According to Sean (2009), strategy refers to a plan which is followed to achieve a set of goals. For a business to be successful, it must realize its purposes through careful implementation of its strategies. Sean highlights some vital elements of strategy that managers should incorporate in their endeavors to achieve profits and make their companies successful.
First, Sean feels convinced that directors must align a vision of what is to be achieved then devise a strategy and create an implementation plan to execute the strategy. The managers should put into consideration the effect of factors such as competition, legal, personnel, and marketing on strategy implementation. While some people say success is based on having a great set of goals and plans, Sean believes it is a mixture of visionaries and implementers. To substantiate his belief, Sean mentions Hewlett and Packard, who besides being visionary; they implemented their ideas, which bore of the most innovative companies in the twentieth century.
Second, Sean points out some factors that if not well addressed and dealt with, they would thwart efforts to execute business strategies successfully. The elements can be external or internal. Some of these factors include cultural, economic, political, and competitive forces. A manager, therefore, must take these items into account as they formulate their strategy. Besides, leaders must consider how prevailing competitive opposition, the threat of the latest market entrants, bargaining power of clients, the power of supplier and, the risk of substitute goods and services will influence his strategy. Sean informs that people can learn about business and strategy from others.
Lastly, Sean notes that for a strategy to succeed it should not be based on poorly-reasoned vision no matter how great would stand a chance of winning if it is not put into place by teams that first understand the vision, how it fits into the overall corporate mission of plan and has the talent necessary for successful implementation. He also insists on the essence of effective communication and the right, shared perspective in the team. Business owners must be fully committed and fully aware of how a strategic plan can expand their enterprise. Without this comprehension, it’s hard to stay committed to the process (Aileron, 2011). Erica Olsen, a business author, mentions some pitfalls that hinder a successful strategic implementation. These include a vague plan, absence of progress report, an overwhelming plan, and not considering implementation among others (Olsen, 2019).