Access Millions of academic & study documents

Assess Potential Negative Consequences Of Not Conducting Annual Updates

Content type
User Generated
Subject
Health & Medical
Type
Homework
Showing Page:
1/8
Running head: POTENTIAL NEGATIVE CONSEQUENCES OF NOT CONDUCTING ANNUAL UPDATES 1
Potential Negative Consequences of Not Conducting Annual Updates: Strategic Planning
Name
Institutional Affiliation

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/8
POTENTIAL NEGATIVE CONSEQUENCES OF NOT CONDUCTING ANNUAL UPDATES 2
Potential Negative Consequences of Not Conducting Annual Updates: Strategic Planning
Successful strategic planning is not a static process as to guarantee practical management,
strategic plans need to be revised annually for progress towards realization of objectives. Annual
assessments are necessary to reveal the need to include new accommodations or adjustments.
Extraordinary changes within an organization’s internal capacity and the external operating
environment occur, demanding an overhaul of a strategic plan (Finney, & Mitroff, 2016). A
strategic plan functions to measure the health and standing of an organization within the industry
and act as a guiding force into the future. Reviews and updates ensure that the core value and
goals are reiterated into employees’ minds and they are aligned with organization’s priorities
(Finney, & Mitroff, 2016). Considering legislations, technology and necessary events within the
industry are prevalent, failure to update the strategic plan carries detrimental consequences for an
organization.
Failure to Adapt to a Changing Environment
By nature, strategic plans are long term as opposed to components of business strategy
like employee competencies, legislations, quality and development that experience frequent
changes. Progress in strategy management is assured if the strategy is not foremost on the
management agenda (Finney, & Mitroff, 2016). It is crucial to anticipate, recognize and address
changes in the external and internal environment. In any business environment, change is a
certainty and stakeholders must actively engage in identifying and modifying business activity to
take advantage of change. In a healthcare industry, the environment is ever-dynamic. Businesses
must adjust and adapt to the dynamism of the environment via strategic orientations (Finney, &
Mitroff, 2016). A business that matches their prevailing situation with their environment

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/8

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 8 pages?
Access Now
Unformatted Attachment Preview
Running head: POTENTIAL NEGATIVE CONSEQUENCES OF NOT CONDUCTING ANNUAL UPDATES Potential Negative Consequences of Not Conducting Annual Updates: Strategic Planning Name Institutional Affiliation 1 POTENTIAL NEGATIVE CONSEQUENCES OF NOT CONDUCTING ANNUAL UPDATES 2 Potential Negative Consequences of Not Conducting Annual Updates: Strategic Planning Successful strategic planning is not a static process as to guarantee practical management, strategic plans need to be revised annually for progress towards realization of objectives. Annual assessments are necessary to reveal the need to include new accommodations or adjustments. Extraordinary changes within an organization’s internal capacity and the external operating environment occur, demanding an overhaul of a strategic plan (Finney, & Mitroff, 2016). A strategic plan functions to measure the health and standing of an organization within the industry and act as a guiding force into the future. Reviews and updates ensure that the core value and goals are reiterated into employees’ minds and they are aligned with organization’s priorities (Finney, & Mitroff, 2016). Considering legislations, technology and necessary events within the industry are prevalent, failure to update the strategic plan carries detrimental consequences for an organization. Failure to Adapt to a Changing Environment By nature, strategic plans are long term as opposed to components of business strategy like employee competencies, legislations, qua ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
Studypool
4.7
Indeed
4.5
Sitejabber
4.4