What is strategic business management and planning

To browse Academia. Log in with Facebook Log in with Google. Remember me on this computer. Enter the email address you signed up with and we'll email you a reset link. Need an account? Click here to sign up.

We are searching data for your request:

What is strategic business management and planning

Management Skills:
Data from seminars:
Data from registers:
Wait the end of the search in all databases.
Upon completion, a link will appear to access the found materials.
WATCH RELATED VIDEO: The steps of the strategic planning process in under 15 minutes

What Is a Strategic Business Plan?

Reading time: about 6 min. Posted by: Lucid Content Team. Every business should have a strategic plan—but the number of businesses that try to operate without a defined plan or at least a clearly communicated one might surprise you. Because so many businesses lack in these regards, you can get ahead of the game by using strategic planning. In this article, we will explain what the strategic planning process looks like and the steps involved.

In the simplest terms, the strategic planning process is the method that organizations use to develop plans to achieve overall, long-term goals. This process differs from the project planning process, which is used to scope and assign tasks for individual projects, or strategy mapping , which helps you determine your mission, vision, and goals. The strategic planning process is broad—it helps you create a roadmap for which strategic objectives you should put effort into achieving and which initiatives would be less helpful to the business.

Before you begin the strategic planning process, it is important to review some steps to set you and your organization up for success. This preparation phase sets the foundation for all work going forward. You need to know where you are to determine where you need to go and how you will get there.

Involve the right stakeholders from the start, considering both internal and external sources. Identify key strategic issues by talking with executives at your company, pulling in customer insights, and collecting industry and market data. This will give you a clear picture of your position in the market and customer insight. Document your organization's internal strengths and weaknesses, along with external opportunities ways your organization can grow in order to fill needs that the market does not currently fill and threats your competition.

As a framework for your initial analysis, use a SWOT diagram. With input from executives, customers, and external market data, you can quickly categorize your findings as Strengths, Weaknesses, Opportunities, and Threats SWOT to clarify your current position.

Standing for Political, Economic, Socio-cultural, and Technological, PEST is a strategic tool used to clarify threats and opportunities for your business. As you synthesize this information, your unique strategic position in the market will become clear, and you can start solidifying a few key strategic objectives.

Often, these objectives are set with a three- to five-year horizon in mind. Use PEST analysis for additional help with strategic planning. Once you have identified your current position in the market, it is time to determine objectives that will help you achieve your goals. Your objectives should align with your company mission and vision. Objectives should be distinct and measurable to help you reach your long-term strategic goals and initiatives outlined in step one.

Potential objectives can be updating website content, improving email open rates, and generating new leads in the pipeline. Now it's time to create a strategic plan to reach your goals successfully. This step requires determining the tactics necessary to attain your objectives and designating a timeline and clearly communicating responsibilities.

Strategy mapping is an effective tool to visualize your entire plan. Working from the top-down, strategy maps make it simple to view business processes and identify gaps for improvement. Truly strategic choices usually involve a trade-off in opportunity cost. For example, your company may decide not to put as much funding behind customer support, so that it can put more funding into creating an intuitive user experience.

First, communicate the plan to the organization by sharing relevant documentation. Then, the actual work begins. Turn your broader strategy into a concrete plan by mapping your processes. Use key performance indicator KPI dashboards to communicate team responsibilities clearly. This granular approach illustrates the completion process and ownership for each step of the way. The final stage of the plan—to review and revise—gives you an opportunity to reevaluate your priorities and course-correct based on past successes or failures.

On a quarterly basis, determine which KPIs your team has met and how you can continue to meet them, adapting your plan as necessary. Track your progress using balanced scorecards to comprehensively understand of your business's performance and execute strategic goals.

Over time you may find that your mission and vision need to change — an annual evaluation is a good time to consider those changes, prepare a new plan, and implement again. Achieve your goals and monitor your progress with balanced scorecards.

Use a strategy map to turn your organization's mission and vision into actionable objectives. How to map your current state before scaling your architecture. Which process improvement methodology should you use? A single source of truth: Why you need one for team processes.

Lucidchart is the intelligent diagramming application that empowers teams to clarify complexity, align their insights, and build the future—faster. With this intuitive, cloud-based solution, everyone can work visually and collaborate in real time while building flowcharts, mockups, UML diagrams, and more.

The most popular online Visio alternative , Lucidchart is utilized in over countries by millions of users, from sales managers mapping out target organizations to IT directors visualizing their network infrastructure. Related posts:. Prioritize your objectives. Develop a strategic plan. Execute and manage your plan. Review and revise the plan. What is the strategic planning process? Strategic planning process steps Before you begin the strategic planning process, it is important to review some steps to set you and your organization up for success.

Determine your strategic position This preparation phase sets the foundation for all work going forward. Learn how. Prioritize your objectives Once you have identified your current position in the market, it is time to determine objectives that will help you achieve your goals.

What types of impact are most important e. How will the competition react? Which initiatives are most urgent? What will we need to do to accomplish our goals? How will we measure our progress and determine whether we achieved our goals? Develop a plan Now it's time to create a strategic plan to reach your goals successfully. Review and revise the plan The final stage of the plan—to review and revise—gives you an opportunity to reevaluate your priorities and course-correct based on past successes or failures.

Get started with a strategy map template. Go now. Popular now How to map your current state before scaling your architecture. Sign up to get the latest Lucidchart updates and tips delivered to your inbox once a month. Subscribe to our newsletter.

About Lucidchart Lucidchart is the intelligent diagramming application that empowers teams to clarify complexity, align their insights, and build the future—faster.

What is strategic management and why is it important?

