I’m working on a management question and need a sample draft to help me understand better.
Please answer the following discussion posts, each answer has to be 200-250 words and you have to answer like you are talking to someone.
First discussion post:
At this moment, I have no current position. However, in August, I will begin accelerated nursing school at Belmont University in Nashville. By the end of this class, I would like to know how companies analyze and gain an edge over their competition. I know in the medical world that there are products constantly evolving, which means it is crucial to have a strategy for management. Not only is developing a strategy a must for a firm, but it is even better to successfully implement it properly and most beneficially. If a company has an effective strategy but is not implemented correctly, it quickly becomes no good.
Strategic management is the compilation of articulating, applying, and evaluating judgments that enable an organization to accomplish its goals (David et al., 2020). With the help of a strategy, I think it allows a company to become more organized and effective. Some decisions can be made that aid in the involvement of what markets to engage in, and even what markets to stray away from (David et al., 2020).
Therefore, I want to learn more about the most efficient ways to implement a strategy. I want to know the pros and cons of management, especially when strategizing within the company and against competitors. In my future career as a nurse and potential owner of a practice, it will be beneficial to know how to strategize and set myself and my business up for a chance at success.
I do not have an organization I currently work for but I am familiar with a small organization from back home that specialized in selling locally grown food. With the food they are selling having a specific season, a lot of planning is required to make sure the profit earned in the time when harvesting can take place and the sales are rising is going to last over the wintertime when no profit can be made. For this to happen, a lot of planning is required to not only make sure the own family has enough money but to also pay the employees when their paycheck is due. A definition of strategic management is that this field is the governance of resources to accomplish an organization’s goals and objectives (Kenton, 2021) An example of how this specific firm implements this strategy can be seen in how they plan how many strawberries to plant to meet the demand. There are several factors to be considered and one of them, which is very unpredictable is the weather. Heavy rain can destroy the harvest for the whole day if not even longer and can destroy the whole management plan for the firm. With this being said, for a company like this, they must plan accordingly and plan for cases like this.
With this being a small company with only a small number of employees and considering the field they are doing their business in; their management plan is very different compared to other big companies. I am excited to learn more about the use of strategic management in a bigger picture and against more and being competitors in this class and being able to use it in my further career.
I currently work on a Department of Labor (DOL) contract outbid from my previous employer. The DOL expected me and two other individuals to agree to move companies if another competitor was chosen when the last contract was coming up for renewal. In turn, I now work for a newer entity, a part of a larger organization. However, the organization is multiplying, which has led to some severe growing pains involving misalignment in strategy development/implementation.
My current organization does not take strategy development/implementation seriously because it appears they are only strategically planning to satisfy regulatory requirements and accreditation (David et al., 2020). One of the requirements to obtain the DOL contract I work for is a Small Business Association (SBA) 8(a) ownership/diversity certification, which is a nine-year business development program that provides set aside contracts specifically for these 8(a) certified businesses (“SBA,” n.d.). These 8(a) contracts are incredibly profitable for companies, which is why these 8(a) certifications are so important. This certification is intended for diverse owners that are socially and economically disadvantaged (“SBA,” n.d.).
Although my company ultimately has good intentions, they lack in their communication of the company strategy and the processes involved in implementation. Their implementation of strategy often leaves top-level managers out in the process, leading to confusion, and ultimately no one is aware, much less aligned, with the goals. A recent study suggested that 95% of employees do not understand their employers’ strategy (Olsen, n.d.). This would be the case with my company; the lack of communication is one of their notable pitfalls. Without appropriate communication within the entire company, I am afraid their strategy development and implementation will not be taken seriously and will halt any positive growth.
My company certainly has a destination and strategy to get them there. Still, their lack of influence and seemingly illogical approaches in some cases will ultimately hinder them in the strategic management process (David et al., 2020). A good thing about my company is that they do have a plan which provides them a better chance to succeed if they concurrently formulate, implement, and evaluate all of their decisions along the way (David et al., 2020). I am hopeful the knowledge obtained from this course will aid in better demonstrating strategic management processes within my company to implement a strategy more effectively.