Environmental factors affect how a company conducts its activities it includes funding, laws from the government and the dictates of the economy (White & Bruton, 2010). The examination of the environment should take place as goals and objectives of the innovative strategy are set. Moreover, the firm should continuously monitor the situation to ensure that there are no significant changes from competitors that can affect the business.
The firms should also establish the goals and constantly evaluate whether the firm is within the set goals, if not, the company should make appropriate changes either in goals set or actions to achieve those objectives. The evaluation of set goals and objectives is known as a gap analysis (White & Bruton, 2010). During the review, the company should be open to new opportunities and adopt ways to take those chances into the business and to their advantage. The firm should also make appropriate controls that covers finances, strategic and cultural.
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The human element is critical towards the achievement of set plans. Therefore, the organization should balance all approaches as well as evaluation and control. All stakeholders of the organization especially the top management must be involved. Senior management must interact with major stakeholders since they are the ones who provide guidelines. Therefore, it is crucial to include them in any plan. Moreover, the organization should focus on the end.
The idea of following set ways of doing things should not be the norm; the organization should move towards set goals as long as the objectives are clear. Moreover, the targets must be clear and should be understood by everyone (White & Bruton, 2010). Finally, feedback is essential and assists organizations to do reviews and make steps to rectify and improve processes of the firm.
Recommendations
The company should develop a clear strategy and stick to set plans as long as they are within the course. Moreover, they should do constant evaluation to determine if they are within set plans. In addition, the organization should not stick to established forms of working, rather, they should be flexible as long as they are within set terms.
Reference
White, M. A., & Bruton, G. D. (2010). The management of technology and innovation: A
strategic approach . Cengage Learning.
