Steps for Company Strategic Management

regardless of the industry or size of the business the success of company strategic management relies on a systematic process that is involving all employees. A well-planned strategy requires substantial investment of time and money from top executives. This process could take anywhere from months to one year before the business decides on an approach and a plan for implementation.

The next step is to establish an agenda of regular meetings that concentrate on the progress made towards the goals that were set during the strategy planning process. This is an essential phase of the process and it’s a typical mistake for companies to skip this step. The key to success here is to hold these meetings regularly, at a minimum of every month for 2 hours or more. The meeting must be attended by all managers, from the upper levels to the front-line employees. The agenda should concentrate on ensuring that the strategy for management plan is being followed and that the strategies are implemented efficiently.

It is vital that a person who has been trained in the use of a strategy management tool such as OnStrategy facilitates the meetings. The person who facilitates the meetings can be the leader of the team that oversees the strategy and ensures the process is properly executed and that all the relevant information required for a successful meeting is collected and communicated. The final step of this phase is to ensure that all plans of the functional departments align with those that are outlined in the strategic management process. For example, the finance department should make budgets that reflect those set out in the strategy management process, and IT should develop plans for infrastructure and application projects that help support strategic initiatives.