Strategic Management

Assignment 1: Essay

Strategic implementation is a fundamental step in turning a company’s vision of a project into

reality. Through a series of action-based phases and tasks, the implementation process maps out
the life cycle of a project.

Function

Without strategic implementation, a project would not be able to get off the ground, since strategic
implementation functions as a project’s blueprint. The implementation process identifies what tasks
need to be completed, and when. Strategic implementation is action-based and uses a variety of
tools to keep the project team on track.

Work Breakdown Structure

A work breakdown structure is an asset to any project team because it illustrates the order of
operations for project implementation. Work breakdown structures identify all the steps that need to
be taken to get from one implementation phase to the next. According to Net MBA, work breakdown
structures are designed in a hierarchal structure, and break a project down into smaller, and mo re
manageable, components.

Implementation Schedule

Another valuable application that strategic implementation is responsible for is developing an

implementation schedule. Implementation schedules are similar to time lines in that they dictate
start and end dates for when project tasks and phases should be completed. According to the U.S.
Army Corps of Engineers, project implementation schedules are often broken down into charts that
map out the duration of how long a task should be performed before it’s on to the next phase.

Cost Allocation

Strategic implementation is important because it evaluates project costs and determines cost
allocation to fund the project from start to finish. By planning ahead, and conducting financial
studies and projections, the strategic implementation process can save projects money in the end,
because unforeseen costs can be reduced or eliminated.

Evaluation Methodology

The Strategic implementation process will determine the evaluation methodology for a project.
Evaluations are done to study how close a project is to being completed, and if the project team has
met important milestones. Evaluations consist of measuring a project’s progress, and comparing
that against what the targeted goal is. This will tell the project team whether or not they are on track
with the projected time frames and projected funding.
Unfortunately, people who are great at inventing things, and have high creativity, often don't have
strong interpersonal skills or interests.

As a mentor to aspiring entrepreneurs, I see a high level of frustration from people in this category
who have personally developed great solutions, but can't make them into a business. They don't
realize that running a business requires relationships.

I strongly believe the talent to effectively build relationships can be learned, just like any other skill,
even if you are an introvert like me. It does take effort and focus, just like learning other skills that you
need to achieve objectives you have set.

In business, you need to build relationships with a wide range of people, including investors, peers,
employees, and of course customers.

As part of my own efforts to maximize my relationship efforts, I found some concise business-oriented
guidance in a new book, Born to Build, by Jim Clifton and Sangeeta Banal, Ph.D.

These executives from Gallup bring together their best data from business professionals around the
world, to offer the following strategies for stepping our relationship results up a notch:

Build new relationships by diversifying your networks.

Force yourself to go beyond people in your immediate circle, and those you know well, to contact and
nurture a real relationship with at least one supplier, a customer, and a competitor. The next step is to
seek out relevant people from unrelated organizations, such as media and government.

Give as much as you expect to get from every relationship.

Effective relationships in business require reciprocity - not a one-way half-hearted effort. Offer and
deliver help, connect people with each other, or share industry or nonprofits-sector information.

Only then will you feel satisfaction and find others willing to respond when you need help.

Selectively spend quality time on key relationships.

Spend time with your most important customers, your most productive employees, and leaders who
can make the most difference to your organization. These relationships will generate returns in the
immediate future and in the long run. Avoid the trap of idle discussions and ego building.

Keep your focus on the local social and business landscape.

Pay attention to bonds, loyalties, and networks that characterize your community. Recognize the
norms, values and preferences that shape the behaviour of the people you need.

This will help you form a durable and effective network that you can maximize for your business
interests.

Apply your time, brand, and resources to key social issues.

Build a constituency of relationships with people who have shared beliefs, interests, and ambitions.
Collaborating with them on solving shared social problems will turn them into engaged advocates of
your business and make them your most powerful allies in building other relationships.

Prune, renew, and reshape your networks frequently.

Nurture people relationships critical to your organization carefully and often. Push contacts whose
usefulness has diminished over time into your inactive network.

Regularly identify new relationships that are vital to the future of your business, and define strategies
to build these connections.

I do offer some points of caution in all relationship building efforts:

More relationships are not always better. Highly successful business leaders don't necessarily have
larger networks. Be selective about the associations you form, listen carefully for situations where you
can add value and derive value, and prune the rest.

Over-investment in relationships can take precious time away from focusing on the technical elements
of your business. Invest your time wisely in balancing the demands of market awareness, new
technologies, and future organizational strategy.

Sometimes strong relationship networks can shut out new people and new thinking, insulating you
from fresh input from the "outside." Introducing new elements into your network will generate new
perspectives, new experiences, and positive change.

Overall, the breadth and depth of your relationship networks is more critical to your business success
than your ability to define and build the perfect solution.

These relationships empower you to confidently and aggressively take risks, continually innovate, and
recover from losses and setbacks along the way. Your business is a community, not an island. You
can't run it alone.