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Strategic Management For Dynamic Success

Strategic Management in business is a process developed through decades of research and experience and is now used by successful companies worldwide. The process systematically evaluates past and present methods of doing business, considers alternative methods of doing things more efficiently, implements them, and actively and regularly plans for future success.

It can be applied to many other projects and tasks in life. For example, a weight loss program is also a serious business and as such deserves a similar approach of strategic planning. Strategic planning incorporates many elements of a formal business plan and consists of several components, briefly summarized as follows:

1. A mission statement, summarizing the purposes. Goals. Philosophy and core values ​​of the company.

2. A “SWOT” analysis (Strengths, Weaknesses, Opportunities and Threats) of the Company and its operations can be performed. This enables the company to assess:

(a) The internal environment (Strengths and Weaknesses) of the company, including its assets, liabilities, resources (human and otherwise)

(b) The External Environment (Opportunities and Threats) is analysed, and evaluates the circumstances in which the company operates. The modus operandi of the company’s competitors and the economic factors of the time are objectively considered and dealt with to ensure success.

3. The Company structure is examined and adapted to the environment. The company may choose to operate as:

(a) A sole trader, with its advantages of self-determination, but lacking the advantages of economies of scale. Or it can choose to work as

(b) A partnership, with one or more partners with whom to share the expenses, responsibilities and liabilities; or it can choose to form

(c) A corporation, a legal entity that absorbs all the liabilities, expenses and risks. It may seem efficient and convenient, but is usually more expensive.

4. Strategic management requires the company to hold regular meetings at various levels of the firm to plan, set goals (short term, medium term and long term), develop policies and procedures, establish routines and conduct periodic evaluations to evaluate achievement of goals and objectives, with modifications, as necessary from business practices.

5. Bookkeeping Record Keeping Procedures. A company must keep business records, recording minutes of actions, decisions, plans and results. Inventory of supplies and assets is recorded. Maps are prepared of plans, projects and progress. The company will set up and use a budget and decide on investments, amounts and timelines.

6. Based on the periodic analysis and results of these methods, Strategic Solutions and Plans are developed. As problems and obstacles are found, the questions may arise, such as: What can w do about it? How should our methods be changed? Are alternative ways of dealing with issues and problems available, instead of suppressing or ignoring them? Again, it is necessary to keep records of such decisions considered and made.

7. Solutions must be implemented as part of the Strategic Management Process. This involves applying the solutions in practice.

8. Results and progress are monitored on a regular basis. Are we achieving our projected goals? Does the game plan need to be adjusted? It should involve all members of the team, from the corporate level to middle management to the lowest employee in the trenches. The opinions and reactions of all stakeholders are polled and analyzed, including those of the competitors, the customers, clients and members of the public.

9. Finally, success or failures are periodically shared and rewarded to celebrate success or methods can be changed to correct and prevent failure. Rewards can be a vacation. distribution of a dividend or award of bonuses. The surrounding community can benefit from charitable donations to worthy causes. The development of such a corporate culture, which permeates the company, will usually lead to a nice return on your investment.

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