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Strategic management - what is it and what can we expect from it?

Many of us have heard the organization's strategy, the organization's vision, the strategic goals of the organization, the development and implementation of the organization's strategy, the strategic direction of the organization, the short-term and long-term strategy of the organization, and so on. However, do we know what strategy management is about and what benefits the organization gets from it?

Strategic management – what is it?

Strategic management is in a certain sense a process during which there is: a) defines the company's strategy or, in other words, the strategic goals of the organization, i.e. what the organization wants to become in a certain period of time, and how the agreed goals will be pursued – an implementation plan is prepared, b) the plan is implemented and c) monitoring and control is carried out on how well the agreed strategic goals are achieved.


What to expect from strategic management?

Strategic management in an organization must define:

  1. what period of time the strategy will be planned for

  2. how the organization will plan its long-term and short-term strategy, every year

  3. who will approve the planned strategy and in what period of the year it will be carried out

  4. who will be involved in the planning of the organization's strategy

  5. who and how the action plan for achieving the start-up will be prepared

  6. how it will be checked whether the arranged action plan of the organization's strategy is progressing as planned, whether corrective goals are needed at any point

  7. how every once in a while, the pursuit of the organization's strategy will be audited

  8. how and by what means the employees of the organization will be empowered to achieve the strategic goals of the organization

  9. what indicators will be measured to evaluate the state of achievement of strategic goals and how these indicators will be implemented or not for the rest of the organization and its employees

Strategic management in its stages is very similar to the project management methodology, i.e. it has the stages of planning, implementation and monitoring. However, strategy management affects all areas of the organization, starting with personnel management and ending even with the equipment used by the organization and its employees.

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