Crafting and Executing Strategy

Abstract

Any business or organization either to achieve or run a successful business over a long period of time will need to execute a strategic business plan. A strategic business plan sets a road map for the entire organization and help owners achieve their organizational goals. It helps the organization achieve its missions and objectives, achieve competitiveness against the competitors, it establishes a clear direction for the employees and keep the whole organization united as everyone work to achieve the similar goals of an organization. A strategic plan includes a mission statement, vision statement and objectives related to different departments of the organization. Therefore by developing a hypothetical business of Delve Ltd. a company operating in the IT sector of the economy defines the importance of vision statement, mission statement and objectives will be understood that will prove the argument that a strategic business plan is important for the success of an organization.

Crafting and Executing Strategy

Introduction

In today's world there is a lot of technological inventions and the information technology sector is growing bigger and bigger. It would be the correct sector for any organization to run their business in the technological sector. Similarly Delve Ltd. in order to compete and successfully run its operations in the IT sector needs to develop a strategic plan. In order to develop a strategic plan there are certain steps that needs to be followed. Delve Ltd. is an information technology company that sells computer and other latest information technology products in United States of America. The following is a strategic plan of Delve Ltd. that will be supporting the argument that in order to be successful it is important to develop a strategic plan.

Discussion

According to (Gates, 2010) a strategic plan is defined as the plan of the organization in order to achieve its mission and objectives. It is not only a planning tool but also helps the organization in improving its risk management, process management, portfolio management and enable the organization to take initiatives for the betterment of the business for the future. The mission statement, vision statement and objectives enable the organization to find out the present position of the firm and the position of the firm in the future. It also enables the organization that in order to reach a successful position it needs to develop certain strategies and initiatives through executing a strategic plan. (www.onlinebusadv.com)

A strategic plan starts with vision statement of the organization which helps an organization to set the values, social services and the vision for the future of the organization. According to (Smith, 2012) the vision statement defines the source of inspiration and capabilities of an organization. In order to implement the mission statement it is important to define the vision or the value statement of an organization. The vision statement of Delve Ltd. is as following: “make products with the changing technological environment and using the main element of innovation. The owners believe in making simple and unique products that can be easily used by ...