INITIALS POSTS<\/u><\/b><\/p>\n
Note: This discussion spans two weeks. Your first post is due in Module Seven, and your follow-up posts (two) are due in Module Eight.<\/p>\n
In Module Seven, for this discussion:<\/p>\n
RESPONDED to these two peers <\/u><\/span>In Module Eight, in the replies, reflect on the discussion topic from Module Seven.<\/span><\/p>\n After exploring this week’s resource, “What Everyone Gets Wrong About Change Management,” what strategy can you use to create organizational buy-in for strategic change initiatives? Review and respond substantively to two of your peers’ Module Seven posts. Provide specific insight and recommendations on how your classmate could create buy-in for strategic objectives.<\/b><\/p>\n<\/h1>\n<\/div>\n The ClearPoint strategy answers common strategic planning questions that many organizations consider when evaluating organizational strategic planning goals (Jackson, 2023). My company for my project is ABC Bank and they are currently going through a merger with their sister company. We will go from 4 banks to 11 banks.<\/p>\n What time frame should our strategic plan cover? <\/span><\/strong>ABC Bank’s strategic plan should cover at least 12 months at a time. The fiscal year is from January 1 – December 31, each year. <\/p>\n Who should be part of the strategic planning process?<\/strong> <\/span>The strategic planning process should include executive management along with all department officers of the bank. <\/p>\n How often should we review progress on our strategic plan? <\/span><\/strong>This should be tracked monthly within the strategic planning committee meetings. This can allow for progress checks.<\/p>\n When should we change or update our strategic plan? <\/span><\/strong>Annual reviews will be done. This will allow for changes near the end of the year for upcoming year planning. <\/p>\n Do we need a strategic planning office? <\/span><\/strong>We do not need a specific planning office. These meetings can be held in the board room of Bank A and Bank B, and through teams. <\/p>\n Do we have to use a balanced scorecard? T<\/strong>he Balanced Scorecard has proven to be a powerful and time-honored way to plan and execute strategy. (Jackson, 2023). A balanced scorecard during a merger can be highly beneficial as it focuses on financial, customer, internal processes and learning\/growth. In this scenario, it can help align the goals of both banks by establishing clear metrics for success. This would help keep track of the progress to help make informed decisions based on the data.<\/p>\n Where do we start when it comes to devising a strategy? <\/span><\/strong>The banks need to have their current processes laid out for each department of the bank. The department officers from each bank need to sit down and pick which process would work the best.<\/p>\n How many measures should our strategic plan include? <\/span><\/strong>It is recommended that 20-30 measures should be used, but due to the smaller size of ABC Bank, I think that 10-20 measures would be most beneficial to ensure alignment and relevance of the overall goals. <\/p>\n How do we make our strategic plan flexible to allow for changes? <\/strong>There needs to be regular check ins as stated above (Monthly meetings). This will allows for assessment to allow for adjustments if needed. There also needs to be a channel for feedback from both customers and employees. Goals need to be flexible as well, in which they are outcome based rather than fixed.<\/span><\/strong><\/p>\n How can we organize and track strategic planning and dat<\/strong>a?<\/strong> <\/span><\/strong>Embracing technology would be most beneficial in todays world. I would consider using specialized software tools to keep track of anything number related. Regular reporting needs to be done to update the specific teams on the progress towards the goals.<\/span><\/strong><\/p>\n <\/span><\/strong><\/p>\n It is important to rely on specific, objective sources of data. For instance, market research reports that provide data on market trends, customer preferences and competitive landscapes. Employee surveys and customer surveys are needed to see the wants and needs of everyone. Financial forecasting based on historical data will help show projected trends. As we have already done, a SWOT analysis would be a great tool as well. <\/span><\/strong><\/p>\n Jackson, T. (2023). <\/span>11 common strategic planning questions, answered.<\/em> <\/span>ClearPoint Strategy. https:\/\/www.clearpointstrategy.com\/blog\/strategic-planning-questions<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Below I have addressed the questions noted by ClearPoint Strategy\u2019s 10 common strategic planning questions when evaluating organizational strategic planning goals based on the organization’s ebbo.<\/p>\n A 3\u20135-year time frame would be suitable to balance out long-term vision with flexibility to adapt to the evolving market conditions. Every quarter revisions\/updates should be made to account for changes in market demand or technological advancements.