Strategic thinking

Introduction Due to the increased number of companies which has resulted into increased market competition, there has been consistent need for improving the business strategies. All the companies aim at maximizing returns. Competition is usually healthy in the business field because it requires continuous improvement which in the long run leads to increased profits and business expansion.Advertising We will write a custom essay sample on Strategic thinking specifically for you for only $16.05 $11/page Learn More To achieve this economic growth, proper strategies must be implemented. The strategy formulation and implementation is usually done by the managers. To do it to perfection, strategic thinking and team effectiveness are necessary. This essay seeks to identify aspects of strategic thinking that should be used in a team, evaluate the contribution of strategic thinking in team’ s effectiveness, identify key value adding characteristics that sh ould be used in team process to develop strategic analysis, the routine and/or unique activities pursued and how they affect strategic thinking, identify areas that limit a team’s performance and deriving implications for challenges facing managers and the aforementioned MBA study group in particular in thinking and acting strategically in future. Strategic Thinking and team effectiveness Strategic thinking is usually useful in strategic planning, formulation and implementation. It usually involves thinking critically taking into account the past, present and the future. One usually predicts the aspects that are probable to occur in the future such as opportunities, risks and trends. This usually helps in taking opportunities in the market field as they arise so as to maximize profits and avoiding losses by implementing strategies to avoid it (Meadows, 2008). All these activities are not possible to be done by an individual. This thus brings in the idea of working as a team w hich is usually helpful in strategic formulation and implementation. Team work usually helps in improving creativity. This usually improves the output in that one is able to improve on strategic thinking. In the first instance, the results might not be that good but with time the team would improve and better results would be attained (Tjosvold and Kwok, 2004). One of the good aspects of a team is that the teamwork should be self governing. This removes the necessity of regular follow ups as the team members have the internal drive which give them the urge to perform better and better. The team should understand clearly their goals, identify their specific roles, build trust between them and accept each other despite of ones strength or weakness.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This usually reduces the probability of conflicts and improves production due to good coordination between members. When working as a team, people usually speak their mind. When this happen, an answer from one person usually triggers the mind of other members and eventually very promising ideas emerge. In team work, communication is very essential and any doubt should be clarified. This ensures efficient performance of the duties and usually helps in time management. Thus being attentive is very necessary. Loyalty is very important as makes the team members to be at comfort when dealing with fellow members. The success or failure in teamwork is usually for the whole group and not for specific people (Wise and Hauser, 2007). The performance of a team may be affected either by internal or external factors. The external factors are mostly beyond the members’ capability such as economic constrains and political interference. The internal factors are mostly from the interaction between team members and may include the presence of compelling arguments, insufficient confidence i n team members that they have sufficient capability to contribute, pressure from fellow team members among others. In cases of emergency the teamwork may not be very effective due to the presence of disagreements. Other challenges include lack of interest or necessary skills by some members which would eventually reduce productivity. These are some of the challenges facing managers in undertaking their duties (Douglas, 2009). In the running of our day to day activities, we usually encounter challenges. The challenges are usually useful and form part of the platform for strategic thinking. This includes breaking of a problem in smaller units which are analyses individually and thus it is possible to check even the minor causes of a problem. In the case of taking the MBA group work, the probable problems are usually the same as those of teamwork. These group assignments usually assists student to get a clear picture of the interaction in the real business world. Thing are not smooth a s they may be thinking and the challenge they meet make them think strategically before getting the right solution. This usually prepares them for the future challenges they will meet in the business world (Stephen, 2006).Advertising We will write a custom essay sample on Strategic thinking specifically for you for only $16.05 $11/page Learn More The most important aspects of business management include future vision, mission, value, strategies and social responsibility. Strategic thinking is found to be very useful in the running of the businesses (Haines, 2000). The competition is increasing and therefore new strategies are to be formulated and implemented to maintain the business as well as win more customers. Strategic thinking ensures continuous business development which usually attracts investors and the shareholders are motivated. Due to the increased number of activities and the urge to get the best, teamwork is usually implemented. Despite the various challenges facing team work, the advantages outweigh the demerits and thus it is encouraged. Challenges encountered should not always be condemned as they usually form a platform for reference in formulating the strategies for the problem and also of other related problems Richard, L. H., and Colarelli (Richard and Colarelli, 2005). References Douglas, K. (2009). The Firefly Effect: Build Teams That Capture Creativity and Catapult Results. New York: Cengage Learning. Haines, S. G. (2000). The Complete Guide to Systems Thinking and Learning. Amherst, USA: Human Resource Development. Meadows, D. H. (2008). Thinking in systems: a primer. Vermont, USA: Chelsea Green Publishing. Richard, L. H and Colarelli, B. (2005). Becoming a strategic leader: your role in your organization’s enduring success. New York: John and Willey Sons.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Stephen, H. (2006). Pearls of Wisdom II: How to Work with Executives. New York: Willey and Sons. Tjosvold, D and Kwok, L. (2004). Leading in high growth Asia: managing relationship for teamwork and change. New York: Cengage Learning. Wise, C and Hauser, S. (2007). The Business School Buzz Book. New York: Prentice. This essay on Strategic thinking was written and submitted by user Jace Baldwin to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.