Business plans are a start to making a go at running business and remaining ahead of the game, but to be really successful a company needs to have Strategic management'. Strategic management is "the set of decisions and actions that result in the design and activation of strategies to achieve the objectives of an organization" (Pearce, J.
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The Company vision Is a reflection of what they stand for and what they are all about By having a set of strategies an organization provides managers something to refer too to achieve utter performance. These strategies should be used to assist a organization In determining the path that it would like to travel to achieve their goals and objectives. The goals that are set up in the analysis for the company should have short term and long-term goals. Managers should use these goals to direct how the business is operating on a day-to-day basis.
Review of the goals with employees to direct their mission should be done frequently to keep them fresh in everyone's mind. "Strategic management Is a continuous process that appraises the business and Industries In which the organization is involved: appraises it's competitors; and fixes goals to meet all present and future competitor's and then reassesses each strategy" (Strategic Management Process- Meaning, Steps and Components, 2013) A company also needs to have a mission statement.
This is the "unique purpose that sets it apart from other companies of its type and identifies the scope of its operation" (Pearce, J. A. Etc al. , 2013). By having the mission statement a company The mission statement can be referred to over time to keep the company on tract for here it is going and what is desired in the end for the well being of the company and the employees. By obtaining feedback from employees and client a company can ensure that they company is on tract to meet and exceed their mission.
Using feedback overtime the leadership can make changes as in the direction that they are going to see that they stay on the tract of the mission. The goal of a company is to have a competitive advantage over the competition. Having a set of goals built into the companies' vision is a start to strategic management. These goals can be turned into action plans. Action plans are a set of directives that show accountability for the actions that need to happen. Having a game plan set about by the company to achieve the goals is needed for a business to know where it is headed.
The plan should include where the company is headed and an overview of how it is going to get there. Knowing the competition helps to make the plan. A continuous review of the goals and the way that the market is changing will keep the company on the correct path. As the economy changes a firm may need to update and change the current goals to remain ahead of the competition. By intuiting to analysis the goals, mission statement, and vision statement a business can see if they are headed in the right direction.
The company must also analysis the current market and what is projected for the future. If the company is able to take actions and change goals and direction when they see that the economy is changing then they can stay ahead of the competition. Strategic management is not a new concept to leaders. Many companies that have succeeded and continue to exceed expectations have used strategic management for years
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