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Importance of Strategic Management in an Organization 22 December, 2020   

A wise man once said, “If you fail to plan, you plan to fail.” And I have not found words of more profound wisdom anywhere else. How very accurate of him. An individual must plan- his work, his time, his moves. But an organization should swear by it- strategic management and planning, tight planning. Of its moves, of its organizational strategy, of the propensity of the values it stands for. If an individual is a complex being to manage, you would know how challenging the task of managing an organization featuring the most complicated human minds and equations can get.

Perhaps this is why the best enterprises are willing to spend dollar bills worth millions over suave business strategists who are more than happy to lap up the opportunity and cash their very coveted skills. But what if you are a small business just sprouting wings? Must you hire the expensive counsel of professionals? Well, you might as well save some bucks and go on reading this. Because the art to strategically plan your moves is the best thing today, you could invest your time learning. Acquaint yourself with the importance of Strategic management in an organization and see your business getting better and prolific by several notches. When it is all a mess, the importance of strategic management in an organization comes to the rescue.

So, your business isn’t in the best shape, your clientele is keeping unhappy with you, and the occurrence of a complaint being registered is getting more and more frequent, your best hopes have wasted without coming to fruition, your employees are sleeping hours off at work and even worse, are even talking behind your back. Tough situation, isn’t it? Not the best circumstances to uphold your values and come up with new strategies.


Well, I completely agree. Starting up a business is in itself a humungous task. You spend many sleepless nights building your products, categorizing the markets and potential customers, planning and strategizing your steps, and you expect your efforts to culminate into something worthwhile. And the motivation behind carrying on depends heavily on the work environment, support from peers and colleagues, and of course, your hard work leading to solid results. But things get worse when your planning doesn’t go the way you expected it to turn out. Continuing in the face of adversity is a heroic deed. And that is what the business experts say tests the mettle of a new business.


Life coach Robin Sharma says that it is in turbulent times that you need to revisit your inspirations and carry on even more fiercely than before. When your business continually revisits phases of darkness, it is the time that you work more dedicatedly to see the light of the dawn. If your current strategies do not work, maybe it’s time you change them. He asks the individuals and businesses to follow the simple principle of “Keep Moving Forward,” the strategy that he lovingly calls KMF. He organizes regular seminars for large business houses and shares many insights on business strategies in his podcasts.


Business strategist Teresa M. Amabile emphasizes routine organizational activities to improve employee performance and outline fit business strategies. Teresa is a professor in the Department of Business Administration at Harvard and is known as one of the world's top business thought leaders. She always presses on the importance of strategic management in an organization while teaching her classes. For her, a good strategy is a key to success in any endeavor. By strategy, she does not solely mean business strategies and planning. Still, she insists that you focus on the employees, the work environment, the mutual coordination between any two co-workers at the office. Regular appraisal of the people working for you at different strata of the organizational hierarchy, enthusiastic appreciation of quality work, and a positive approach towards every entity that co-exists in your organizational eco-system. She, overall, underlines the need for a holistic approach to strategy formulation for an organization. She teaches how to develop good relationships at the workplace to help devise efficient strategies and get your team intrigued and involved in the process in her book ‘The Progress Principle.’

 

If you are suffering losses in your business, it’s largely due to employee and customer dissatisfaction and poor relations. Benjamin Hardy, life coach, and philosopher underscores this theory too and says that if you face difficulties in business or managing your organization, it’s high time you look into your present strategies and re-evaluate your priorities.  In his blog, he talks about re-strategizing your business as well as life to achieve your goals. 


Two Steps for Strategic Planning Process 

When you are in charge of an organization or a business, you are a stakeholder in the enterprise's growth and progress and the intra-workspace relations and equations with the customers, clients, and the industry market. Formulating strategies that cover all these aspects of business management is certainly not a piece of cake. It requires a big deal of understanding and inspecting of the factors that guide strategy making and execution. 


Coming up with a good and productive strategic plan requires step by step assessment of business goals and milestones as well as an honest introspection of your own abilities, inefficiencies. Also, you need to be aware of the opportunities and threats to your business. 

The first step towards making a strategy requires the identification of the problems that are hindering growth. Also, a full-blown evaluation of the abilities of your employees is necessary to manage task assignment strategies.


The second step in the strategic planning process requires you to point out the loopholes in the current strategy that your organization is following. Does the problem lie with your people, or are you invested in the wrong market space? Does your contact list feature all potential clients and customers?  Are you playing your cards in the market? Is your product up to the mark as per the market and industry standards? The importance of strategic planning in an organization lies in this simple advantage that it provides of bringing out all the wrongdoings behind the scenes in the limelight. It provides you with a window to rethink and redesign your plans and strategies.

After evaluating and assessing all areas that your organization needs to work on, you need to start working on the solutions as per the niche where the problem belongs. If the employees are lethargic and that is what is negatively influencing the workings of your enterprise, you might want to talk to them directly or try instilling in them an urge to work by motivation through indirect incentives in the form of appraisals, promotion to more responsibility, and strong faith in their abilities. Learn to be a good leader of your pack, and half of your business strategies are sorted.


If the problem lies with your product, plan to improve your quality, and execute your plans efficiently. Bring skilled people on board and invest time in them. If your market timing is not correct, try consulting business strategists over the latest market trends. Prioritize your strategies per market needs and enforce them at the right time.

Identifying the area of the problem will make the process of strategy carving a lot easier.


Your Instincts Will Lead You to the Best Strategies

Learning the management of an organization comes with time and is no one day wonder. If you are familiar with the importance of strategic management in an organization, trust your instincts, and sooner or later, you will be able to master the art. It comes with practice, even more so when you are handling a team of vividly different people. So, be patient, and in case you need it, reference the links mentioned above. Happy Management!

 

 

 

 



Business Management strategies Business strategies

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