The strategic management process is of an important concern for any rising and young entrepreneur since he has a basic idea but lacks knowledge of implementation.
Here is a 4 S Management Process which might come handy to you while starting up anything , might be small or big.
1. Situation Analysis
Situation analysis is the first step in the strategic management process . It provides the information necessary to create a company mission statement . Situation analysis involves scanning and evaluating the organizational context , the external environment and the organizational environment.
2. Strategy Formulation
Strategy formulation contains designing and developing the company strategies , determining company strengths and weaknesses .
Basic break down of Strategy Formulation is in 3 levels
- Operational level
- Competitive level
- Corporate level
You need to understand where your company stands and which level , you need to take take care that you take up your start up and rate according to 3 levels above , it shall help you for easy strategy formulation in steps. Where operational is short term wile rest others need a long term formulation.
3. Strategy Implementation
Strategy Implementation involves putting the strategies into actual market for the execution. This very important since this will be the first step for the road map of your success. This involves penning down all your ideas and then developing steps , determining priorities ans then the procedures how they are to be executed in the actual market. One has to see that the worst cases are dealt first since they are the key to success. One must see that one always has a plan to execute if the worst cases come up to make your start up last longer.
4. Strategy Evaluation
Now comes the final S , the most important , after all hard work done from analyzing to pennig down and executing all the possible strategies , you have to take your pen again and make the report card of your implemented strategies and rate them accordingly for knowing the ground basics and where you need to work harder.
This involves rating executions on the basis of
- How well is it implemented?
- Deadlines were met?
- Results and expectations met?
- Steps worked out on time?
After a asking all these questions you will get a retrospective look of your company and your standing in your own goal and perception. Answering these questions shall take a step further in enhancing the basic execution of your start up and shall start enjoying it more then before.