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Implementing Strategies in Strategic Management
Annual Objectives
A successful business should have well laid-out annual objectives among its managers. Basically, they serve as guidelines on identifying what is to be done to enable effective resource allocation. Ideally, they should be measurable, logical, consistent, clear, challenging and well to be understood by everyone. Further, it is prudent for the management to set specific timelines and appropriate rewards, or consequences for employees who meet these objectives. In summary, annual objectives should clearly illustrate amount, quality, cost, and time. Most importantly, they serve as a tool towards the evaluation of managers, laying down departmental priorities and monitoring progress towards the achievement of long-term objectives. Moreover, to the stakeholders, they act as a blueprint in justifying various development activities. To the employees, they are a benchmarking tool, and thus an important source of motivation and identification. Nonetheless, the objectives should be in line with both employees’ and managers’ values and further entrenched in the organization policies. Notably, tying of rewards and sanctions to the objectives instils the importance of successful implementation of the strategies. Additionally, it is worthwhile to ensure milestones like improved quality and reduced cost for example instead of more quantity as more is not always better.
Importantly, the formulated objectives need to be strategically implemented to realise value. Therefore, policies come in handy as they act as the key guidelines, procedures, rules or administrative guidelines laid out to aid the realisation of the objectives. Further, they are a major aspect of strategy implementation as they set out the tone on the set boundaries, restrictions, as well as the administrative actions in regard to rewarding and sanctioning. Ideally, they communicate clearly to both the managers and employees what is expected of them, thus removing any ambiguities which may have been in existence. Additionally, they allow for inter-departmental coordination while providing a basis for the management control. In effect, this leads saving of time since managers spend a lesser period in decision making. In turn, policies can lead to greater work ethics and result in increased productivity. Notably, Wal-Mart retail chain has a policy known as the “10 Foot” Rule which essentially implies that customers can find assistance 10 feet of anywhere they are (Fred, 2011). Nevertheless, certain policies do not have to cover the whole organization but may be applicable to some divisions and departments. For example, the sales department may require that each of its members take a sales course each year. Importantly, these policies are an integral component since they are a key tool in strategic management.
Resource Allocation
Essentially, the implementation of strategies is not complete without the assigning of resources to help in the realisation of the set out objectives and the laid out policies. Importantly, resources are allocated according to priorities. Basically, it would be a failure in the strategic management, and the overall organization if the resources allocation was not consistent with the priorities identified in the objectives. Further, resources vary but can be broadly classified into financial, physical, human and technological resources (Fred, 2011).Nonetheless, the true value of resource allocation is reflected in the resulting accomplishment of the set out objectives. Consequently, it is not always true that an effective resource allocation will guarantee a successful strategy implementation. Ostensibly, this occurs since control programs, personnel, and individuals, as well as corporate commitment,  must give life to the resources provided. On the contrary, an overprotection of resources, organizational politics, ambiguous strategy targets, reluctance to taking risks, and insufficient knowledge can inhibit effective resource allocation.
Fred, D. (2011). Strategic management: Concepts and cases. New Jersey: Pearson Education.