Strategy Planning Recommendations

Document Type:Research Paper

Subject Area:English

Document 1

This paper provides a recommendation for steps that can be used in the private organization as a recipe for creating a proper strategic plan suitable for the organization Strategic recommendations Introduction This paper is a response to the current call from the senior leadership of the Al Bayan Holding Group who directed me to put down appropriate strategic recommendations to aid the executive group to better apprehend the conceptions and principles of a well-made strategy process. A clear description of theories concepts and principles that should be understood by the management team is also included. The paper also presents a discussion of four strategic planning activities by Robert M Grant in his book, the foundation of Strategy which includes; industry analysis, key success factors and prediction of profitability (Grant & Jordan, 2015).

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This paper is will provide some the improved effective strategic planning process that should be adopted by holding groups. Al Bayan Holding is a leading conglomerate in the Kingdom of Saudi Arabia. The initial model of the executive team emerged around the United States in the 1960s. The structure includes a chairman of the board acts as the chief operating officer and who answers directly to the Chief Executive Officer. The model also consists of a number of executive individuals who report to the chief operating unit and are responsible for the operations in specific departments. The chief operating officer is responsible for the internal company operations while the chief executive officer is responsible for the external operations, overall corporate governance and strategic issues.

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This structure of leadership, however, underwent various changes in the last two decades (Bailey, 2018). Even new CEO is allowed a few mistakes. Interestingly, the study shows that about 50 percent of all CEOs are replaced within a period of years. To have an effective company, the CEO team of Al Bayan must adopt some leadership approaches which are described below. The following principles can greatly help in unlocking the potential strategic leadership in the private company. The principles offer a number of individual capabilities and organizational systems needed for the transformation that the senior executive committee wants (Cvelbar 2013). They make decisions not knowing the factors that are significant to the strategy of the company, hence they do guesswork. In addition, lack of information undermines people ability to confidently challenge the leader or proposing an idea that contradicts that of their leader.

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Competitive secrets of the company such as products undergoing development should remain hidden. However, the staff team requires a broad base of information if they are to become strategic leaders. The key principle here is the open sharing of information about the operations of the company. The organization should also consider clarifying the roles not only those of the executive team roles of each and every individual in the organization. The readiness of the company to change will also involve the creation of a planning committee, creating a company profile and pointing out the information that needs to be collected to make proper decisions. Articulating Vision and Mission The company mission statement is the same as an introductory paragraph in a book because it helps the reader to identify where the author is heading as well as portraying that the author clearly knows where he or she is heading to.

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Therefore, the mission statement should indicate or communicate the significance of the company to the reader. Any organization that is able to integrate its mission shows that it purposeful and focused. The planning committee that was selected in the initial step should assist in help in the choice between five to ten important issues which should be integrated into the strategic plan. Developing objectives, Goals, and strategies Once the mission, vision and the critical issues of the organization are identified, it is crucial to focus on goals, goals, and strategies of the company. The source of these aspects is formal group discussions, individual inspirations, and stipulated decision- making process among others. But in the end, the top leadership should agree on how to address the important issues (Bailey, 2018).

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This step may take considerable time to complete because of the several meeting and briefings to be held in the organization. Using the five force analysis tool, the organization will be able to forecast the industry profitability and develop strategies for the coming business days. This is because; if it is possible to forecast the current changes in the structure of the industry is also possible to predict the likely impact on profitability and completion. The game theory Modern companies are increasingly applying the game theory to help them in making high rewarding decisions in the competitive business world and which require strategic planning (Steiner, 2010). The modern game theory has been in existence for more than five decades now and it has proved in any case to be the best choice when it comes to strategic decisions in many industries and companies and Al Bayan is no exception.

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