Strategic management: understanding, purpose, process, and benefits in business
Efficient and efficient systems that are built in companies are very useful and benefit your business. However, all of that is insufficient to win the increasingly tight competition. According to experts, a businessman must master and prepare strategic management, so that your business power can increase and profits are multiplied.
Definition of strategic management
Management experts have a definition of their respective strategic management. From the Strategic Management Book by Nicholas S. Majluk and Arnoldo C. HAX, strategic management can be interpreted as a way of guiding companies to achieve various targets. Starting from the values & corporate responsibilities, managerial capabilities, to administrative systems related to various strategic and operational decision making at various levels of hierarchy.
In essence, strategic management is a series of decisions and fundamental management of the highest management that is applied by all members of an oragnization for the realization of organizational goals.
Peak management, other management levels, and operational parts have their respective roles in carrying out strategic management. All components in the company must participate in compiling, running, and controlling agreed decisions. The result of a common goal was achieved.
Strategic management goals
There are at least seven strategic management goals like the following.
- Providing the long-term direction of the company that will be achieved.
- Help companies adapt to each company.
- Making company performance becomes more effective.
- Apply and evaluate the strategies agreed effectively and efficiently.
- Make a new strategy to regret with the development of an external environment.
- Reviewing the strengths and weaknesses and look at the opportunities and threat of the company’s business.
- Innovate on products and services so it is always liked by consumers.
Strategic management process
Ideally, the strategic management process is guided by a deep and intact understanding of the market, external environment, and competition. Here are the three processes of implementing strategic management in business.
Make a mission, establishing internal strengths and weaknesses, identifying external opportunities and challenges, and making strategic decisions of choice including activities carried out at the formulation stage.
Including also discussions related to new businesses that will be undertaken or business stopped.
At this stage you must determine the objectives of the goals, manage policies and all resources, and motivate employees. Building culture that supports strategies and creates an effective oragnical structure is included in the implementation phase.
There are three main activities at the evaluation stage, namely analyzing all internal and external factors, measuring performance, and determining corrective actions.
The evaluation stage is needed to look at the success of the strategies that are applied. Evaluation is very necessary so that your company’s strategy can adapt well to any internal and external changes.
Benefits in Business
The application of strategic management has many benefits such as getting maximum benefits for the company. Never limit the benefits generated from your business.
If you currently get a 100% profit compared to last year. Always remember that there are still 100% more profits that have not been explored. How to? You must compile the right strategy to achieve it.
Other benefits are reducing risk, increasing competitive advantage, have a clear goal focus, and maximize all resources.
You already understand the definition of strategic management and its benefits in the business right? Hopefully your business stays and continues to grow in the tightness of business competition after reading the discussion above.
Don’t forget to also do bookkeeping on your business. With a planned bookkeeping process you can easily monitor your business financial data factually.
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