Overcoming the Barriers of Strategic Planning, Implementation, and Monitoring in Turbulent Business Environment

Abstract

Strategic management has been highly emphasized in the literature as an enabler of competitive advantage. However, the managers and strategic leader often face challenges in systematic strategic planning, implementation and monitoring. Therefore, the objective of this research was to explore the current practices of strategic planning, implementation and monitoring, and pinpoint its barriers. The study has also given emphasis to identify the potential solutions in overcoming the barriers of strategic planning, implementation and monitoring. Likewise, the study has investigated the competencies of a good strategic planner. The study was conducted among the managers of Finnish SMEs. Methodologically the study adopts qualitative study following thematic and inductive approach. After a rigorous analysis of collected data and basing on resource based view and industry organization theory, a framework has been presented for systematic strategic planning, implementation and monitoring. Finally, the research limitation and future research possibilities have been discussed.