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The management of a business’s strategic plan involves creating a framework to ensure the success of the entire organization. This includes the planning process as well as monitoring and implementing strategies, and encouraging employees to prioritize their work which support the strategic objectives. This includes identifying and analysing the potential, risks and issues. This type of management is usually carried out by top management, but creative ideas can come from employees at any level. Companies employ prescriptive and descriptive strategies to manage techniques based on well-known managerial theories to assist them in making decisions, allocate resources and meet their goals.
The first step in strategic management is to assess the present situation of the company. This includes assessing the company’s internal structure resources, capabilities, and structure as well evaluating any strategic plans. Businesses can also employ tools such as SWOT analysis to discover the strengths of their business, weaknesses and opportunities within the market.
After the initial review companies must create a vision statement or revise it to reflect the broad strategic goals of the company. These goals can be anything from increasing revenue to cutting costs. These goals will typically be based on a quantifiable goal that can be achieved over time.
The strategy’s development isn’t enough to guarantee that it’s successful However, it is essential to ensure that it’s successful. Executing the plan is the last stage of strategic management. This requires a high level of communication and coordination between departments and levels. The selection and use of a strategy management framework, such as the Balanced Scorecard, Theory of Change or Objectives and Key Results (OKR) is crucial for organizing and managing the different aspects of the strategic plan.