Regardless of the industry or size of the business the success of company strategic management relies on a unified process company strategic management that is involving the entire company. A well-designed strategy requires a substantial investment of time and money from top executives. The process can take months or one year before the company decides on the direction to follow and a strategy for implementation.
The next step is to establish the schedule for regular sessions that concentrate on the progress made and accomplishment of those goals that were identified during 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 schedule regular meetings at minimum, twice per month, and for a period of two hours. The meetings should include all the necessary managers, from senior level to front line employees, and the agenda should be focused on ensuring that the strategy management process is being carried out and the strategies employed are efficient.
It is also important that the meetings are led by someone who has been trained to utilize a strategy management software tool like OnStrategy. This person can serve as the leader of the strategy management team and can ensure that the process is being carried out correctly and that the information needed for meetings to be effective is collected and shared. The process concludes with the final review to ensure that the plans of all functional departments are aligned with those established by the process of strategic management. For instance, the finance department for instance, should create budgets that are alignment with the strategic management process. IT should also create plans that help with strategic initiatives.