Strategic management of a company is a process that allows project managers, company stakeholders and individual team members to clearly see the broader objectives of their work. It is essential for any company, regardless of its size as it helps create the feeling of camaraderie between team members and it provides a North Star to guide decisions.
This involves analyzing the external and internal environment to determine opportunities, threats, and the strengths and weaknesses of the company. The company then formulates plans to achieve its long-term goals. These plans may include implementing processes to ensure the company’s competitiveness, as well as identifying strengths and identifying strategies that will aid in the growth of the business.
After the strategy has been formulated, the executive leadership team will then communicate the plan to their teams. It takes a lot of time to garner the support for any strategic plan. The leadership team needs to create a system for continuous communication to keep the objectives at the top of the employees in their minds.
The strategic planning process may be iterative and the business needs to be able to change its goals to adapt to changes and new opportunities. This process of reassessing will require both external and internal analysis. The executive leadership team must be able quickly to shift resources and change the direction of strategic planning.
Emaar Properties in the UAE is a prime example www.boardroomtheir.com/how-to-improve-board-performance-for-your-nonprofit/ of strategic management at its best. Emaar strategically built Dubai skyscrapers, such as Burj Khalifa and Dubai Mall so that it could establish itself as a destination of top-of-the-line. Another example is Australia’s “buy now pay later” fintech Afterpay, which successfully capitalized on a shift in customer preferences for flexible payment options.
