Ok, so strategic management is the continuous planning, monitoring and analysis allowing an organisation to meet its goals and objectives; where does that leave me as a budding strategic planner? Strategic management involves managing resources to create a competitive advantage in an organisation, this is planning and the management of high-level organisational resources and processes.
Strategic management provides the direction the enterprise must take to meet stated organisational objectives. The development of operating plans and policies are designed to achieve stated objectives allocating resources to ensure the successful implementation of the plans. Strategy formulation involves the development of policies and action plans to achieve desired outcomes.
It is argued strategic management is too static for modern business, from my interactions in the corporate world, businesses that fail to plan and fly by the seat of their pants ultimately fail. I will never get involved in a business with a partner that doesn’t take strategic planning seriously, not when I am investing my own capital. I have learnt the hard way previously, I cannot operate without a coherent overarching plan.
