3) Discuss the relationship

A) Objectives and Strategies

An objective is a measurable step you take to achieve a strategy. While

the business goals are broad, the objectives are much more specific. In fact,
the ideal objective is clear and actionable. Objectives include measurable
performance factors, challenging but approachable deadlines and
clearly-stated costs and quantities. Objectives are used as steps toward the
business’ goals.

Strategy is the approach you take to achieve a goal. Business

strategies define the steps the company will take to achieve its objectives.
Clearly-defined strategies analyze the business’ strengths, weaknesses,
opportunities and threats and utilize the information to build appropriate
approaches. Successful strategies not only approach the objectives from
varying angles but use them in tandem to build toward the objective. As a
result, a company may use several strategies to achieve one objective.

It is important to periodically review the business’ objectives and

strategies to ensure it remains on track. The clearly-defined objectives will
provide a list of deadlines and cost definitions you can use as milestones for
the business. Use the periodic review to see if the company is meeting those
milestones and adjust the strategies accordingly.

B) Strategies and Policies

Business strategy and policies have a strong relationship. A strategic

vision is typically set by top management to provide an overall plan for the
company moving forward. New or established policies provide a framework
for decision-making and activities carried out by lower-level managers
and their employees.

A key similarity between strategy and policy is that both are often set
at the top-management level of an organization. A management team
usually collaborates to set goals and strategy for how to operate the
company in a profitable way. Going after a new customer market is a
potential strategy to grow market share, for instance. Top managers, or
managers in specific functional areas, then usually establish policies that
help employees operate in alignment with the strategy. A new policy of
expanding sales rep territories could fit with this new market strategy.

Policies are specific rules and guidelines. Businesses create and

implement policies in order to achieve consistency and outline protocols.
Well thought-out and clearly articulated policies serve as a baseline for day-
to-day decision-making as well as guidance for unexpected situations.
Policies may be formally written rules and regulations or unspoken
conventions that guide company culture. Successful business policies are
broad enough to allow employees leeway but specific enough to offer
meaningful guidance.

Employee Policies
Many of the policies in an organization relate to internal activities.
Human resources often directs the development of HR policies, but they do
so in alignment with company strategy. This role is why many HR directors sit
on company management teams. Policies that promote competitive,
aggressive compensation packages for employees are often used by
companies that have a strategy of attracting and retaining the most talented
employees in their industry.
Customer Policies
Product and service sellers usually have significant policies related to
treatment and interaction with customers as well. This area also depicts
another strong relationship between company strategy and policy. A
company that employs a strategy of targeted high-end, well-to-do customers
may have very liberal customer service policies to attract and retain loyal
customers. A low-price, high-volume retailer may have more strict service
and return policies in line with the strategy of selling low to attract a large
customer base.

Policies and strategies do have different purposes. A strategy is

essentially a guide, or road map, for how the company will operate. Setting a
strategy at the top allows each department or business unit leader to set
lower-level goals and strategies that align. Policies provide a framework for
employees to make decisions in certain situations that lead to consistent
activities. Consistency helps in building a brand image with the public and in
developing an equitable workplace for employees.
4) Importance of communicating the strategic plan to the concerned
individuals

The workplace necessitates frequent communication between

colleagues, human resources and management staff within the organization.
Companies also communicate with outside entities, such as suppliers, clients
and the general public. A corporate communication strategy plan lays out
how to handle the various forms of communication dispersed by the
company.

A corporate communication plan creates a standardized way to interact with

colleagues, managers and other business contacts. Instead of leaving the
method up to the employees, the plan spells out how they should
communicate. A communication strategy ensures that all significant
information is dispersed to the correct people, both internally and externally.
Having all people on the same page is essential to a highly efficient
workplace. If some staff members are unaware of key information, they may
be unable to complete their duties properly, or do work that they don't
actually need to perform. Without standardized communication strategies to
external business contacts, you may have clients or suppliers who are
unaware of policy changes, upcoming events and other relevant company
information.

Lack of communication or inconsistent information dispersal leaves

employees feeling frustrated. Staff members may feel left out, particularly if
management fails to communicate key information. By sharing information
consistently with employees, the company creates a sense of transparency
that allows staff members to feel they know what is going on. If there is a
lack of communication, employees may be left wondering what is going on
with the company and may start feeling that the management team is
intentionally withholding information.