Whatever the size or industry of the company is the success of a strategic management depends on a cohesive and coordinated procedure that involves all employees in the company. The top executives need to invest a significant amount of time and effort to create a well-formed strategic plan. The process could take as long as a year for the company to settle on the direction to follow.
The next step is to create the schedule for regular meetings that will focus on the progress and achievement of the goals outlined in the time of planning strategy. This is a crucial phase of the process, but companies often fail to do it. This is why it’s essential to have regular meetings at least twice a month, for a total of two hours. The meeting should be inclusive of all managers, from top to the front-line employees. The agenda should center on ensuring that the strategic management plan is more tips here being followed, and that the strategies are effectively implemented.
It is also essential to ensure that meetings are conducted by someone who has been trained to use a strategy management tool such as OnStrategy. This person could be the leader of the team that manages the strategy and ensures that the process is properly executed and that all the necessary information for the meetings to be successful is collected and shared. The final component of this process is to ensure that all of the functional departments’ plans are in line with the plans set out in the strategic management process. Finance, for example, should create budgets that are line with the strategic management process. IT should also create plans that are in support of strategic initiatives.