Strategic Management

Strategic management is the development of the business objectives and the policies and plans to achieve them. A strategy could typically follow through the process of; setting objectives, formulation, implementation, and evaluation.

What is Strategic Management?

Strategic Management is a common term for the top level stuff that could include almost anything that considers, sets, implements and measure where a business goes, how it gets there and what it does when it arrives. Strategic Management looks at the business environment you operate within and the resources and capabilities within and available to your business. Continuing to determine how these resources and capabilities will be used for the better benefit of the business. Furthermore Strategic Management takes a complete view of the business, you might say a multidiscipline approach rather than breaking down into component parts – this is the key difference between strategic and operation management.

Strategic Management is not just about setting a ‘mission statement’, this is just the first step. It includes setting strategic objectives, strategic analysis, development of a strategy to meet your objectives, implementation, and monitor and control of progress. The world of strategic management is awash with models and ideas, all having their own merits and de-merits for individual situation.

At Sussex Business Advisors we use and adapt these models and ideas to fit your business.

Strategic Models

SWOT and PEST

SWOT - Strengths, Weaknesses, Opportunities, and Threats.
PEST - Political, Economic, Social, and Technical, but can be extended to Legal and Environmental (PESTLE).

Both are useful tools when examining your business.
SWOT is useful when you want to looking at your business from the inside.
PEST/LE on the other hand is useful when looking at the business world your business operates in.