www.boardroomtheir.com/pros-and-cons-of-board-software-for-nonprofits/
Strategic management in a business is a process that helps project managers, the stakeholders of the company and team members see clearly what their overall goals are. It is crucial for any company, regardless of size as it helps create an atmosphere of unity among team members and a North Star to guide decisions.
This involves analyzing the external and internal environments to identify opportunities, threats, as well as the strengths and weaknesses of the company. The company then develops plans to achieve its long-term goals. These plans may include the implementation of processes to ensure the company’s competitiveness, as well as identifying unique advantages and selecting strategies that will allow the company to grow.
The executive leadership team will present the plan to the teams. It takes a lot of time to get buy-in for any strategic plan. The leadership team should create an environment of continuous communication in order to keep the goals in the forefront of employees and their minds.
The process of strategic planning is iterative and the company needs to be able reassess their objectives to accommodate disruptions or new opportunities. This requires both internal and external analysis, and the executive leadership team needs to be able to quickly move resources around and alter the strategic direction of the business.
One example of strategic management is the UAE’s Emaar Properties, which strategically constructed Dubai high-rises such as Burj Khalifa and Dubai Mall to establish itself as a world-class destination. Afterpay is a different fintech that allows customers to pay for their purchases now and later. It has succeeded in capitalizing on the change in consumer preferences.