Summary:

The global economic meltdown demands a rethink of how we go about securing a competitive advantage, how we measure ourselves, what it is we need to be doing and why. Suddenly the old rules of the game simply imploded and many were left clinging the ‘plan’, formulated in the context of the ‘old rules’ but now utterly useless and irrelevant.

What is needed today is the ability to think strategically, according to this author. Furthermore, it is not just a select few within the organization that get to do the ‘thinking’, but rather the challenge is to get everybody thinking strategically, contributing a diversity otherwise lacking in today’s strategic planning process.

Article Quote:

“The problem is, we have forgotten how to think. Reliance on our ability to plan, and specifically on Porter’s conventional wisdom as to how best to go about the formulation of that plan, has produced ‘lazy thinking’ habits within executive teams and amongst leaders.  We have been so used to marching to a known tune, that when the tune changes, or the music stops altogether, we simply keep on marching in-step.”

Link: http://www.connectioneconomy.com/2009/12/03/back-to-the-future-rethinking-strategy/

Conventional wisdom has been shaken up by economic conditions and is forcing organizations to re-think how they develop their strategic plans. Getting everyone in the organisation- not just leadership – to actively participate in organizing and implementing the strategic plan creates an inclusive atmosphere, thereby adding to a sense of ownership in the company.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/

Summary:

According to this author, the primary fear when developing the strategic plan is resource allocation. Employees worry about leadership allocating enough resources to execute the strategic objectives  and whether they will be expected to do more less allocated. Given are three questions this author believes are essential when working the strategic plan. First, is there a facilitator addressing important elements (mission, vision, accountability’s, etc.)? Next, is there a process for measuring effectiveness? Finally, is the top three “stop doing” objectives being identified.

Article Quote:

“It seems that boards/executive leadership pay close attention to certain elements of the strategic planning process – mission, vision, objectives and strategies. However, the process often seems to stop before the objectives are reviewed to ensure that they are (1) measurable and (2) reasonable. It seems that other critical elements of strategic planning – timelines, accountabilities, resources and evaluation procedures – are often swiftly reviewed or skipped over entirely.”

Link: http://blog.catchyourlimit.com/2009/12/three-essential-resource-questions-when.html

Measuring effectiveness and including accountability and timeliness is often overlooked in the strategic planning process. Without careful examination of these elements, leadership will not realize advanced productivity or allow their people to achieve a greater sense of ownership in the plan. Performance technology can do half the work for you as long as a commitment to implementation is maintained.

For more about strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/

Summary:

In the fore-front of every health care company’s strategic radar screen is health care reform. However, this author highlights many other important trends to watch, such as medical home, cloud computing platforms, socialnomics, accountable care organizations, comparative effectiveness indicators, and customer transparency.

Offered is advice on surviving the healthcare reform by monitoring mega-trends such as, watching the consumer trends, who Wall Street is watching, and how innovators are positioning themselves.Amidst this looming change, strategists must be prepared to identify and capture opportunity, have the capacity to absorb change, and manage through obstacles to build on their company’s advantages.

Article Quote:

“Strategic planning calls for analytical thinking and objective decision-making that continuously works to improve corporate vision and strengthen brand. Management needs answers to tough, introspective questions.”

Link:http://www.lindsayresnick.com/healthcare_strategy/2009/12/what-to-watch-in-2010-reform-medicare-strategy.html

The sweeping healthcare reform set to change this nation is a major concern not only for the healthcare industry, but also for everyone who uses it. How the healthcare industry faces these challenges and how it will affect every American remains to be seen. The challenge is finding the opportunities and adapting quickly to change. Monitoring, analyzing , and interpreting trends and incorporating scenarios into the planning process enables leadership to make intelligent and informed decisions. Performance technology is a great tool to use when developing and implementing a strategic plan.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/

Summary:

This paper is divided into four sections to explore and answer the question, “What makes Wal-Mart the best in the industry.” The four sections are: 1) retailing industry at the time of Wal-Mart’s innings, 2) Wal-Mart’s Competitive advantage and key components, 3) Wal-Mart’s Strategy and 4) Sustainable growth of Wal-Mart. Although these sections offer a view to understand how Wal-Mart has made itself the dominate retailing business in the world, Wal-Mart’s strategy is to be the focus of this summary.

Wal-Mart strives on three generic strategies consisting of Focus Strategy, the Differentiation Strategy and overall cost leadership. Expanding their already 4000 stores, continuing to provide goods under its own legal brand, and buying in bulk to lower consumer prices is other strategies employed by Wal-Mart.

Article Quote:

“It is learnt that Wal-Mart strives on three generic strategies consisting of Focus Strategy, the Differentiation Strategy and overall cost leadership. Managers strive hard to make their organizations unique, distinctive and identify key success factors that will drive the customers to buy their products.Thus, firm specific resources and capabilities are crucial in explaining the firm’s performance.”

Link: http://www.articlesbase.com/strategic-planning-articles/strategic-management-a-case-study-of-walmart-inc-945260.html

Cleaver planning and implementation have given Wal-Mart the ranking of #1 largest retailing business in the world. Strategic and operational planning enabled Wal-Mart to be a cost cutting leader, giving them a huge advantage over competitors. What makes Wal-Mart standout is also that they implement their plans very well. Implementation should be an ongoing daily exercise that structures objectives and tasks with the strategic plan at the core.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/