Some Pitfalls to be Avoided in Strategic Management
It needs to be remembered that strategic management and strategic planning are intricate and complex processes that take the organization into unchartered territories. Hence, they do not provide a readymade prescription for success nor do they promise instant solutions to all problems that the organization is facing. Instead, strategic management and strategic planning are processes that take the organization through a journey that involves providing a framework for solving problems and addressing questions.
Some of the pitfalls to be avoided in strategic management and strategic planning are listed below:
While these are the some of the pitfalls of strategic planning, there are other aspects like not working to a plan and being too much bureaucratic.
Since the organizations of the future need to be agile and flexible with the ability to be malleable according to the changing market conditions and yet at the same time, have a core structure that is consistent with core competencies, a mix of formal and informal planning is needed for effective strategic management.
Strategy is formal and emergent at the same time meaning that there needs to be formal planning as well as elbowroom for spontaneous evolution of the strategic planning process. This is the overriding imperative that organizations must follow if they are to actualize strategies that make them market leaders.
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