Drive business success with a dynamic and competitive strategy. The percentage of executives who feel their strategy is not clear enough about how they create value for their customers. This environment has created the need for managers with solid theoretical knowledge and practical skills in business management. In order to succeed, organisations need to remain competitive, adaptable, and resilient through accurate planning, implementation and forward-thinking strategies. The Strategic Business Management online short course from the University of Cape Town UCT aims to equip you with these critical business skills, enabling you to thrive in an increasingly competitive business world. This course is designed for professionals aiming to pursue a career in business management. Aspiring business managers will become empowered to move to the next tier of management with theoretical and practical business skills from this online short course.

In other words, a business plan describes a current business or a specific new project. A strategic plan talks about how you want to change your company to grow.

Functional Plans

It is not uncommon that the term strategic plan and business plan get confused in the business world. Before beginning your strategy implementation, take a look at the difference between the two terms to ensure you are on the path to success. While a strategic plan is a type of business plan, there are several important distinctions between the two types that are worth noting. Larger organizations with multiple business units and a wide variety of products frequently start their annual planning process with a corporate-driven strategic plan. It is often followed by departmental plans and marketing plans that work down from the Strategic Plan. Smaller companies and start-up companies typically use only a business plan to develop all aspects of the business on paper, obtain funding and then start the business. Many smaller companies — including start-ups never develop a Strategic Plan.

Business Plan Vs Strategic Plan Vs Operational Plan—Differences Explained

what is strategic business management and planning

Quisque actraqum nunc no dolor sit ametaugue dolor. Lorem ipsum dolor sit amet, consyect etur adipiscing elit. The global economy has taken a big knock the past year, and businesses that have managed to survive are now looking for ways to leverage technological innovations to get ahead. One of the leading innovations is Business Intelligence software which is aiding strategic planning in business. First things first, you need to understand the terminology!

Once a strategic analysis has been completed, the next step in the strategy process is to establish strategic objectives.

Strategic Planning vs. Strategic Management: What’s the Difference?

With a strong focus on your employability, our MSc Strategic Business Management is for those wanting in-depth knowledge and a critical understanding of the key aspects of strategic business and management in a global context. Whether you are a manager, consultant, analyst, or want to pursue a career as an entrepreneur, this one year postgraduate degree helps develop the most important concepts and real world practical models to enhance your career in a rapidly changing work environment. The MSc Strategic Business Management course has been designed with input from successful business professionals to address the strategic needs of global organisations through to small and medium enterprises. Find out more. Terms and Conditions apply. Our MSc Strategic Business Management degree has a strong focus on employability prospects and offers an excellent grounding in the key aspects of business and management.

What is the importance of Strategic Business Management?

It is a disciplined effort that produces fundamental decisions and actions that shape and guide what an organization is, who it serves, what it does, and why it does it, with a focus on the future. Effective strategic planning articulates not only where an organization is going and the actions needed to make progress, but also how it will know if it is successful. What is a Strategic Plan? A strategic plan is a document used to communicate with the organization the organizations goals, the actions needed to achieve those goals and all of the other critical elements developed during the planning exercise. What is Strategic Management? What is Strategy Execution? Strategic management is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission, vision and strategy throughout an organization.

A technical article for Strategic Business Leader (SBL). This article focuses on applying your knowledge of management and strategy to a scenario situation.

On the other hand, strategic management is the overall process of achieving that direction, from planning to executing. The Association for Strategic Planning divides strategic management into three phases: think, plan and act. Thinking comprises both an external assessment and an internal assessment. You want to consider external forces, such as emerging opportunities for your business to leverage in the future and threats you can minimize or work around.

The Strategic Business Plan SBP enables the local water utility to undertake a mid-term review of its IWCM Strategy and to update its year Total Asset Management Plan TAMP for the provision of appropriate, affordable and cost-effective water supply and sewerage services to meet community needs while protecting public health and the environment. Community consultation is an integral element in preparing a SBP, which needs to identify the levels of service that provide the best value for money for the community. The SBP must document the utility's proposed management of assets and the resources required to meet the levels of service negotiated with the community. It is essential that robust financial planning and asset management planning is undertaken in the SBP.

In the field of management , strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization 's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Michael Porter identifies three principles underlying strategy: [10].

Strategic Business Management is the capstone course in the Leadership and Management major. The course brings together the analytical skills and knowledge acquired in the foundational courses within the major. Strategic Business Management provides a holistic understanding of contemporary strategic business management in terms of how, between an organisation's resources and capabilities, customers, competition and the dynamics of the global market, firms can achieve a sustainable strategic advantage and above average returns. The Strategic Business Management course, therefore, places the growth and sustainability of the firm in the context of strategic choice, at both business and corporate levels, which derives from an analysis of the firm's resources and capabilities, the operating environment, customers and competitive rivalry. Demonstrate a sound knowledge of the contemporary theories and practice of Strategic Business Management in terms of the processes and methods used by an Executive Management Team to choose, and implement, strategies to sustain and grow the business enterprise;. Critically analyse and evaluate a firm's strategic vision, mission, and strategy formulation, at a business or corporate level, within the context of the firm's resources, capabilities and structure as well as the external environment, taking into account industry, product, market, customer, competition and rivalry factors;.

There's also live online events, interactive content, certification prep materials, and more. Presenting core theories alongside practical applications, this publication will help students understand how to effectively move an organization toward strategic goals. Author Gary Cokins uses his deep knowledge of the subject matter to deliver an easy-to-follow road map to effective and strategic management through:. Written in a plain, straight-forward fashion that will allow students to draw immediate value from its content, this book pulls together several topics in an elegant yet sophisticated approach.

Comments: 0
Thanks! Your comment will appear after verification.
Add a comment

  1. There are no comments yet.