Whatever the industry or the size of the business the success of company strategic management relies on a consistent process that involves all employees. A well-formed strategy requires a substantial investment of time and resources on the part of top executives, and the process can take months or a year before the company finally settles on the direction to follow and a plan for implementation.
The next step is creating the schedule of regular meetings that will be focused on the progress made towards the goals set during the strategy planning process. This is a crucial phase of the process, and it’s a common http://www.boardroomtheir.com error for businesses to miss this step. This is why it’s important to schedule regular meetings at least twice a month for a duration of two hours. The meeting should be inclusive of all managers, from the highest level to front-line employees. The agenda should concentrate on ensuring that the strategic management plan is being followed and the strategies are effectively implemented.
It is also essential that the meetings are led by someone who has been instructed to use a strategy management software tool such as OnStrategy. This person is the leader of the strategy management team and can ensure that the process is being properly executed and that any information required for meetings to be successful is collected and shared. The final component of this process is to ensure that all of the functional departments’ plans are in line with the plans that are outlined in the strategic management process. For example the finance department should create budgets that are in line with the plans that are outlined in the strategy management process and IT should develop plans for infrastructure and application projects that help support strategic initiatives.