No matter what the size or the industry of the company the success of a strategic management depends on a consistent and unifying process that involves everyone within the company. A well-designed strategy requires a significant investment of time and money on the part of top executives, and the process could take anywhere from months to one year before http://www.boardroomtheir.com/what-is-strategic-management the company finally settles on an approach and a plan for implementation.
The next step in the process is to create a schedule for regular meetings that will focus on the progress and progress towards achieving the goals outlined in the strategy planning process. This is a crucial step in the process and companies often fail to do it. The most effective way to succeed here is to hold these sessions regularly, at least every month for two hours or more. The meetings must be attended by all the managers who are required from the top to front-line employees, and the agenda should concentrate on making sure that the strategic management process is being carried out and the strategies that are being implemented are working.
It is also essential that the meetings are facilitated by someone who has been educated to use an effective strategy management software such as OnStrategy. This person could be the leader of the team responsible for managing the strategy and ensures that the process is executed correctly and that all the relevant information required for the meetings to be successful is collected and shared. The final component of this phase is to ensure that all of the plans of the functional departments are in line with those that are outlined in the strategic management process. Finance for instance, should make budgets that are in accordance with the process of strategic management. IT should also create plans that help with strategic initiatives.