Strategic management in a business is a process that helps project managers, those who are involved in the company and team members to understand what their ultimate goals are. It is crucial for companies of any size, as it increases the sense of camaraderie in the team and provides an unambiguous North Star that can be used to guide decision-making.

This involves analyzing the internal and external environment to determine opportunities, threats, and the company’s strengths and weaknesses. The company then develops plans to achieve its long-term goals. These plans could include implementing processes that will ensure that the company is competitive, as also identifying advantages and identifying strategies that will help the company grow.

Once the strategy has been formulated, the executive leadership team will communicate the plan to their teams. Getting buy-in is essential to the success of any strategic plan however it can be difficult to accomplish. The leadership team should create an ongoing communication system to keep the goals in the www.boardroomtheir.com/what-is-strategic-management/ forefront of the employees in their minds.

The strategic planning process can be a continuous process and the business must be able of reassessing its goals to accommodate changes and new opportunities. This reassessment requires external and internal analysis, and the executive leadership team needs to be able to swiftly shift resources and change the strategic direction of the company.

One example of successful 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 top-of-the-line destination. Afterpay is another fintech that lets customers pay now and later. It has succeeded in capitalizing on the shifting of customer preferences.