Answered Essay: What are some of potential difficulties in approaching strategic planning from a balanced

What are some of potential difficulties in approaching strategic planning from a balanced perspective? isnt financial performance still the most important perspective to take in planning? explain

Expert Answer

Ideally Strategic planning should be balanced and consider all aspects relating to:

  • Financial performance
  • Market dynamics
  • Human resource perspective
  • Company’s Vision and Mission
  • Employee welfare
  • Brand value etc.

However, it creates difficulties like:

  • Conflicts amongst department: The company takes balanced view considering all the factors but it may lead to conflict between members. Example: marketing time may want increase in advertisement spend but finance team is against the move as it will not be too much beneficial. In such case, company may increase the advertisement budget but not as that demanded by marketing due to resistance from finance. So, it may lead to conflict
  • It may focus on short term perspective like showcasing good results for an year or two but have huge negative impact in the long run for company
  • It may result in demotivation and loss of morale as they may see leadership to be ignorant on ideas and plans of employees

Yes, it is true that financial performance is still the most important perspective although it is not the only criteria. Ultimately, all companies make strategic plans to ensure business success which is judged through financial performance. All the policies, systems and processes are set up to help in business growth. However, for non-profit organization, this doesn’t hold true as their ultimate aim is people welfare.

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