Strategy creation in non-profit organizations The National Development Research Paper

Strategy creation in non-profit organizations The National Development Foundation of Jamaica - Research Paper Example Entrepreneurs in their quest for profits adopt various strategic measures to promote business growth and development. These are common perceptions that are held for any kind of business activity. On the one hand it is true that businesses exist for profit creation and sustaining business development activities, but the fact that firms have moral and social obligations to the community in which they exist cannot be ignored. Quite a lot of organizations exist and operate to serve the community and its social needs. These organizations are popularly termed as non-profit organizations that seek to improve the society in which they live. The National Development Foundation of Jamaica (NDFJ) is one such organization that is committed to assist micro, small and medium enterprises in setting up and promoting their business goals through the delivery of innovative financing products. How can a non-profit organization sustain its business goals and activities and what are the strategic measures such organizations can take to survive and grow in existing economic conditions. These are some of the vital issues facing the management of organizations like NDFJ. The paper highlights the sig nificance of strategic plans and the measures that can be taken by organizations to sustain and meet their developmental goals. Strategic plans and their role in businesses Managerial strategies are essential to running a successful business venture especially in today’s chaotic market and business scenario. Strategy refers to a plan of action set out by those who are at the organization’s helm providing direction to the managers and employees. The company directors and professionals for achieving long-term company goals and business objectives often design the strategic plans. Strategic planning therefore consists of competitive moves and approaches to increase performance and productivity within an organization. It is basically a game plan for running the business, strengthening the company’s competitive position, satisfying customers and achieving performance targets. Strategic planning answers three vital questions important in guiding the organizationâ€⠄¢s moves. It identifies the company’s current position providing answer to â€Å"Where are we now?† The second question that it strives to answer is â€Å"Where do we want to go?† This refers to the company’s marketing financial and business objectives. Identifying the objectives of the organization helps in finalizing and framing of operational plans and strategic approach that will be required to achieve the goals. The process of strategic management aims to answer the most important question â€Å"How will we get there?† This is the stage where the strategic alternatives relevant to the particular business scenario are weighed and measured against the desired outcome and the most appropriate move adopted. The strategic management process thus involves developing strategic mission and vision that is translated into measurable objectives. The organization then develops plans, referred to as strategies, to achieve the set objectives. The next stag e involves the effective implementation and execution of the strategic plans. The results or outcome of the implemented strategies are evaluated at the end of the cycle. These strategies need to be revised and modified time and again in face of critical situation. Hence it is hardly possible for a company to follow set strategies across an extended