Strategic management and organisational goals – understanding the key concepts

Strategic management and organisational goals – understanding the key concepts

leadership training programs for managers, leadership training workshops and leadership management courses – book now!  Once of the most vitally important aspects of the management process involves strategic management.  Strategic management is the process by which an organisation develops and implements plans that espouse the goals and objectives of that organisation. The process of strategic management is a continuous one that changes as the organisational goals and objectives evolve. Small businesses engage in strategic management to ensure that they adapt to trends and external changes such as globalisation. Several key concepts characterise strategic management and the development of organisational goals. BOTI’s  leadership training programs for managers, leadership training workshops and leadership management courses will introduce you to the realms of strategic management and set you on your way to understanding this vitally important management concept.


Goal Setting

At the core of the strategic management process is the creation of goals, a mission statement, values and organisational objectives. Organisational goals, the mission statement, values and objectives guide the organisation in its pursuit of strategic opportunities. It is also through goal setting that managers make strategic decisions such as how to meet sales targets and achieve higher revenue generation. Through goal setting, organisations plan how to compete in an increasingly competitive and global business arena.

Analysis Strategy Formation

Analysis of an organisation’s strengths and weaknesses is a key concept of strategic management. Other than the internal analysis, an organisation also undertakes external analysis of factors such as emerging technology and new competition. Through internal and external analysis, the organisation creates goals and objectives that will turn weaknesses into strengths. These analyses also facilitate in strategising ways of adapting to changing technology and emerging markets.

Strategy Formation

Strategy formation is a concept that entails developing specific actions that will enable an organisation to meet its goals and objectives. Strategy formation entails using the information from the analyses, prioritising and making decisions on how to address key issues facing the organization. Additionally, through strategy formulation an organisation seeks to find ways of maximising profitability and maintaining a competitive advantage.

Strategy Implementation

Strategy implementation is putting the actual strategy into practice to meet organisational goals and objectives. The idea behind this concept is to gather all the available and necessary resources required to bring the strategic plan to life. Organisations implement strategies through creating budgets, programs and policies to meet financial, management, human resources and operational goals and objectives. For the successful implementation of a strategic plan, cooperation between management and other employees is absolutely necessary.

Strategy Monitoring

A final concept is monitoring of the strategy once it has been implemented. Strategy monitoring entails evaluating the strategy to determine if it yields the anticipated results as espoused in the organisational goals. Here, an organisation determines what areas of the plan to measure and the methods of measuring these areas, and then compares the anticipated results with the actual ones. Through monitoring, an organisation is able to understand when and how to adjust the plan to adapt to changing trends.  Enrol now on one of BOTI’s leadership training programs for managers, leadership training workshops and leadership management courses and make learning about business strategic management part of your own personal strategy.


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