Strategy Implementation
It is the process by which strategy & policies are put into actions through the development of programs, budgets & procedures. This process might involve changes within the overall culture, structure and/or management system of the entire organization.
i) Programs:
It is a statement of the activities or steps needed to accomplish a single-use plan. It makes the strategy action oriented. It may involve restructuring the corporation, changing the company’s internal culture or beginning a new research effort.
ii) Budgets:
A budget is a statement of a corporations program in terms of dollars. Used in planning & control, a budget lists the detailed cost of each program. The budget thus not only serves as a detailed plan of the new strategy in action, but also specifies through proforma financial statements the expected impact on the firm’s financial future
iii) Procedures:
Procedures, sometimes termed Standard Operating Procedures (SOP) are a system of sequential steps or techniques that describe in detail how a particular task or job is to be done. They typically detail the various activities that must be carried out in order to complete
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