Steps for Company Strategic Management

Whatever the size or industry of the business is the success of a strategic management depends on a consistent and unified process that involves everyone in the company. A well-planned strategy requires a significant investment of time and resources on the part of top executives. The process may take months to a year before the company is able to settle on an approach and a plan for implementation.

The next step is to establish a schedule of regular meetings which will be focused on the progress in achieving the goals established in the strategy planning process. This is an important phase in the process and companies frequently skip it. This is why it’s vital to schedule regular meetings at minimum, twice per month, and for a period of two hours. The meeting must be attended by all managers, from upper levels to the front line employees. The agenda should be focused on ensuring that the strategic management plan is being followed, and that the strategies are being implemented effectively.

It is essential that someone who is trained in the use of the strategy management tool such as OnStrategy facilitates the meetings. This person can be the manage a non-profit organization leader of the team who manages the strategy and ensures that the process is executed correctly and that all the information required for the meetings to be successful is gathered and shared. The final phase of the process is an inspection to make sure that the plans of all functional departments are in line with those established by the strategic management process. For instance the finance department needs to create budgets that reflect the guidelines established in the strategy management process, and IT should develop plans for infrastructure and application projects that help support strategic initiatives.