Five Stages of the Strategic Management Process

Strategic management process is what ultimately decides the long term goals of the company. After implementing its strategic management, the company start working towards achieving them and takes various steps to get fruitful results. A lot of people believe that strategic management is just a just a set of rules that the employee, human resources and management needs to formulate and then move on with their jobs. Strategic management helps in creating the work atmosphere, company policy and motto.
For a small scale business, implementing strategic business is a tough task. For a SME or a small scale enterprise, strategy is not implemented automatically but in five stages after which you’ll notice the first wave of positive change at the workplace. Here is an introduction to these five stages –
Goal-Setting
Goal setting is the stage when the business defines its vision and the path that it is going to take to achieve its targets. You need to identify your goals and then segregate into the short term and the long term categories. Post this, you need to identify the objectives for both types of goals and the processes on how are you planning to accomplish your objectives.
Analysis
The success of this stage determines the fate of next two stages. During analysis, the company gathers all the important data that is vital and relevant to accomplishing organizations’ vision. The prime motive of this stage should be getting an understanding on the needs of the business that will make it a profitable entity in the long term.
Formulation
After getting all the necessary data and information, the company needs to determine its resources that the business currently has. This stage helps the business comprehend its defined goals and objectives. If there is a resource that the business needs to acquire then it needs to be identified and if external help is needed on the same then plans should be made.
Strategy Implementation
How successfully a business implements its strategy is very critical to the success of the business venture. This is the stage when paperwork goes down and actions decide the fate and the future of the company. If this stage fails or doesn’t look compatible with business' current structure, then necessary arrangements should be done and an alternative should be thought.
Evaluation and Control
Strategy evaluation and control means that this is the time when important actions like performance measurements, feedback on internal and external issues and if needed then taking corrective actions need to be taken.
For a small business, it is important that the strategic management process is implemented successfully. For this they outsource services of staffing company. With their services and expertise, they guarantee that the business will reach ladders of success in no time. For the best result, you can connect with the companies providing Overseas placement consultants in Mumbai.





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