Whatever the industry or size of the business the success of strategic management for a company relies on a systematic process that involves the entire organization. A well-designed strategy requires a significant investment of time and resources on the part of top executives. This process could take anywhere from months to a year before the company finalizes an approach and a plan for implementation.
The next step in the process is to set up a schedule for regular meetings that will focus on the progress and achievement of the goals identified at the strategy planning process. This is a crucial part of the process, and it’s a common error for businesses to miss this step. This is why it’s essential to have regular meetings at minimum, twice per month, and for a period of two hours. The meetings must be attended by all of the managers that are needed from the top to front line employees, and the agenda should be focused on making sure that the strategy management process is being implemented and that the strategies that are being implemented are efficient.
It is essential that someone who is trained in the use of tools for strategy management like OnStrategy facilitates the meetings. This person could be the leader of the team that oversees the strategy and ensures the process is conducted correctly and that all the information required for a successful meeting is collected and communicated. The final part of this process is to ensure that all functional departments’ plans align with those established in the strategy management process. For instance, the finance department is an example. It should create budgets that are alignment with the process of strategic management. IT should also create plans that help with strategic initiatives.