Strategic management is the process of achieving a long-term, stable and profitable business strategy. The purpose of strategic management is to establish a vision for your company’s future and ensure that it is able to achieve its objectives.
Strategic management is a process that involves identifying the business objectives, setting goals, determining which resources will be required to achieve those goals, developing strategies that allow for effective resource allocation and monitoring progress against these goals.
Related Post: Expand Your Business Venture with the Types of Entrepreneurial Opportunities
Strategic management is about creating an environment where resources are optimally utilized, where processes are innovative and efficient, where decisions are timely and transparent, where employees have consistent work expectations, motivation and support systems.
Table of Contents
Here are 7 Steps of Strategic Management Process:
Step 1: Define Your Company’s Vision, Mission and Values
Step 2: Develop a Business Strategy
Step 3: Create and Implement Business Plans
Step 4: Maintain an Effective Staffing Program
Step 5: Build Relationships with Key Stakeholders
Step 6: Monitor Performance & Evaluate Results
Step 7: Transform Your Business for the Future
Markers that Measure Strategic Management Process
The Global Institute of Strategy and Management are committed to providing a comprehensive understanding of the 7 steps of strategic management process. The institute has developed a set of indicators that measure key elements of this process. These include:
– The Mission Statement as a Strategic Management Process: How does your organization define its mission? The mission statement is critical because it defines what you want to achieve, how you want to achieve it, and why you want to achieve it. It also determines how you will measure success.
Related Post: The Ultimate List of Easiest Colleges to Get into In Texas That Accept Everyone
– The Vision Statement as a Strategic Management Process: What is the vision for your organization? A vision statement is an important element in defining strategy because it helps clarify what you are trying to accomplish with your competing goals.
– The Value Chain as a Strategic Management Process: Expanding on your mission and vision statements, what are the key elements that make up your value chain? Your value chain provides context for developing strategies as well as provides an opportunity to benchmark against other organizations’ value chains.
– Organizational Culture as a Strategic Management Process: How do people inside and outside of your organization view their culture? Culture plays an important role in determining how people within an organization behave towards others within their own organization.
Strategic Management Process & Goal Setting
The first step in reviewing concept about ‘’7 steps of strategic management process’’ is to understand the goal setting that will help you reach your business goals. The goal setting process involves developing a clear and concise objective for your business, identifying the resources that are needed to achieve this goal, developing a plan of action and then evaluating how the plan is progressing.
The next step in strategic management is to identify the resources necessary to achieve your goals. You can accomplish this by understanding what type of business you have, where it currently stands and what it needs to become successful.
Once you have identified these resources, it is important that you develop a plan of actions that will help you utilize these resources effectively. You can accomplish this by determining how much time each person in your organization has available for work and what tasks each person performs on a daily basis.
Also Read: Why The Importance Of Women Entrepreneurship Matter?
Once you have identified these tasks and allotted time for each task, it is important that you evaluate how well your employees are performing their jobs on a daily basis. If necessary, make adjustments as needed based on feedback from employees and supervisors so that everyone knows what needs to be done within their department or division of the company.
Final Thoughts
Ultimately, strategic management is an iterative process that shouldn’t be rushed. With that said it’s still better to map those 7 steps of strategic management process out in advance so you can actually follow through and execute on the plan you’ve laid out. You won’t get caught off guard or flounder when it comes time to implement your strategy. And if you do find yourself a bit unsure along the way, referencing your roadmap will help you stay on track and stick to the plan. Ultimately, strategic management is as much an art as it is a science. But above all else, it’s an approach to business that will ensure a successful future for your business.