regardless of the industry or size of the business the success of strategic management for a company relies on a systematic process that encompasses the entire company. A well-formed strategy requires a significant amount of time and money from top executives. This process can take months or one year before the business decides on a direction and a plan for implementation.
The next step is to develop the schedule of regular meetings that will examine the progress made towards the goals that were set during the strategy planning process. This is an essential step during the process and companies often skip it. This is why it’s important to have regular meetings at minimum, twice per month and for two hours. The meetings should be attended by all of the necessary managers, from senior level to the front line employees and the agenda should be focused on ensuring that the management process for strategic planning is in place and the strategies that are being implemented are effective.
It is crucial that someone who is trained in the use of a strategy management tool like OnStrategy facilitates the meetings. The person who facilitates the meetings can be the leader of the team that manages the strategy and ensure http://www.boardroomtheir.com that the process is being implemented correctly and that all the information needed for the meetings to be effective is collected and shared. This phase concludes with an assessment to ensure that the plans of all functional departments are in line to the ones set out by the process of strategic management. For instance, the finance department for instance, should prepare budgets that are alignment with the process of strategic management. IT should also create plans that aid in strategic initiatives.