Having a clear strategic vision is critical for managers for several reasons:

Strategic objectives provide direction, focus, motivation, innovation, and adaptability, guiding decision-making and inspiring employees. Financial objectives ensure financial health, attract investors, guide budgeting and resource allocation, measure performance with quantifiable metrics, and support long-term planning. Together, these objectives contribute to a company's growth, stability, and competitiveness in the market.

Setting both long-term and short-term objectives is crucial for a business's success. Objectives should adhere to the SMART criteria, ensuring they are Specific, Measurable, Achievable, Relevant, and Time-bound. Additionally, adopting the Balanced Scorecard approach provides a holistic view of the organization's performance and measures whether a firm is strengthening its competitiveness and market positions

Choosing the Best Strategy: Coordinating helps in selecting the best strategy from various options. Different parts of the organization might have different ideas. Coordination ensures everyone works together toward a common goal, avoiding conflicting strategies.

Teamwork Across Levels: Crafting and executing strategy involves teamwork among managers at different levels. Coordinating efforts ensures that everyone's skills and ideas are combined. Teamwork helps in making smart decisions and using resources wisely.

Standing Out from Competitors: Coordinated initiatives allow the organization to be unique. Instead of following what everyone else is doing, coordination helps in taking innovative actions. This helps the organization to stand out and be different from competitors.

A Company’s Strategy-Making Hierarchy: The coordination of initiatives reflects the hierarchy of strategy-making, where strategic decisions are made at different levels within the organization. Initiatives at the corporate, business, and functional levels must be coordinated to ensure they are aligned and contribute to the overall strategic plan.

Uniting the Strategy-Making Hierarchy: Coordination unites the various levels of the strategy-making hierarchy. It ensures that the corporate-level strategy aligns with business-level and functional-level strategies, creating a cohesive and synchronized approach to achieving competitive advantage.

A Strategic Vision + Mission + Objectives + Strategy = A Strategic Plan: The coordination of initiatives is essential for crafting a comprehensive strategic plan. This plan is built upon the foundation of a strategic vision, mission, and specific objectives, with strategies formulated to achieve those objectives. Coordination ensures that all components of the plan work together seamlessly to realize the company's strategic goals.

Oversee the company’s financial accounting and financial reporting practices

Critically appraise the company’s direction, strategy, and business approaches

Evaluate the caliber of senior executives’ strategic leadership skills.

Institute a compensation plan for top executives that rewards them for actions and results that serve stakeholder interests, and most especially those of shareholders

Creating a strategy-supporting structure.

Staffing the organization to obtain needed skills and expertise.

Developing and strengthening strategy-supporting resources and capabilities.

Allocating ample resources to the activities critical to strategic success.

Ensuring that policies and procedures facilitate effective strategy execution.

Organizing the work effort along the lines of best practice.

Installing information and operating systems that enable company personnel to perform essential activities.

Motivating people and tying rewards directly to the achievement of performance

Creating a company culture conducive to successful strategy execution.

Exerting the internal leadership needed to propel implementation forward.