Developing a Strategic Management Plan

business

Description

Week Two: Developing a Strategic Management Plan for Your Organization

Goal-Setting

The purpose of goal-setting is to clarify the vision for your business.  This stage consists of

identifying three key facets: First, define both short- and long-term objectives. Second, identify

the process of how to accomplish your objective. Finally, customize the process for your staff,

give each person a task with which he can succeed. Keep in mind during this process your

goals to be detailed, realistic and match the values of your vision.  Typically, the final step in this

stage is to write a mission statement that succinctly communicates your goals to both your

shareholders and your staff.

Analysis

The analysis is a key stage because the information gained in this stage will shape the next two

stages. In this stage, gather as much information and data relevant to accomplishing your

vision. The focus of the analysis should be on understanding the needs of the business as a

sustainable entity, its strategic direction and identifying initiatives that will help your business

grow.  Examine any external or internal issues that can affect your goals and objectives. Make

sure to identify both the strengths and weaknesses of your organization as well as any threats

and opportunities that may arise along the path.

Strategy Formulation

The first step in forming a strategy is to review the information gleaned from completing the

analysis. Determine what resources the business currently has that can help reach the defined

goals and objectives.  Identify any areas in which the business must seek external resources.

The issues facing the company should be prioritized by their importance to your success. Once

prioritized, begin formulating the strategy. Because business and economic situations are fluid,

it is critical in this stage to develop alternative approaches that target each step of the plan.

Strategy Implementation

Successful strategy implementation is critical to the success of the business venture. This is the

action stage of the strategic management process. If the overall strategy does not work with the

business' current structure, a new structure should be installed at the beginning of this stage.

Everyone within the organization must be made clear of their responsibilities and duties, and

how that fits in with the overall goal. Additionally, any resources or funding for the venture must

be secured at this point. Once the funding is in place and the employees are ready, execute the

plan.

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