered as an addition to the team.
In cases where current employees are insufficiently qualified to fulfill the requirements of the strategy, necessary training and development initiatives should be formulated. The commitment of manpower is a prerequisite for successful strategic implementation. Resources A fundamental step in strategic implementation is resource allocation, whether financial or non-financial, available within an organization or lacking but necessary to successfully implement strategies. Funding and time are essential components of strategic implementation that must be reconciled with the process. Structure Organizational structure must be aligned with the strategy, clearly defining responsibilities and lines of authority and an underlines hierarchy, confirming that all members are aware of accountability chains. Lines of communication must be established, enabling streamlined communication between low tier and top management. Systems This tool defines the capabilities, tools and systems established to facilitate the process, specific functional requirements of systems in place and how succeeding steps will be fulfilled.
Culture Organizational culture is the overall atmosphere prevailing within a firm, with particular reference to company members. A company is tasked with cultivating comfort and feelings of importance among employees within their respective responsibilities to ensure their involvement in strategic management. Organizational culture must place importance on accountability and responsibility, enact incentives and sanctions for performance, and guarantee an atmosphere where all stakeholders are encouraged to contribute to strategic implementation. McKinsey outlined seven prerequisite for successful implementation of strategies that address organizational design. The framework focuses on coordination, showing that strategic implementation involves an entire organization rather than isolated departments. (1) In Strategy, McKinsey posited the importance of a long term and clearly defined strategy, outlining the direction for effective attainment of objectives, and in alignment with organizations mission and core values (Kaplan, 2015). (2) For Structure, it must be clearly outlined with clear distinctions between units, sections, divisions and departments, clearly defining accountability and lines of authority (Kaplan, 2015).
(3) Systems according to McKinsey, operations and primary activities of an organization must be clearly defined, with disparate outlines of how tasks, processes and procedures constitute an organizations system. (4) Style entails the management or leadership framework for conducting business, from top management to smaller unit team leaders. Strategy implementation champions for a participative form of leadership that defines and describes the interactions among leaders and the perception of followers of their leaders (Kaplan, 2015). (5) Staff, McKinsey posits that human resources entails a fundamental resource within an organization, necessitating human resource processes that address hiring, selection, recruitment and training. (6) Skills, Unskilled personnel are a worthless resource that curtails an organizations attainment of objectives, calling for skills, competencies and capabilities to be cultivated or sought within personnel (Kaplan, 2015). (7) Shared Values constitute the core of the McKinsey 7s framework, referring to standards, culture and the generally accepted guidelines that influence action or inaction among members within an organization. Employee behavior and performance is determined by norms and standards and shared values constitute a driving force within the organization (Kaplan, 2015). McKinsey takes a wider approach in assessing the alignment of the aforementioned with one another and accompanying factors within an organization.
There is an interconnectedness between the prerequisites, necessitating their presence for a successful strategic implementation and achieving overall effectiveness within an organization. Steps To guarantee successful strategy implementation, the following steps constitute a system that will ensure all the above factors are considered. Strategic plan evaluation and communication The initial step comprises assessment of the plan with respect to budgets, performance and initiatives and ensure that the initiatives are aligned with strategies, annual objectives are aligned with budgetary allocations and goals, strategies and objectives are clearly communicated. Implementation structure This is a vision that will provide the framework for implementation. Implementation-support programs and policies These are strategy-encouraging policies ranging from a performance monitoring and tracking system, performance management to information and feedback systems. Budgeting and resources allocation In this step, implementers are equipped with the necessary tools and capabilities Discharge of activities The tactics are operationalized, and the strategies put into action using strategic leadership, participatory management. Implementation Considerations Risks that may occur during and after Strategy Implementation. There are inherent risks in strategic implementation that hinder full, complete and proper implementation of a strategic plan, resulting in business failure.
The pervasive forces that influence implementation of successful strategies include Lack of strategy understanding Managers and employees lack an understanding of the mission and objectives of an organization. Senior management is tasked with communicating organizational goals and mission to a company workforce to facilitate the objective of a strategy (Okumus, 2011). Lack of effective communication generally hinders knowledge among strategy implementers and hence foster lack of ownership and an unmotivated workforce. In other instances, the strategic plan is characterized by confusion, convolution and general overwhelming content.
An organization failure to adequately translate the content of a strategy to realize specific actions necessary to make an ambition a reality (Okumus, 2011). Strategic ambition is a concept best understood by senior leadership and there is a possibility of poor translation into design principles when making implementation choices downstream. Communication failure results in a disaggregated ambition. In other instances, there is a possibility of companys failure to appropriately adapt the fundamental of a strategy to dynamic conditions (Okumus, 2011) Real-world conditions are not static there are instances of competitors actions, employee turnover, evolution of customer expectations and new regulatory frameworks. Management insufficiently accounts for a dynamic marketplace and although implementers are incentivized to stick to the plan, certain elements are not appropriately employed.
Organizations fail to enact organizational capabilities that are necessary to sustain a strategy after implementation (Okumus, 2011). Efforts undertaken by an organization fail to take off owing to organizational resistance, unclear accountability and initiative fatigue resulting in failure of change to take root, reverting to old mechanisms. References Engert, S., Baumgartner, R. J. (2016).
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