<\/p>\n The key stakeholders would be part of the strategic planning process which includes leadership, department heads from HR, marketing, operations, all additional departments, and, a dedicated strategy coordinator. Additional consultants or industry analysts can be included for fresh perspectives and benchmarking insights.<\/p>\n This should be done every month for operational updates, quarterly for major milestones, and annually for strategic alignment. A technological tool should be incorporated to streamline tracking and reporting.<\/p>\n Annual reviews should be done this way ebbo is able to respond to significant market or organizational shifts proactively. There should be a mid-year review to stay responsive to any unforeseen challenges.<\/p>\n A dedicated office is unnecessary, as having a strategic planning lead with sufficient resources should oversee alignment and execution. A part-time consultant can be hired to help with any large-scale initiatives.<\/p>\n A balanced scorecard is recommended for aligning objectives, measures, and actions effectively,” as it aligns with the principles outlined by Kaplan and Norton in their foundational work on the Balanced Scorecard. The framework focuses on integrating financial and non-financial measures to ensure strategic alignment and performance tracking (Kaplan & Norton, 1992). The scorecard should be customized to include metrics specific to ebbo\u2019s client-centric approach.<\/p>\n Need to start with the SWOT analysis, and then outline the desired future state, key risks, and mitigation strategies. It is important to incorporate customer feedback to better align strategies with market expectations.<\/p>\n Will need to use 20-30 measures at each level to maintain clarity without overburdening stakeholders (Jackson, 2023). This balance allows different teams within the organization to focus on key priorities while contributing to overarching goals (Jackson, 2023).<\/p>\n Will be important for ebbo to define clear goals and update measures and projects as needed every quarter for projects and annually for goals. Revision will be needed to adapt to shifts in customer needs or competitive landscapes.<\/p>\n ebbo could benefit by using analytics tools like Tableau to ground decisions in data rather than perceptions. They can compare performance against industry standards or competitors using reports from trusted organizations like Deloitte or Gartner.<\/p>\n These revisions and strategic adjustments improve ebbo\u2019s ability to respond dynamically to market and internal challenges. By leveraging the balanced scorecard and tools for monitoring and reporting, ebbo can foster alignment and enhance decision-making accuracy. Incorporating academic and industry insights reduces bias and ensures evidence-based planning.<\/p>\n References<\/b><\/p>\n Let me know if you need more information from me to complete the assignment. Please see all the attachments. <\/span><\/p>\n Any references to the textbook or other outside sources must be properly cited using APA-formatted, in-text citations.<\/span><\/p>\n Textbook:<\/span> <\/span><\/span>Strategic Management: Theory and Practice<\/i><\/b><\/u><\/p>\n<\/h2>\n<\/div>\n <\/span><\/span><\/div>\n","protected":false},"excerpt":{"rendered":" INITIALS POSTS Note: This discussion spans two weeks. Your first post is due in Module Seven, and your follow-up posts (two) are due in Module Eight. In Module Seven, for this discussion: Review ClearPoint Strategy’s 10 common strategic planning questions listed in this week’s module overview. Note that many organizations consider these questions when evaluating […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"disciplines":[9],"paper_types":[],"tagged":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/questions\/38905"}],"collection":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/questions"}],"about":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/types\/questions"}],"author":[{"embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/comments?post=38905"}],"version-history":[{"count":0,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/questions\/38905\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/media?parent=38905"}],"wp:term":[{"taxonomy":"disciplines","embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/disciplines?post=38905"},{"taxonomy":"paper_types","embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/paper_types?post=38905"},{"taxonomy":"tagged","embeddable":true,"href":"https:\/\/www.writemyessays.app\/blog\/wp-json\/wp\/v2\/tagged?post=38905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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Author: <\/span>Harvard Business Review, John P. Kotter, Tim Brown, Roger L. Martin, Darrell K. Rigby<\/span><\/h4>\n<\/li>\n
Date: <\/span>2021<\/span><\/h4>\n<\/li>\n<\/ul>\n
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