Strategic management process is not only a set of rules to followed in an organization. Rather it is the philosophical approach towards business.
This is important in clarifying the business vision. It involves three main facets: objectives, ways to achieve goals and customization of the process for the employees. Thus, every employee will be tasked with something to do to ensure the strategy is effective.
Ensure that your goals are realistic, detailed, and do match values of business vision. It is in this stage that you write a mission statement, which communicates your goals to the shareholders and staff.
This is an important phase because the information you gain can help shape the other stages. You need to gather adequate data and information on the stage and focus on understanding needs of a sustainable entity, identification of initiatives and strategic direction. All these are meant to help a business grow. You need to identify both weaknesses and strengths of your business and any opportunities and threats, which may come along.
Formulation of the strategy
In this stage, you need to review the information gathered. You need to determine resources your business has and help you to reach certain objectives and goals. You should identify critical business areas that require additional resources. If there are issues that face your company, you need to prioritize them. After prioritizing them, you can start formulating the strategy.
This is critical to the success of a business venture. In fact, it is regarded as the action stage of a strategic management process. If you find the overall strategy fails to work with your current structure, you need to install a new structure. Ensure every employee in the organization understands his or her duties at the start of every stage. You also need to secure resources at this point. After funding is in place, you need to execute the plan.
Control and evaluation
Strategy monitoring and assessment actions include a continuous review of external and internal issues, performance measurements, and making corrective actions. You must start with evaluating the strategy and defining parameters. You can determine your progress through measuring of the results against the plan. If your plan fails to move the company forward, you need to take corrective actions.