Strategic Management Response paper.

please respond to the following discussion post as a peer making a comment. Board directors and lead managers are equally concerned about where each of them draws the line between managing strategy and managing the company.

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The board is ultimately responsible for strategic planning. They need to have ready answers about strategy for shareholders, regulators, and others when corporate performance is lacking. When it comes to establishing organizational priorities, the strategic plan should align with the company’s vision. In preparation to have a board discussion about strategy, board directors should collect and analyze data related to the industry’s environment, the nature of the competition, and the business models. Boards can also develop a platform for strategic decision-making that defines the fundamentals of the business portfolio and the dominant business model that will help determine the future allocation of resources and capabilities. The board’s role in strategic planning entails identifying priorities, establishing goals and objectives, finding resources, and allocating funds to support the decisions that need to be made around strategic planning. The board is also responsible for monitoring the execution of the strategic plan. This requires the board to oversee the implementation of the strategic plan. As the plan progresses, boards may need to revisit the allocation of funds, as well as consider the impact of acquisitions and divestitures (Eisenstein, 2019).

To prioritize the wants and needs of all departments, the following actions must be executed:

1) List all the needs and wants of each department

2) Research the prices of needs and wants

3) Cut all luxuries

4) Know all sources of income

5) Be realistic within the organization’s budget

Once the needs are satisfied with each department, one can then consider the wants by ensuring that it fits into the organization’s budget (Nairametrics, 2021). To tackle ambitious plans while ensuring that operations stay on track, the organization must plan weekly, monthly, and yearly meetings with department leads to ensure that the organization stays focused on its goals while still staying within budget (Krentz & Clark, 2018). It is crucial that everyone in the organization is aware of their goals and objectives as well as the organization’s resources and yearly budget.

References:

Eisenstein, L. (2019, December 19). The Role of the Board of Directors in Strategic Management. BoardEffect. Retrieved January 30, 2022, from https://www.boardeffect.com/blog/role-board-directors-strategic-management/

Krentz, S., & Clark, C. (2018, September). Strategic Resource Allocation. Center for Healthcare Governance. Retrieved January 30, 2022, from https://trustees.aha.org/strategic-resource-allocation

Nairametrics. (2021, August 16). How to prioritize your needs over wants. Retrieved January 30, 2022, from https://nairametrics.com/2020/10/30/how-to-prioritise-your-needs-over-wants/