Answered: Discuss any two external environmental…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Could Your ‘Strategic Planning’ Be Leading You Astray? By Rodger Dean Duncan There’s no doubt that an investment in consistency—smart consistency—can pay big dividends. Just ask any champion athlete, or acclaimed artist, or successful business person, or high-achieving student, or anyone else who gets top results. As wise proverb said—"If you are persistent you will get it. If you are consistent you will keep it.” That seems to be true, no matter what your particular “it” happens to be. Dr. Michael Canac, the president of a consulting firm helps committed leaders transform ambition into strategy and strategy into reality. A specialist in the psychology of human performance, Canac’s leadership insights are well worth digesting. According to Canac, among the most important things senior leaders can do is to avoid sending mixed messages. For example, when leaders set goals but won’t invest in the resources needed to achieve them, they’re sending a mixed message. When they promote change but won’t give managers the authority to enact change, they’re sending a mixed message. And when they trumpet excellence yet tolerate poor performance, they’re sending a mixed message. When leaders send mixed messages they de-motivate their people and undermine commitment. It’s important to make clear that consistency shouldn’t mean mindless and mechanical activity. After all, in an ever-changing world, businesses need to experiment, innovate and evolve. What leaders need to project is a ruthless consistency of purpose, one that is constantly reflected in their decisions and actions. Everything leaders do—as creative and innovative as that might be—should be consistently aligned with that purpose. Similarly, with workplace culture. Creativity, experimentation and innovation should be encouraged in support of the overarching purpose. It’s the ruthless consistency of purpose that’s critical. Well-managed execution requires creating the right environment to align people with what needs to be accomplished. It requires building the right team, a team with the capabilities to make it happen. And it requires the agility to recalibrate the plan when reality changes. Questions: 2. Discuss any two external environmental factors that can impact a firm’s strategic plan.

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