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Strategy - Ignore it at your peril !
The fundamental strength of a company can be related to the development of a Strategic Plan which should incorporate clear objectives for each department together with strategies and tactics to achieve each objective.
The strategy of an organisation has a life cycle: a dormant phase and a development phase. Because strategic issues are normally considered during a process of periodic review, organisations spend most of their time in the dormant phase.
"If you do not know where you are going,
any road will lead you there."
However from time to time, organisations recognise that they have a need for fundamental change, management embarks on the development of a strategic plan. It is now recognised that this is only 50% of the task.
Successful businesses are those that are able to introduce structures and disciplines which allow management to proactively review, expand or change their strategic directions regularly in response to internal or external activity.