Every business needs strategic and operational planning though both are very different. Every company must have a long-term vision about the position it wants to be in a few years from now. Proper planning must be in place to achieve that aim. While strategic managers devise ways to achieve this goal, operational managers break the plan into smaller actionable modules to be executed from time to time.
Understanding Strategic Management
IIM Kozhikode short term strategic management course describes this as formulating a plan to reach where companies want to position themselves in the future. Managers must take into account changing situations and decide on introducing new products or services to cater to market needs. They must also think of adopting new technologies. Strategists need to understand the firm’s weaknesses and strengths to see how that will impact attaining future goals. These leaders must continuously collect data and be ready to change their plans as per changing needs.
Also Read: How Strategic Management Helps Achieve Company Goals
What Is Operational Management?
This is what companies actually do in the present. The strategic management course syllabus can tell you that it includes all activities that make firms function and earn their revenue. Production of goods or services, planning raw materials, managing company finances, and various other activities, constitute operational management. This includes activities that are required for achieving short-term as well as long-term plans of the establishment. You can say that this is what makes organizations function.
Also Read: What Are the Functions of Strategic Management?
A Holistic Vs. Internal View
A major difference between strategic management and operational management is in how each leader views firms and their activities. The former will look at both external and internal factors that will contribute to achieving the long-term goals of a company. The latter, on the other hand, looks at both the practical and present aspects of organizations. An operational manager is not always concerned about market conditions or external factors. A strategic manager must consider various external factors that can affect reaching the company’s goals. An IIM Kozhikode short term strategic management course can help managers to acquire skills for long-term planning.
How To Achieve Goals Vs. How To Run The Business
While strategic management is about “how to achieve goals in the future”, operational management looks at how to run business currently. Operations managers are more concerned with allocating duties to various departments and finalizing their goals. They deal with financial requirements for the regular functioning of companies. Strategic managers look at which products they must compete with and where their products must be positioned to get maximum share in each market. They also plan the introduction of new products to cater to changing market needs.
To Sum It Up!
Both types of management are required for every company. The strategic management course syllabus can tell you that equal importance must be given to both strategic and operational management, though it is not always easy to find a balance between the two. There may be times when one must be given more importance over the other.
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