STRATEGIC LEADERSHIP AND WHY IS IT IS CRITICAL FOR BUSINESSES/ORGANIZATIONS IN GHANA
Abstract
Competition in the 21st century’s global economy will be complex, challenging and filled with competitive opportunity and threats. Organizational leaders face a whole new set of management challenges due to the concept of globalization, the rapid development of information technology and communication and recently corporate social responsibilities and corporate governance. Is an effective strategic leadership practice that can help organizations enhance performance while computing in turbulent and unpredictable socio-cultural business environment. Every organization wants to survive and grow in a constantly changing and competitive environment. To do so, it must respond and adjust to the social, economic and political environmental changes that occur. The purpose of this article is to explain the term “strategic leadership” and why is it critical for the organization? Moreover, this essay will draw a distinction between leadership and strategic leadership with examples. The author will discuss six critical component of strategic leadership module developed by Hitt: a) determining strategic direction; b) exploiting and maintaining core competencies; c) developing human capital; d) sustain effective corporate culture; e) emphasizing ethical practice; and establishing strategic control to explain why strategic l leadership is important for organization, summary and conclusion. The paper underlines that strategic control can be used to promote the sharing of both tangible and intangible resources among independent businesses within a corporate portfolio. In additions, the strategic control allows the flexibility and innovation necessary to take advantage of specific market opportunities. It is stated that strategic leaders initiate long-term vision, which ensures that their organizations exploit its core competencies to gain a competitive advantage.
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