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What Is Strategic Management?

In order for businesses to hit their growth goals, they must prioritize future operations

In a world where patience and perseverance seem no longer valuable, businesses are in ever greater need of managers who can see the big picture for the long term. Organizations need leadership that can plan for more than just short-term results. An online MBA program is an excellent way to learn the strategic management concepts vital for managers who wish to help companies achieve long-term success.

Importance of Strategic Planning

In order for businesses to hit their growth goals, they must prioritize future operations. Many leaders (and employees) become preoccupied with daily tasks and trivial issues, which neglect more meaningful, growth-oriented tasks. They find themselves handling emergencies as they come up, not working on the projects that can create lasting benefits for their businesses.

The best way to get beyond working day-to-day as a business is to prioritize strategic planning. By setting long-term goals and then developing strategies to achieve them, companies can greatly improve their business, grow their sales and expand their markets. Executives and managers must set the example for the entire organization by looking ahead and casting a vision for what the company can achieve. They must put in place strategic management concepts such as developing long range plans, implementing action plans and encouraging personnel to prioritize activities that contribute to the organization’s overall goals.

Role of a Manager in the Organization’s Strategy

An effective manager will use strategic management concepts to guide personnel growth in the pursuit of the company’s overarching objectives. Leaders who use strategic management know that the organization cannot succeed without each individual’s contribution. Managers should continually cast a vision for the company and encourage employees to set their own personal growth goals as a part of that vision. Strategic managers maintain contact with their team members to ensure that they have every necessary resource to reach their short-term and long-term goals, and they help employees adjust their goals as necessary.

Strategic management combines the concepts of managing resources and teams with strategic long-term planning for a company’s success. Graduate students in an online MBA program will have the opportunity to integrate the skills they learn during their coursework by practicing strategic management concepts in a supervised setting. The experience they gain in strategic management in course projects will be a valuable asset in future on-the-job situations.

Learn about the Southeastern Oklahoma State University online MBA in Management program.


Sources:

http://smallbusiness.chron.com/strategic-management-needed-61313.html

http://www.strategicmgmtresources.com/7Benefits.html

http://www.briantracy.com/blog/business-success/the-strategic-planning-process-how-to-set-long-term-goals-thinking-about-the-future-how-to-set-goals/


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