Strategic management of a company is a strategy that helps project managers, those who are involved in the company, and team members know what their overall goals are. It is important for companies regardless of size, since it increases the sense of camaraderie in teams and provides a clear North Star that can be used to guide decisions.

This process take a look at the site here involves analyzing both the internal and external environment to determine opportunities, threats, as well as the strengths and weaknesses of the company. The company develops a strategy to achieve its long-term goals. These plans may include implementing processes that ensure competitiveness, as well as identifying strengths and determining strategies to assist in the growth of the company.

The executive leadership team will then relay the plan to the teams. In order to ensure that everyone is on board, it is essential for the success of any strategy, but can be lengthy. The leadership team needs to create an environment of constant communication to ensure that the objectives are in the forefront for employees.

The process of strategic planning can be ongoing and the business needs to be able to reassess its objectives to accommodate disruptions and new opportunities. This requires both internal and external analysis, and the executive leadership team must be able to swiftly redirect resources and adjust the strategic direction of the business.

A good example of effective 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 world-class destination. Another example is Australia’s “buy now and pay later” fintech Afterpay that capitalized on a shift in customer preferences for flexible payment options.