Increasingly, strategic management has become crucial in the world of business and the ever uncertain environment and fast-changing world in which we live and work.
Strategic management is an essential component of businesses. It refers to the formulation and implementation of the goals and initiatives involved in the strategies, laid out by the stakeholders of an organization.
In simpler words, to ensure wise decision-making processes, it is important that strategies are in place to support the business functions and operations. Strategic management therefore entails evaluating business goals, the organisation’s vision and objectives as well as the future plans.
In addition, a strategic management process is employed to ensure that the business runs effectively and efficiently. Communicating this strategy internally and externally is crucial for success, in order for both staff and the organisation to understand the purpose and direction along with external parties understanding what you as an organisation stands for.