[SOLVED] What is the impact of rapid environmental changes on organizations?
What is the impact of rapid environmental changes on organizations?
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Tag: impact of rapid environmental changes
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Strategic planning is about planning for the long term results rather than focusing on tactics and short term gains. With that being said, strategic planning takes a big-picture approach by considering questions like What should be the company’s priorities? Where does the leadership team should focus on? What is the company’s annual/quarterly goals?
To work on strategic Working out the strategic plan with the other key stakeholders – partners, investors, and employees – ensures you’re all on the same page. Putting the plan in a document can give you and your team a clearer perspective on what you need to do in the short term to create the big picture.
Strategical planning is a group effort which includes: internal and external elements. External elements consist of technology, law, politics, competition, media, and trends. Internal environmental factors consist of a management team, physical assets, cash flow, company’s culture and the knowledge in the industry.
Rapid environmental changes can happen in an instant which can impact the way the companies implement their new strategies. For example, the regulations may change the way the companies work with their clients. It is common that a product which is very popular can go down overnight. The most experienced engineer might quit as she or he thinks that they’re not well-paid. Or maybe a new investor may request a rate that is way higher than the average industry rate.
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If you’re in a stable environment – the industry doesn’t see new players or new technology and your workforce sticks with you – your initial strategic plan may not need much revision. For everyone else, planning is an ongoing process that you have to repeat as the environment changes.
For instance, if this kind of environmental change happens, here are some of the steps that need to be taken into consideration. The first step would be to identify the main problem. Is this an external or internal change? Once that is figured out then the next step should be focusing on the potential solution. Depending on the problem, your company might need to take legal action, slow down the sales, stop any marketing campaigns, gather management team and bring in leaders with know-how in similar situations.
References:
Seidel, B.Sc., LL.B., MBA (February 12, 2019). Effects of a Change in Business Environment on Strategic Planning. Retrieved from https://smallbusiness.chron.com/effects-change-business-environment-strategic-planning-4708.html
Tag: impact of rapid environmental changes
