Facilitating Strategy Formulation
Strategy formulation is the process by which an organization chooses the most appropriate courses of action to achieve its defined goals (Saylor Foundation, 2012).Interpersonal skills are living skills that are used when communicating and relating with other people on a daily basis, either independently or in groups. Intrapersonal skills refer to capabilities or talents that one possesses in his/her mind and assist him/her in tackling problems. This paper examines some of the interpersonal skills, intrapersonal skills and tools that are of benefit in strategy formulation. It further integrates stakeholder input and effectively navigates the effective steps of this part of the strategic planning process.
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Problem solving is one of the interpersonal skills and it encompasses involving others to identify, describe and find solutions to problems. Businesses exist in a dynamic environment that is affected by various macro-environmental and micro-environmental factors that some may create problems (threats) to the business. In the process of strategy formulation, problem solving skills helps an organization to carefully look at the dynamic environment and to be ready to face possible threats. Decision making skills is another interpersonal skill that can be of use to strategy formulation process. It involves exploring and analyzing options to make informed decisions. In strategy formulation, SWOT analysis tool is used to categorize business environmental factors into two; internal as strengths(S) or weaknesses (W) and those external as opportunities (O) or threats (T). This information is helpful in matching business resources and capabilities to the competitive environment during strategy formulation and be able to choose the best course of action. This involves making decisions and therefore decision making skills are put into use.
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Additionally, intrapersonal skills also play a big role in ensuring that strategy formulation process becomes successful. These are talents and abilities that aid an individual in approaching a particular issue. Intrapersonal skills are categorized into adaptability and self-management
management skills. Adaptability skills refers to the capability and readiness to deal with strange and quickly changing state of affairs as well as successfully solving problems and getting used to new tasks and innovations (Huston, 2007). Self management is the ability to inspire and keep an eye on oneself. In formulating strategy managers consider the talents and abilities of the employees.
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In order to remain relevant and responsible with key stakeholders in the organization managers need to use stakeholder reporting process as a strategic tool. It allows for the collection of related information, use of knowledge and expectations from key stakeholders that offers an organization rich input and more controlled approach for successful outcomes.
Strategies that are formulated by organizations reflect the environmental analysis and lead to the fulfillment of the organizations missions and achieving the objectives. In critical question analysis managers must answer the questions on; what the purpose and objectives of the organization are, where the organization is going, the kind of environment the organization exist, and what the organization can do better to achieve its goals. Strategy formulation process involves the following six steps for effective implementation; defining the organization, defining the strategic mission, defining the strategic objectives, defining the competitive strategy, implementing strategies and evaluating process.
In conclusion strategy formulation can be a case for change, a new service or a further development of existing service or product and can involve major changes or relatively minor changes. In any case minor changes can make a difference to the quality of service for instance, care, in the case of health care.Order Unique Answer Now