Strategy

A strategy without execution is just a good idea. But ask most PMOs how well their project portfolio reflects company strategy, and you’ll often get an awkward pause. The truth? Many organizations struggle to connect the bold intentions of the boardroom to the project work happening in the trenches. That disconnect is costly. It wastes […]

Planning is the core of strategic management. It ensures the achievement of organizational goals, motivates teams, enables control, and serves as the foundation for team management. By implementing strategic planning, a company defines what needs to be done to achieve its objectives. Functions of Strategic Planning: Key Aspects of Strategic Management Strategic planning consists of

Remember the dialogue between Alice and the Cheshire Cat, where she asks which way she should go to get somewhere? The Cat replies: “Oh, you’re sure to get somewhere if you only walk long enough.” In this brief exchange, Lewis Carroll unknowingly captured a common problem for many companies—operating without a clear strategy. He likely never imagined

Strategic planning is one of the core management functions. It represents the process of selecting an organization’s goals and determining the paths to achieve them. Strategic planning provides the foundation for all managerial decisions—functions such as organization, motivation, and control are all oriented around the development of strategic plans. This process creates a framework for managing

There are three primary problems commonly encountered in strategic management: 1. Lack of Strategic Management as a Governance System Naturally, every company must make strategic decisions, regardless of whether it has a formal strategic management system or not. This is simply a requirement imposed by the external environment. However, how those strategic decisions are made—whether through a

Nearly every modern company develops a set of actions that, when implemented, are expected to improve its performance relative to competitors. This concept is known as strategic management. One key function of strategic management is strategic planning, which involves setting the organization’s goals and identifying the ways to achieve them. The resulting strategy becomes the core of all

In today’s environment, changes in a company’s external and internal conditions can occur very rapidly. Often, it’s impossible to obtain complete information about the potential consequences or direction of a threat before it materializes. If a company waits for full clarity before taking decisive action, it may suffer from sudden disruptions. And if the company

Many organizations set strategic goals for the upcoming year. Given the market’s instability, revisiting the strategy annually is both useful and critical for the company’s well-being. To clearly define these goals for the year, companies hold strategic sessions with department leaders: in small businesses, this might include all employees, while in large firms, only top managers may participate.

The key component of any management process is the strategy. Within this context, strategy is viewed as a long-term, well-developed direction for the company’s development. Specifically, it pertains to the scope, forms, and means of activity; the internal relationship system among stakeholders; and the company’s position in its environment. To clarify, it’s important to distinguish between goals and strategy: