How strategic factors influence in transition of a business
Strategic as the name suggest it is all about planning. The strategic factors are the measures for effective planning. It is a tool which helps the leader or owner of the business to control the work of internal and external factors that sometimes help a business and sometimes become a serious issue of concern. Planning is a necessary part of any business. Planning is a technique in which a businessman decided what he/she has to do to achieve the targeted profit of their company. In others words we can say, it is a way to make steps or a process to achieve the goals. Business is an occupation. Carried on by an individual or group of people depending on the mode and type of business. It is a way of earning maximum profits in exchange of goods and services.
Strategic planning is not a complete process it is an event which helps in the efficient working. It contributes to create a plan to engage the whole team of workers and other employees. It makes out plans in accordance to get maximum output from the employees. They make plans in which they set an amount as a bonus to create a wave of competition amongst the individual. It also opens up a new window as innovation. It creates a sense of working and innovating new ideas. Not all businessmen accept ideas from their workers, but the strategically planning makes plans to allow them. The workers are motivated to the extent that it directly affects the production of the business. The increase production leads to the growth in the profits of the company and success of the firm.
It improves the differences amongst the working team. It removes the hindrance of communication. In business operating at the higher level, a person usually faces the problems due to lack of communication. It has created a bridge for all of them. Anyone can easily contact the concerned person whenever they need. People can communicate with their team head, and if they are not satisfied, they can go and have a word with HR team or others taking care of them. With the introduction of this step, the concept of Misunderstanding will be cleared. This department is completely taken over by the top level management they look after it and solve the matter.
It also helps in the proper and efficient planning of a project. If each and every step is pre-planned, then it would become easy to check the places of error. If planning is done in an efficient manner, then it will become easy to check and rectify the errors. If we can review the process and working, the results will be far better. A better plan a more profiting business.
This planning helps to maintain the old cultures of our business. It is totally a choice of the top level management to what to plan. If they wanted to continue with their old cultural techniques and feels like that will play a vital role in the profit sharing then they can follow the same culture. If they wish to change according to the new generation and trend they can plan the activities and functions accordingly. The changing environment is a huge whole there is no dead end in it.
There are some old techniques like keeping the senior citizens in as they are experienced not welcoming the new generation, or welcoming them at very low wages are some drawbacks. These disadvantages can be overcome in the modern time. The new production or young youth is full of energy and enthusiasm. They can do the work in more efficient manner. To provide them with the experience, there are steps like on the job training (in this the employees are being trained while working) or off the job training (in this the employee is sent to the other places for experience, and they are even get paid for learning new techniques). These two practices are becoming common day by day. It is beneficial for new and old workers.
In the end, it would be right to say that strategic planning is the backbone of business. It is not visible to all. But successful companies have a perfect plan. In today's modern era no business can be run without proper planning. It is a necessity. To earn the desired goals. A strategically plan has played the base role for the increase in the shares and to help them to reach them to heights of success. Strategically planning is a complete blend of modern and old culture. They offer us the ways. It is totally dependent on you what to choice.