Strategic management of a company is a method that allows project leaders, company stakeholders and team members to be aware of the larger objectives of their www.boardroomtheir.com/what-is-strategic-management/ work. It is essential for businesses regardless of size, since it enhances the camaraderie of teams and provides an unambiguous North Star that can be used to guide decisions.

This process involves analyzing the external and internal environments to identify opportunities, threats, as well as the strengths and weaknesses of the company. The company is then able to develop plans to achieve its long-term goals. These plans may include creating processes to increase that the company is competitive, as well as identifying the unique advantages and choosing strategies to help the company grow.

The executive leadership team will then present the plan to the teams. It can take a lot of time to convince employees for any strategic plan. The leadership team has to develop an ongoing system of communication to ensure that the objectives are in the forefront for employees.

The process of strategic planning is continuous and the business should be able to revisit their goals in order to accommodate changes or new opportunities. This reassessment requires external and internal analysis and the executive leadership team needs to be able to swiftly shift resources and change the strategic direction of the company.

Emaar Properties in the UAE is a perfect example of the art of strategic management at its finest. Emaar planned and constructed Dubai skyscrapers, such as Burj Khalifa, and Dubai Mall in order that it could establish itself as a destination of top-of-the-line. Afterpay is a second fintech which allows customers to pay now and later. It has been able to capitalize on the shift in customer preferences.