Reply 4.1 | Business & Finance homework help

 

When it comes to starting a new business, trend, or renovating an organization; the first step is to plan. In order to plan properly there needs to be a strong, innovative team willing to make a difference in their lives. With the desire and necessary steps in the strategic planning process, there is always a leader to take the initiative and pave the way for his or her team.

Through strategic planning an organization can create and form a strategy. Throughout the entire cycle, an organization can determine whether to adjust or design more strategies. Tracking the progress and results of these strategies through reports and evaluations is necessary for the success of executing the strategies. Someone that comes to mind when it comes to transforming strategic planning into reality is Sam Walton, the founder of Walmart.

A certain factor that led into Sam Walton being successful was his attitude and mentality. What made his strategic planning into reality was focusing the same amount of time and effort on putting the plan into action just as the strategic planning phase. Walton focused on having an excellent logistics operation, his supply chain, and the storing of products and materials. Through his strategy, Wal-Mart was able to store a plethora of goods that gave them a superior competitive advantage over rivals. In the market, they had better prices, more inventory, and their operations, distribution, and customer service has been incredible (Dodds 2018)

From Sam Walton, I can learn that it is important to regulate progress and make sure that the way the strategy is put into action is the way it was envisioned. A business runs as well as it is being operated, this means I need to be on top of my work and ensure everyone understands their responsibilities. To transform a strategy into reality takes time, effort, and determination. Working alongside various departments to see and observe their performance is important, in order to improve or change certain tasks. Communication is key in order to reach company goals and expectations (Dodds 2018)

Reference:

Dodds, C. (2018, February 12). Sam Walton: Success Story. Retrieved March 21, 2019, from https://www.investopedia.com/university/sam-walton-biography/sam-walton-success-story.asp

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