Strategic thinking is a critical approach for business management. It is associated with continued development of new opportunities for businesses. Strategic thinking creates a set of values and ideas that help the business growing. The strategic approach offers new opportunities through value creation and employee participation. The strategy creates competitive advantage for an organization.
Some of the important characteristics of strategic thinking include differentiating the results and the means of a business, creating new values for business performance, setting vision for an organization, and providing new results depending on the approaches put in place. Attainable goals and processes characterize strategic thinking process. The process is timely, hypothesis driven, and aligned to the business operations. Strategic thinking is associated with the values and ideas for business growth (Enz, 2009).
Strategic thinking creates positive working conditions through communication, problem solving, empowerment and business planning. An organization will be successful if it adopts the concept of strategic thinking.
A company can implement such sort of thinking by having appropriate strategic department managing the business. The managers will train the employees to act strategically. This will help adopt the best practices to improve the competitive position of organization. With these implementations in place, the company will have a strategic planning, thereby achieving its goals (Enz, 2009). Moreover, the employees and managers in the hospitality industry have the potential to promote strategic thinking in an organization.
Enz, C. (2009). Hospitality Strategic Management Concepts and Cases. New York: Wiley.