Answer to Question #235845 in Management for Kiki

Question

What Strategic Management Process should banks follow ( 60 marks)

Answer 1

The strategic process that banks should follow in implementing the practice turns strategies and plans into actions to accomplish an organization’s strategic objectives and goals. The leading step in strategy enactment is the act of expressing what the strategic plan is. This involves reviewing it judiciously and highlights any elements of the program that might be incredibly challenging. This enables recognizing any project parts that may be unrealistic or excessive in cost, either of time or money. This stage also requires that one keep backup ideas in mind in case the original plan fails. The second step comprises selecting a team of members to help with implementing the strategic plan. This consists in establishing a team leader who can encourage the team and field questions or address problems as they arise. The next step includes schedule meetings to discuss progress reports. This consists of presenting the list of goals or purposes and allowing the strategic groundwork team recognize what has been achieved. Whether the execution is on schedule, ahead of schedule, or behind schedule, evaluating the current program frequently to discuss any changes that need to be made is essential for successful strategy implementation. In all these stages, the organization’s executives need to be informed on what is happening and provide progress reports on implementing the plan. Letting an organization’s management know about the implementation progress makes them a part of the process. Should problems arise, the administration will be better able to address concerns or potential changes.