Thinkubate Strategy Course
Strategic management entails assessing the current state of the business, evaluating business goals, the organisation's vision and objectives as well as future plans. Effective execution of the action plans remains the single biggest reason for failed strategies.
The process to conduct a strategic plan includes typically five phases:
This course includes:
Questions before you sign up?
Strategic management is an all-encompassing term that is used by academia with many schools of thought without distilling what it is all about. It should simply answer three questions:
- Where are we now?
- Where are we going?
- How are we going to get there?
Of course, this implies that you know what your PURPOSE is and how you are going to exit your business eventually. These are fundamental truths that you need to understand about yourself as you develop the strategy for your business.
The entrepreneur needs to understand the importance of compiling and executing a carefully crafted business strategy to gain a sustainable competitive advantage. All the work carried out by the business is about achieving the goals defined in the strategy.
The internal and external environments must be scanned and assessed to mitigate risks and to exploit gaps that the organisation can fill. Strategic management is an ongoing process that should be continually evolving by responding to changes in these environments.