Strategic management is a method of managing that can be employed by any business regardless of its industry. It helps to create and achieve business goals. It helps companies discover areas for improvement in their processes and create strategies that will assist them in achieving their goals. The approach may be prescriptive in which specific processes are laid out to develop goals and implement them or descriptive, in which general guidelines are given.

To establish business goals, the initial step of strategic management for a company is to look at internal and external factors that may impact its operations. This requires analyzing the internal and external factors which influence the operations of the company and establishing goals to guide decisions. These goals are typically shared with all departments and can be implemented.

Once the business goals are established, yearly objectives for the first year should be established to ensure these goals align with the overall strategic objectives. The annual goals should be broken down into key results and KPIs which are quantifiable, actionable and can be linked to the overall strategy.

The next stage is monitoring and evaluating. In this phase an organization will review the achievements it has made toward meeting its goals and determine the need for changes to the strategic management processes. This could include modifying the business model, removing ineffective strategies and monitoring the external environment as well as internal processes for any possible changes. This process can also aid a business in developing effective strategies to face threats to its competitive position and market opportunities. It can also assist in improving communication among team members and developing a plan for overcoming obstacles that may hinder the strategic goals.

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