Company Strategic Management
Strategic management for a company is a technique that assists project leaders, stakeholders in the company and team members understand what their main goals are. It is essential for businesses regardless of size, since it improves camaraderie within teams and provides an unambiguous North Star that can be used to guide decision-making.
This involves analyzing the external and internal environment to determine threats, opportunities and strengths and weaknesses of the company. The company then formulates strategies to reach its long-term objectives. These plans may include implementing processes that will ensure the company’s competitiveness, as in identifying strengths and selecting strategies to aid in the growth of the business.
The executive leadership team will present the plan to the teams. Getting buy-in is essential to the success of any strategy however, it can be difficult to accomplish. The leadership team needs to create a system of continuous communication to ensure that the goals remain top of mind for employees.
The strategic planning process is continuous and the business must be able to reevaluate their goals in order to accommodate changes or new opportunities. This process requires external and internal analysis, and the executive leadership team must be able to swiftly shift resources and change the strategic direction of the business.
Emaar Properties in the UAE is an example of the art of strategic management at its finest. Emaar planned and constructed Dubai skyscrapers like Burj Khalifa and Dubai Mall so that it could establish itself as a place of world-class. Afterpay is a second fintech which allows customers to pay now and later. It has successfully capitalized on the shift in customer preferences.