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Strategy Managers review organizations and determine their strengths, weaknesses, operational effectiveness and opportunities. We make recommendations based on internal and external factors to minimize risks and formulate plans to achieve an organization’s long-term goals.
It has two-fold objectives:
- To gain a competitive advantage, with an aim of outperforming the competitors, to achieve dominance over the market.
- To act as a guide to the organization to help in surviving the changes in the business environment.
Strategic Management Process
Strategic Management is all about specifying an organization’s vision, mission and objectives, environment scanning, crafting strategies, evaluation and control.
Importance of Strategic Management
There are plenty of reasons why having Strategy Management and Strategic Managers are important. Some of these are:
- Allows the Firm to anticipate the changing economic and global condition
- Provides Clear Objectives and Direction for Employers
- Research in Advancing so that the Process can Help Managers.
- Helps in accomplishing Long Term Objectives
- Helpful in identifying the Business Opportunities
- Diagnosis of Business related Threats
- Suggestions to overcome Internal Weaknesses
- Higher possibility of Success
Importance of Strategic Management for Start-ups
Start-ups are full of ideas but may lack finance and business expertise. They are at the very early stage of Business. Many start-ups fail within the first few years. That’s why this initial period is important. Entrepreneurs need to find money, create a business model and business plan, hire key personnel, work out intricate details such as equity stakes for partners and investors, and plan for the long run.
Strategic Managers help these start-ups in making the business plan and putting this plan in practice so that the chances of failure is the least. We believe in Value Engineering, wherein we will try to decrease the cost, keeping the quality intact and hence, increase in profit and growth in the entrepreneurial journey.