Importance of Strategic Planning and Management in the Business Environment Paper Essay Example

is essential as they possess valuable local knowledge and experience. Boat captains represent managers, while deckhands are functional leads within the organization.

The success of the company, which has locations on two coasts that are separated by at least five hours of flight, will ultimately depend on the initial planning stages. The term management refers to the process of achieving organizational goals through the utilization of resources and individuals (Bateman-Snell, 2007). The four key functions of management include planning, leading, organizing and controlling. Among these functions, planning is considered to be the most significant in terms of setting priorities for any successful strategic plan or project. Various adaptations of the project management five "P's" suggest that poor planning typically results in poor performance.

Defining planning involves setting goals, allocating resources and budget in order to achieve a specific outcome, as per Alex's team. Coordination of all necessary resources to attain goals is what organizing entails, secondary only to leading, which will be discussed later in this paper. Organizing is a challenging skill for startup companies, such as Tight Lines, who need to consistently deliver results for their clients. An example of organizing resources effectively within an organization is the breaking down of traditional organizational charts and bringing together employees with different expertise to collaborate on critical issues or future planning, as explained in the text. Such collaboration can yield incredible results.

Leadership is a complex skill that cannot be fully taught, as there are many definitions and interpretations of what it means. A simple search on a popular search engine returns over 24 million results. In essence, leadership is the process of influencing and directing others to achieve

a specific goal while making an organization more united and cohesive. This is accomplished through the application of various leadership qualities such as beliefs, values, ethics, character, knowledge, and skills (Wickramasinghe, 2006). Therefore, Tight Lines places great importance on providing a high-quality experience, while effective management entails the fundamental skill of controlling and monitoring. The best managers utilize this function consistently.

According to Bateman-Snell (2007), 'controlling' is the process of keeping track of task performance and making adjustments if necessary. Once a leader has meticulously gone through the planning and organizing stages of plan development, they must keep an eye on the plan's progress to ensure that the company's objectives will be met - in Tight Lines' case, that means having return customers annually. Monitoring serves as a tool to spot crucial opportunities for implementing necessary changes.

This section highlights the significant influence of technology in the business world. It has brought forth an abundance of software models and applications that supervise the execution of strategic plans. The monitoring includes budgeting, resource allocation as well as accomplishing essential objectives to guarantee superior outcomes. Strategic planning is a dynamic process that originates from a concept, metamorphosizing into a vision and mission statement, which establishes a fundamental groundwork for developing a plan. Various conventional methodologies are available, such as the top-down approach, or a more collaborative team-oriented approach.

Utilizing resources across various levels of the company will lead to a broad range of input and ideas during the goal setting process. In the case of Tight Lines Sport Fishing, involving both boat captains and deckhands in determining short and long-term goals and milestones will prove advantageous. Implementing the four

management functions will aid in creating and tracking the success of a strategic plan. Adapting to change is crucial for Tight Lines Sport Fishing as they embark on their journey, following the proven model of successful companies.

By carefully monitoring and adjusting the milestones, the launch of this new endeavor can be made successful. This will in turn satisfy customers on both coasts for years to come. Reference: Bateman-Snell. (2007). Managing.

The book "Management: Leading and Collaborating in a Competitive World" by S. A. Thomas S. Bateman is cited on page 19.

The authors of the text are J. Pearce II and R. Robinson Jr., affiliated with The McGraw-Hill Companies, Inc.

The McGraw? Hill Companies published "Strategic Management: Formulation, Implementation, and Control" by B. in 2004 in New York.

In 2006, D. V. Wickramasinghe wrote about the importance of dynamic leadership in environments that are unstable and unpredictable.

The International Journal of Management and Enterprise Development is published at 339.