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Avoid Mistakes With Strategic Management

Avoid Mistakes With Strategic Management


Avoid Mistakes With Strategic Management

by Lynn Lopez

In any endeavor you embark on, whether it's a personal project, your career, or your business, you will inevitably face pitfalls. That wasn't meant to alarm you, by the way, only to remind you that there will be challenges that sorely need your attention and all your strength and skills. You might already have a certain plan or a road map to attain your goals, but because everything in the world is basically unpredictable, you could still end up making mistakes or hitting a wall somewhere. Naturally, you wouldn't want to be caught unawares, which is why it's a good idea to have a strategy in place.

"But even with a strategy, wouldn't I still have to face problems and challenges, given the fact that nothing is fixed or predictable anyway?" you might be reasoning. That's a fair point. However, some people mistakenly liken a plan to a strategy, so let's get a couple of things straight. A plan simply tells you what you are going to do; a strategy does that and also considers a lot of external factors that can affect the plan, and involves back-up plans as well.

That is basically the very essence of strategic management. Strategic management consists of several key steps: assessment, formulation, implementation, and evaluation. The assessment part involves determining what your company is all about and its main objectives, and then crafting or refreshing your company's mission, vision, and goals. The next step involves formulating a plan of action that will help you meet your goals, actions that are definitely in line with fulfilling your mission to become the kind of company that you envision. Implementation simply entails putting the strategy into action, and evaluation requires you to observe whether short-term and long-term objectives are being met by implementing the strategy, then changing direction as needed if some steps have been proven to be ineffective.

What strategic management is all about is being prepared. By managing in a strategic way, you learn how to look forward and envision where your company will be if it keeps moving in its current direction, and also imagine where it will be if you make certain decisions or are affected by outside factors, such as competition, the economy, and global trends. The most important thing about strategic management is that, because you foresee how your company will react or survive in the face of certain upheavals, you can essentially cushion any negative impact.

To put it simply, strategic management basically saves you from your mistakes by making sure you're ready for them--just in case you do make those mistakes. By teaching you to be forward-looking and prepared for every possible emergency, strategic management ensures your company's survival.

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