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Strategic Management Process (2017 Update)

POSTED BY Best Licensed Moneylender | News


Strategy ultimately involves knowing where we are, where we are going, understanding where we are going and what takes us there. Formal organizations are not disorganized unstructured business set up. They set goals and generate strategic ideas for meeting up with such goals. They may be tasking, yet rewarding at the same time. Strategic management process is a step-by-step guide to achieving what you set out to achieve with the human and material resources at your disposal.


The Stages involved in the Strategic Management Process

1.      Vision

Your strategic plan of action starts with having a vision. Timing is a key element in the process of actualizing a vision and you can establish a time frame either in the short term, middle term or long term. CEOs and owners of small businesses often fail in keeping up with their vision due to the numerous challenges they face and also, for the fact that they are unable to effectively communicate their vision to employees and down-line Managers.

2.      Identify Strength and Weaknesses

There is always that comparative advantage you have over others. Analyzing the areas of company strength and weakness will ensure that the direction towards the actualization of organizational goals. This stage involves initiating alternatives to strategies which has been observed to be defective and impracticable. This stage of the strategic management process is a period of evaluation, doing away with threats and embracing new opportunities.

3.      Strategy Formulation

After careful analysis must have been carried out, information obtained can be used to determine an organization’s next line of action. This phase in the strategic management process calls for prioritization of tasks, sourcing for fund, and seeking ways to ensure that alternatives are put forward against all sorts of uncertainty that may eventually arise.

4.      Strategy Implementation

Previous stages in the strategic management process are based on theory, ideas and less of action. Tasks are assigned to workers at this stage with clear responsibilities. The division of labor and specialization of tasks make it possible for employees to perform their quota in the accomplishment of organizational goals, securing funds and execution of projects.

5.      Evaluation and control

Eventually, you’ve got your business or project under way and it seems all is not perfect yet. There is the need to consistently review an organization’s strategic plan of action and make corrections. Measuring company performance and progress depend on reports and the examination of how far you have gone in meeting target or organizational goals set in the first stage. If there’s the need for change, and of course there will always be, data gained at this critical stage can be used for re-directing the course of action and implementing new features in our strategy formulation.

Best Credit SG Pte Ltd formerly known as Cing Dien Credit has been a licensed moneylender in Singapore for more than 30 years. If you require a loan, feel free to contact us at +65 6272 5538 or visit our office at Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372