Want to know all about strategic management? Wish to learn about effective strategic planning? Then keep reading as I help you to understand the basic concepts of strategic planning and management.
What is meant by Strategic Planning?
To put it simply, strategic planning is basically an organizational management action and a disciplined endeavour which results in fundamental decisions that helps to guide and shape the identity, purpose, focus, objective, goals, principles and practices of an establishment. With proper strategic planning, you will be able to determine the future course of your business, decide what actions are required for development and find out how to make your efforts successful.
Strategic planning will help your organisation to-
- Set goals and priorities
- Focus resources and energy
- Enhance operations
- Help stakeholders and employees work towards common business goals
- Agree upon desired results/outcomes
- Evaluate and modify direction considering recent changes
Now that you have an understanding about strategic planning, you need to know about Strategic Plan.
So what exactly is a Strategic Plan?
Well…a strategic plan is basically a document that communicates the goals of the organisation, necessary actions to achieve the goals and other essential elements that have been determined during the strategic planning stage. This will not only help you to develop the mission and vision of your business, but also help you to achieve your business goals successfully. If you are the owner of a start-up company or a manager in an organisation, then a postgraduate diploma in strategic managementwill help you to understand the process of strategic planning in a comprehensive manner. You can then implement your knowledge and advance your business.
What do you mean by Strategic Management?
Strategic management is the process of formulating, executing and assessing various functional decisions that empowers a business to accomplish its goals and objectives. Strategic management is an all-inclusive assemblage of various ongoing processes and activities which are utilised by a company to align and coordinate resources systematically with strict focus on the mission and vision of the organisation. It converts the stagnant plan into a system which offers feedback based on strategic performance and helps in the decision making process. As a result, the plan develops and evolves along with the changing circumstances and requirements.
What steps are included in Strategic Management and Planning?
Strategic planning and management has several types of frameworks and structures and follows different methods. Although there aren’t any specific rules about the correct framework, there are some attributes and patterns which are widely common. Most frameworks develop through some of these basic phases-
You must develop a deep understanding of the current external and internal environments.
Formulating a Strategy
You need to develop a sophisticated and advanced strategy as a well document a strategic plan at the basic organisational level.
Executing the Strategy
Now you need to the transform your advanced strategy into an effective and functional plan and action items.
Evaluation and Management
At this phase, you need to evaluate and refine your business performance continuously. You also need to evaluate the various aspects like communications, culture, data reporting and different issues related to strategic management.
You can get a better understanding about the methodologies and frameworks by pursuing a postgraduate diploma in business. By learning about various core concepts related to business and strategic management, you will learn about all the aspects included in the planning process.
Are there any criteria for assessing Strategic Planning and Management Frameworks?
Yes. A US based non-profit professional group, the Association for Strategic Planning (ASP), has developed certain criteria evaluating strategic planning and management frameworks.
Here you will find some of those criteria established by the ASP-
- Use a systems approach that focuses on the end results
- Offer actionable performance information for enhanced decision making
- Include assessment-based inputs of internal/external environment
- Understand the requirements of stakeholders and customers
- Coordinate culture and strategy with a focus on the outcomes
- Be simple, clear and direct
- Deliver realistic and long term benefits
- Include learning and feedback for on-going improvement
You can develop effective strategic planning and management frameworks by following these criteria in order to achieve your business goals with the least efforts and investments.
How Can You Learn More About Strategic Management?
The core concepts mentioned here will help you to understand the basics of strategic planning and management. However, you can learn thoroughly about strategic management by pursuing an online management course. If you are a working professional, then an online postgraduate diploma in business course can be particularly useful for you. An online management programme will give you the opportunity to learn from leading professors and entrepreneurs as well as meet with students from different parts of the world.
Online strategic management courses help you understand the different business practices followed in different countries. Moreover, if you get enrolled in an online course, you will get acquainted with the latest technology and online sources, which will be extremely helpful in the workplace.
Online business & strategic management programmes help you to learn about the various aspects of strategic planning and enable you to implement those effectively to achieve your targets.
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