Strategic Management is perhaps most crucial to organizational planning and direction. It gives long-term focus to the organization and ensures the achievement of goals within the stipulated time period.
The onus of strategic management usually lies with the top bosses in the organization. They may delegate certain tasks of strategic management, but the core planning and monitoring remain in their purview. Usually, they prefer to delegate to experienced employees only or novices who at least hold a strategic management certificate.
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Strategic management comprises the following components:
Goal Setting
The American entrepreneur and life coach Tony Robbins says, “Setting goals is the first step in turning invisible to visible.” How well-said! Unless the organization knows what it wants to achieve, there is no point in planning ahead. This component is all about setting short-term as well as long-term goals. These goals should be SMART – Specific, Measurable, Attainable, Relevant and Timely.
Gathering Information
The next component of strategic management pertains to collecting information about all those internal and external factors that could influence the implementation and hence, the achievement of goals. For example,
- Are there enough resources in terms of finances and manpower to execute a process?
- Are there any laws or regulations to be taken care of?
- What are competitors doing in the same space?
- What are the problems and opportunities that may arise in the future?
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Strategy Formulation
Once the goals and research are in place, now is the time to formulate a strategy. It determines what actions need to be taken to accomplish the goals. This is the most elaborate component of strategic management because how well the strategy is formulated will ensure the success of it. It also involves the allocation of resources at each phase of implementation. For instance, phase one will require 20 employees and an investment of Rs.5 lakhs, and then phase two will require 15 employees and an investment of Rs.2 lakhs.
Strategy Implementation
Well, you have the strategy ready in the written format. The next component is to execute it seamlessly. This is the practical and most rigorous part of strategic management. Whatever you have planned is converted into actual activities and actions geared towards the delivery of goals.
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Strategy Evaluation
A strategy on paper may look perfect and doable. But, implementation can prove otherwise. There can be certain loopholes or deviations from the original planning which may render the strategy futile. In order to ensure that this doesn’t happen, the implementation has to monitor and evaluate at regular intervals. If there are any issues, they should be plugged immediately.
Predicting the future is a difficult task to fulfill. However, preparing for estimated changes that are bound to dominate the market by considering the present scenario is an art that can be satisfied by Strategic Management methodologies.
Planning and strategizing are two of the most primitive pillars of management. Listed business organizations must pay close attention to the aspect of strategic management in order to achieve both short and long-term goals. Effective strategic management measures allow a company to analyze its current position in the market and also helps them to compare the present performance of the concerned firm with the industry standards.
Without a foolproof plan, your organization can only grow and develop to a certain level. Thus, aspiring management professionals should look to gain specific knowledge by enrolling in an online strategic management course. The following are some of the most essential stages involved in the aspect of strategic management.
The Start
The most essential element of strategic management revolves around the concept of identifying and understanding specific organization goals. Setting short term goals is an ideal way to start, as they act as a direct blueprint in achieving long term objectives. Segregating roles and responsibilities to individuals and team management should be carried out in this initial stage. The process provides each member of the firm with a purpose that motivates them in the long run. IIM Kozhikode strategic management program will help you to understand the different layers involved in the process of strategic management.
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Analyzing
To build an efficient strategic management module, thorough market research must be conducted. The data collected from within the organization and the market help in formulating a productive plan that acts as a foundation for strategic management. This process allows the company to identify internal loopholes that have been affecting the operations of the firm.
Forming the Strategy
Here, all the data and information collected are utilized to form a unique strategy that fulfills all the needs and requirements of the company. Based on the manpower available, the firm has to decide and control the asset purchase and recruitment of professionals. Knowing the potential of your resources becomes important in strategic management.
Implement the Strategy
Planning is only one side of the coin as it needs to be effectively backed by the implementation. During this stage, all the employees and team involved should have a clear idea of the organization’s goal and the plan formulated such that the execution can be completed with perfection. IIM Kozhikode strategic management courses are ideal that train individuals about the diverse levels involved in management.
Monitoring
This stage involves managing, analyzing, tracking, and evaluating all the steps that were incorporated into the strategic management plan. By this time you will be able to measure the desired results with the current outcome. Likewise, a new plan must be enforced along with certain adjustments.
To learn more about the art of strategic management be sure to get in touch with experts that specialize in this field of study.
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