Tuesday, May 24, 2022
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THE 5 SIMPLE STAGES OF STRATEGIC MANAGEMENT

An important aspect of a business organization that directly impacts its success is the strategic management team. This is because the strategic management team is responsible for both the formulation and implementation of strategies. They also handle the sharing of innovative ideas with other members of the team and monitor each person’s contribution to the implementation of the ideas. As such, strategic management directly or indirectly contributes to the productivity of every member of the business. Based on this, this article examines the five stages of strategic management.

BRAINSTORM IDEAS

Here the strategic management team takes a detailed list of the current issues bedeviling the company and highlights possible mistakes that lead to the challenge. After this, each member of the team takes their time to brood over it, do their research, and come up with plausible ways to overcome the challenge. At the stage of each member submitting their ideas, the team runs through all the ideas together and chooses the best ones. 

Beyond brainstorming ideas on how to overcome challenges, the strategic management team also formulates innovative ideas targeted at growing and expanding the company. These ideas could be new ways to repack the company’s products or new products that would appeal to the consumers.

However, it is important to note that brainstorming ideas is not limited to the strategic management team alone. All members of the company also contribute their bits and thoughts to the success of the company, especially during challenges. 

ANALYSING FORMULATED IDEAS

After brainstorming ideas, before settling for any, the strategic team takes their time to analyze the ideas. They also define the resources the business would use in actualizing the ideas and the result the idea would yield. They also look into how well the idea can help contain the company’s current challenges. 

FORMULATE THE IDEAS

The next stage after brainstorming and analyzing ideas is to formulate the idea. The formulation stage entails the different processes of implementing the ideas. It also entails the resources that go into the implementation of the ideas.

At this stage, the strategic manager works hand in hand with the operational manager to ensure that nothing is left out in the implementation of the idea.

IMPLEMENTATION

This is the most vital stage of the strategic management process. The implementation stage is the action stage. At this stage, if the team found out that the strategy does not work with the company’s current business structure, a new structure is defined. 

Also, at this stage responsibilities are delegated to every other member of the company. All hands are on deck to ensure that nothing fails

EVALUATION AND CONTROL

The last stage of the strategic management process is the evaluation of the result from the strategies implemented. Here the team monitors the result of the strategy. If the result is not as expected, the necessary corrective measure is applied. Both internal and external issues are taken into consideration. The evaluation and control stage helps the team to determine if the strategies are productive enough to continue being implemented or if there is a need to stop using them.

For every business that intends to grow, having a solid strategic management team is not only essential but also expedient for growth. The team works as the brain box of their company. Your strategic team can help fast-track your desired result.

The goal and vision of every business owner are not just to make profits but also to expand in the business world. This is why businesses would always make use of any opportunity that helps to achieve this. It is against this background that Bixex was designed to help simplify the process of growing and making money online. If you are not yet on Bixex as a business owner, you are missing out. 

To get started, simply download the app on Google or Apple Play Store or visit www.bixex.com

Bixex is simple, safe, and secure.

 

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