Strategic Management and Performance Project

Strategic Management and Performance Project

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Strategic Management and Performance Project

Strategic Management and Performance Project

1. Why is it suggested to “fail early” when considering strategic development, implementation, and strategic management?

It is suggested to fail early when considering strategic development, implementation and management in order to conserve resources.  Blaire (2012) implies that it’s important to fail early in order to create opportunities to develop an adjusted strategy sooner than later.

This brings the light the greater importance of monitoring development and implementation of the strategy. One-way organizations can observe, monitor, and implement new strategies is by using the OODS loop (Observe, Orient, Decide, Act). This four-step approach to decision-making that focuses on filtering available information, putting it in context and quickly making the most appropriate decision while also understanding that changes can be made as more data becomes available.

2. What are strategic risks and how do they relate to strategic performance?

Strategic risks manifest themselves when businesses fail in their development of a strategy. Blair (2012) points our seven strategic risks that can greatly influencing strategic performance of a business. They include margin squeeze, technological shifts, brand erosion, competitive threats, market stagnation and customer preferences.

They are related to strategic performance because they are Key Performance Indicators (KPI’s) of how a business is implanting their strategy. If a business is not performing well in one of the above mentioned indicators, they were wrong in their assessment or something has changed. In both cases, they need to adjust their strategy.

3. What are controls and how are controls utilized to measure performance?

Controls are ways to measure success or failure and tell you if you need to adjust something. As mentioned in question 2, KPI’s are controls; they tell you how well you are doing and if you need to adjust something. Controls are used to establish whether predetermined performance metrics are achieved or not.

A example of this in my own life is when I’m writing offers on real estate. I know that for every one hundred offers that I write I will have four accepted.  When I see deviation in this KPI and it drops below 4%, I know that the market has shifted and I need to examine my offer contingencies and adjust them.

The most recent adjustment that I have had to make is by removing my inspection clause. The market will not bare the inspection contingencies clause at this time because the supply of the types of properties that I’m buying are currently low; and the seller knows that they can sell without going through the trouble.

Reference

Blair, C. (Sept 12, 2012). 10 Strategic Management: Strategy Evaluation and Control. Retrieve from  https://www.youtube.com/watch?v=NfKLoGZiR4s

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2nd Discussion post

Questions:

1. Why is it suggested to “fail early” when considering strategic development, implementation, and strategic management?
2. What are strategic risks and how do they relate to strategic performance?
3. What are controls and how are controls utilized to measure performance?

It suggested to “fail early” when considering strategic development, implementation, and strategic management because an organization, specifically in monitoring, the strategy, should not wait long term to see if it is working or not.

In monitoring the strategy, and if the strategy is failing or had failed, this will allow the organization to revisit and an alternative strategy previously assessed, or identity and implement a new strategy that may yield success.  In addition, monitoring the strategy will allow the organization to ensure it is meeting the goals of functions it was meant to achieve because if it is not its survival is unlikely (Cook, 2012).

If something goes wrong with the selected strategy, the organization should be proactively ensuring that it is either working or if not, there should be measures in place to swiftly counteract or change the trajectory of the existing strategy or another which can be set in motion to achieve a better position having hopefully accounted for strategic risks via some sort of recovery approach.

Strategic risks are areas that can affect an organization performance because of business decisions that are failing.  Some of the risks that could affect an organization’s implemented strategy or strategies are identified when a SWOT analysis is performed.  In performing a SWOT analysis or even an IFE or EFE, the analyzation of internal and external factors, and then assessing those factors to make judgments and strategic decisions (Virtual Strategist, 2008).

Examples are competitor threats, changes in technology, consumer demand or needs, issues with branding, issues in innovation, legal or regulation chances, operations, competencies, or risks associated with mergers and acquisitions (Cook, 2012).

These variables can affect an organization’s position, reputation, and profitability if they are not addressed or assessed properly.  Risks in development, implementation, and planning can be detected when the organization has evaluation and control measures in place to mitigate said risks with a strategy for corrective action.

Concerning controls, these are regulations in which ensure all activities concerning the performances align with the organization’s goals or in tracking strategies which allow employees from top to bottom to have an indication as to what needs to be done without carelessness or simply allowing things that are not working to continue (Leconte, 2019).  These regulations can affect the corporate, functional, or operational levels.

The goal is to make sure that in the long run, the organization’s strategic direction is successful also accounting for what people should be doing as the process continues.  Controls are measured by setting realistic expectations that can be measured which can include financial controls, output or operations control, and behavior controls as examples.  Also, monitoring results in addition to feedback or a balanced scorecard which allows management to track and mitigate performance activities (Cook, 2012).

Controls and measuring said controls are of great value and importance in business as again, it allows the organization to make sure it meets the strategies and goals in which they want to succeed.  If succeeding is not a viable option, in strategically measuring and monitor various areas, if something is working, great, if not, then the organization can proactively make strategic decisions for recovery or alternative implementation.

Best,

Cook, B. (2012, September 24). 10 Strategic Management: Strategy Evaluation and Control [Video]. YouTube. https://www.youtube.com/watch?v=NfKLoGZiR4s&feature=youtu.be

Leconte, P. (2019, September 18). Strategic control: Breaking down the process & techniques. ClearPoint Strategy. https://www.clearpointstrategy.com/strategic-control-process/

Virtual Strategist. (2008, July 28). SWOT Analysis: How to perform one for your organization [Video]. YouTube. https://www.youtube.com/watch?v=NfKLoGZiR4s&feature=youtu.be

3rd discussion post

It is suggested to “fail early” when considering strategic development, implementation and management because it gives you the opportunity to develop a new strategy sooner rather than later (Executive Finance, 2012). Failing earlier allows for the executives to make corrective actions and stop the process before more time, money and resources are sunk into a failing scheme.

Identifying the strategy as a failure earlier on allows for the opportunity to implement either the corrective actions to that strategy that are identified as weak points or it allows for the opportunity for the secondary or tertiary strategy to take flight. This can ultimately help the business in the long run because the resources saved from realizing the failing strategy earlier on can be redirected and not wasted to allow for the next strategy to be implemented.

Strategic risks can be identified as technology shifts, competitive threats and customer priority shifts (Executive Finance, 2012). Strategic risks play a large role in strategic performance because if these risks are not taken into consideration any type of strategy will fail or at the least be hindered.

For instance, technology shift such as the implementation of internet usage in almost every business today. If a company is to develop a strategy to compete with their competitors and does not take into consideration how the competition uses the internet or how the industry has adopted the internet the strategy will fail.

Implementing a strategy that acknowledges the strategic risks and how it can hinder or help the company allows for the strategy to have a fair chance at succeeding.

Controls involve minimum amount of information and monitor only meaningful activities and results. Controls are designed so that the measurement can be obtained in order to improve that aspect of the system. The aspect needs to have a predetermined outcome in order to see if the change has hindered or improved the outcome.

Controls are important to measuring performance because it is a way in which a small change can have great effects or seeing if a large change will have minimum effects. Being able to monitor what these controls manipulate within the process allows for sound decision to be made when trying to improve the system.

-Jon

References:

Executive Finance. (2012, September 24). 10 Strategic Management: Strategy Evaluation and Control [Video]. YouTube. https://www.youtube.com/watch?v=NfKLoGZiR4s&feature=youtu.be

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