Advanced Strategic Management

Formulating Strategy to Achieve Vision

• Agree vision mission culture and values of organisation
• Analyse where organisation is now
• Decide where the organisation wants to be and by when
• Selecting best strategic options to get there

Structures Processes and Procedures

• Budget creation monitoring and control
• Costing techniques and margin management
• Resource allocation and balancing priorities
• Creating systems to monitor effectiveness of implementation

Measurement and Reporting

• Setting long-term goals and manageable short-term targets
• Building contingencies into the strategy
• Measuring at clearly-defined milestones
• Reporting and incorporating feedback

Stakeholder Identification

• Identify who affects or is affected by proposed strategy (stakeholders)
• Encourage stakeholder ownership through involvement in strategy creation
• Clarify benefits and implications for each group of stakeholders
• Turn resistance into support

Systematic Strategic Communication

• Two-way communication for stakeholders to inform and be informed
• Clear concise and relevant messages from the best messenger
• Identify and use a variety of methods and channels
• Gain commitment through frequency of communication

Leadership and Strategic Decision-Making

• Importance of leadership in implementing successful strategies
• High-profile leadership which inspires and motivates
• Decisive speedy and consistent decision-making
• Persistent follow-through on all decisions to produce results

Risk and Crisis Management

• Identify all risks evaluate potential impact and mitigate accordingly
• Incorporate strategic flexibility to respond to internal and external changes and pressures
• Prevent issues becoming risks then turning into crisis
• Create practise and be prepared to implement crisis plans

Prevent Failure of Strategies

• Recruit and retain people with appropriate skills experience and track record
• Clarify and communicate roles and responsibilities
• Encourage creative problem-solving and constructive conflict resolution
• Promote unity within teams and harmony between teams

Skills for Success

• Communication including: presentations meetings oral listening body language and written
• Delegation to increase productivity
• Negotiation and influencing skills for a win-win for all
• Time management for minimum effort to produce maximum results