A strategy may be defined as the way or can be defined in broad sense a rigorous procedure that should be implemented and carried in order to achieve the goals mention there. The corresponding management of the framed strategy or strategies gives rise to strategic management. There are various criteria for the development of good strategic plans. Some of them are as follows:
The strategic plan should be descriptive enough to cover all the constraints that it will satisfy along with the budget, safety, risk assessment and tenure etc. However, it may be noted that a very bulky plan with millions of clauses turns out to be redundant (Crossan et al., 2010). Hence, the strategic plan should be neither too bulky nor too short (Clapham and Pestel, 2012).
Accounting resistance and barriers
A good strategic plan should take in account all the possible barriers that can came up in its ways as this will help in framing the counter measures and thereby removing any crisis or panic situation.
The development of strategies is a structured process that follows basically the following steps:
One of the most important steps is identified as the board meeting. The board meeting can be defined as a procedure which includes all the high position holding members of the organization. It is one of the easiest ways to convey the strategic plans to the entire organization (Dodgson, 2012). The board meeting contributes as a source of information and suggestion.
Identification of objectives, vision and mission of the organization
It the most important step in framing a strategic plan for the organization. The vision of the organization should be identified so as to incorporate that to the goals of the plan (Ethiraj, Gambardella and Helfat, 2016). This identification process is very much important because this step will remove all the ambiguity regarding the goals that the organization wants to achieve.