Company Strategic Management
Strategic management of a company is a technique that assists project managers, those who are involved in the company, and team members see clearly what their ultimate http://www.boardroomtheir.com/what-is-strategic-management goals are. It is essential for businesses of any size, as it enhances the camaraderie of teams and provides an unambiguous North Star that can be used to guide decisions.
This involves looking at both the internal and external environments to determine potential threats, opportunities, and strengths and weaknesses of the company. The company formulates a plan to meet its long-term objectives. These plans may include implementing processes to ensure the company’s competitiveness, as well as identifying strengths and determining strategies to help the company grow.
The executive leadership team will then present the plan to the teams. It can take a lot of time to get buy-in for any strategic plan. The leadership team must develop an ongoing system of communication to ensure that the goals are always in the forefront for employees.
The strategic planning process can be a continuous process and the company should be able to change its objectives to accommodate disruptions and new opportunities. This requires both external and internal analysis, and the executive leadership team needs to be able to quickly shift resources and change the strategic direction of the company.
A good example of effective strategic management is the UAE’s Emaar Properties, which strategically built Dubai skyscrapers like Burj Khalifa and Dubai Mall to establish itself as a top-of-the-line destination. Another example is Australia’s “buy now pay later” fintech Afterpay which was able to capitalize on a shift in consumer preferences for flexible payment options.
