The strategic management process is the steps that you’ll go through to figure out where you want to take your organization, how you’re going to get there and whether or not you’re succeeding. Even more so, the strategic management process is a blueprint for the culture you want to instill in your business.
The implementation of a full strategic management process goes much further than the mere formulation of a strategic plan. The true benefits of the process come from the behavioural changes that you’ll drive throughout your organization.
Phase 1: Plan
The first phase of the strategic management process is all about planning. Figuring out what you want to achieve and whether or not you have the capability to achieve it.
Phase 2: Manage
Now that you have a plan, it’s time to start the hard work of actually executing it.
Phase 3: Track
Tracking your strategy needs to start on the same day which execution does. Not only that, but you need to have considered the mechanisms for how you’ll be tracking your strategy as far back as in phase 1!
What do you think about this framework?