regardless of the industry or size of the company, successful company strategic management relies on a unified process that is involving the entire organization. Top executives must invest significant time and resources in the creation of an effective strategic plan. It could take as long as a year for a business to determine a direction.
The next step is creating a schedule of regular meetings that will focus on the progress made towards the objectives set in the strategy planning process. This is a crucial phase of the process and it’s a frequent mistake for companies to skip this step. The most effective way to succeed here is to hold these regular meetings, at minimum every month for two hours or more. The meetings should be attended by all the necessary managers, from senior level to the front line employees and the agenda should concentrate on ensuring that the process of strategic management is being carried out and the strategies employed are effective.
It is also crucial to ensure that meetings are conducted by someone who is trained to utilize a strategy management tool such as OnStrategy. The person who facilitates the meetings can be the leader of the team that manages the strategy and ensures the process is conducted correctly and that all the relevant information required for a successful meeting is collected and communicated. This phase concludes with an inspection to make sure that the plans of all functional departments are in line with the plans established by the process of strategic management. For instance the finance department should prepare budgets that reflect the ones set out in the strategy management process and IT should develop plans for infrastructure and application projects to support strategic initiatives.