The critical elements of the strategy are; mission and vision statements, clear objectives and goals, action plans, and scorecards that assist in tracking progress. These elements must be included to develop a strategic plan to serve a project or business. When detailed sections of each essential element are included, they help the management and employees work together and understand what has to be accomplished at the project’s end (Makadok et al., 2018). In addition, an accurately made strategic plan should be thorough and help ensure each section of the key elements come together to develop a coherent document to assist in leading any project or business. Therefore, critical elements of the strategy are crucial tools that guide any project.
Poorly identifying potential disadvantages of a plan can be catastrophic even if the underlying project is viable. Two main consequences may occur in poor identification of possible disadvantages—first, negative impacts on the team involved in the project. If team members detect any aimlessness in the project, they will have no sense of a greater purpose and no reason to work daily. Second, it might lead to a lack of direction results, and it causes morale issues because, as far as team members are concerned, the future is uncertain, unpredictable and out of control (Teece, 2017). These negative impacts caused by poor identification of potential disadvantages can lead to project failure.
Both proactive and reactive feedback to the management ensures the long-term success of a business or a project. Proactive strategies assist in decreasing the effort the company spends on crisis management, ending up freeing resources to concentrate on the organization’s mission (Makadok et al., 2018). On the other hand, reactive strategies help respond to internal or external situations that have happened or are in progress. Although both proactive and reactive approaches are different, they complement each other to ensure that a business becomes successful.
References
Makadok, R., Burton, R., & Barney, J. (2018). A practical guide for making theory contributions in strategic management. Strategic Management Journal, 39(6), 1530-1545.
Teece, D. (2017). A capability theory of the firm: an economics and (Strategic) management perspective. New Zealand Economic Papers, 53(1), 1-43.