Strategic management of a business is a strategy that helps project leaders, employees in the company and team members understand what their main goals are. It is essential for any company, regardless of its size as it builds a sense of camaraderie between team members and the concept of a North Star to guide decisions.

This process involves analyzing the internal and external environment to identify opportunities, threats, as well as the strengths and weaknesses of the company. The company then creates plans to meet its long-term goals. These plans may include implementing processes that will ensure the company’s competitiveness, as also identifying advantages and selecting strategies to assist the company in its growth.

Once the strategy is formulated, the executive leadership team will be able to communicate the strategy to their teams. It can take a lot of time to garner the support for any strategic plan. The leadership team must create an environment of constant communication to ensure that the goals are always in the forefront for employees.

The process of strategic planning is a continual process and the company needs to be able reassess their goals to be able to adjust to disruptions or new opportunities. This reassessment will require both internal and external analysis. The executive leadership team must be able quickly to move resources around and adjust the strategic direction.

One example of successful strategic management is the UAE’s Emaar Properties, which strategically built Dubai skyscrapers such as Burj Khalifa and Dubai Mall to establish itself as a top-of-the-line destination. Afterpay is another fintech that allows customers to pay for their purchases now and later. It has succeeded in capitalizing on the shifting of customer preferences.

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