Strategic Management for Business policy educational materials .pptx

Strategic Management

1. Chapter 6: Effective Guidelines in Writing a StraMa Paper

2. Strategic Management ( StraMa ) Paper Is a written business document which exhibits a new vision for the firm as it outlines the future objective in view of the assessment of the firm’s current situation of the organization. A good strama paper provides how objective will be achieved over a specified time frame.

3. Guidelines and Outlines before writing a StraMa paper: Focus on the Purpose of writing. The paper should state a vibrant purpose to initiate focused action from stakeholders with specific and measurable result.

4. Focus on the readers (audience) of the paper. Different readers expect to see different things on the paper. Anticipate information they will be looking for. Use familiar terminologies to avoid confusion. Provide accurate facts and information from credible and reputable sources . Validate, validate, validate all key information used in the plan.

5. Get to the Point. Keep the plan concise, clear and logical. Thus, flowery and highly descriptive language can blur the focus of the plan, and slow/confuse its implementation. Present the material clearly and logically. StraMa paper should be professionally done and written in formal style using correct grammar, spelling, keeping the choice of words simple yet effective.

6. Suggested format of a StraMa Paper: Executive Summary is a brief snapshot of the StraMa paper. It should include the main points on each major section. Introduction Discuss briefly the current situatio with any contributing history and trends, cycle and changes and future developments that are relevants . Present the compelling key issues which can be brought about by changes in the current or future business.

7. State the purpose of coming up with a strategic plan. Determine the type of research design, sources of data and information and procedure of data and information gathering. II. Strategy Planning This section provides a concise overview of the business. The following information is essential for planning : Present the business Owners/Directors/Shareholders/shareholdings A brief history of the business

8. Vision, mission, objectives and values of business Nature of the business and its main activities Customers Location Past performance and key achievements (anywhere from 3 to 5 years) Apply the appropriate tools in planning such as SWOT identification, basic planning, vision based and issue based planning. Make valid assumptions whenever necessary.

9. III. Strategy Formulation This section presents the valuable contributions of the firm to the market and industry and that no other firm can match it. Determining the barriers in the way of success like internal and external forces ah how the firm can overcome these is, in essence, the strategy formulation. Setting the Goal. The time frame can be 3 to 5 years depending on the nature of the business. Determine the key performance measures and targets in connection with the strategies to assess and improved performance.

10. Performance Area Performance Measures Output Time frame Person/Unit Responsible Financial Performance Customer and Market performance Internal efficiency and Effectiveness Long term development and Innovation Target

11. Business strategies recommendation – Discussion of the proposed strategies consistent with the direction/generic strategies. No generic and motherhood statements. Functional strategies recommendation – outlining the different function programs and series of activities that will be undertaken to progress the implementation of the strategic plan.