| What is it that drives some businesses | | | | needed. Knowing that they are solely |
| downhill over the years, while others | | | | responsible for accomplishing a task will |
| continue to grow stronger? What is the key | | | | make them feel like an essential asset to the |
| to success? Some believe the solution is | | | | team |
| found in the process of strategic management. | | | | |
| This process gives direction to the | | | | Rewards. Providing recognition to employees |
| organization through a vision of the whole | | | | for their performance and acknowledging their |
| picture and objectives. This vision becomes | | | | contributions go a long way. Anything from a |
| a reality as a plan is developed and specific | | | | sincere "Thank You" to a cash incentive will |
| goals at all levels are identified. The | | | | let them know their hard work is |
| long-term success of an organization is | | | | appreciated.This is a critical step for |
| attainable with strategic management but | | | | managers as they maintain the focus for their |
| unless the necessary support is used to carry | | | | team. Managers are usually more familiar |
| out the plans, even the most effective | | | | with the company objectives and can use their |
| planning efforts will under deliver the | | | | understanding of the long-term objectives to |
| results. When applying strategic management, | | | | make better decisions for their employees and |
| you will find success in this four-step | | | | help with any obstacles that might come |
| process called FAME, consisting of | | | | up.MonitorSuccessful strategic management |
| Formulating, Accomplishing, Monitoring, and | | | | does not end at the conclusion of the |
| Repetition.FormulateThe first step of the | | | | planning meeting or the beginning of the |
| strategic management process determines the | | | | execution phase. It continues day in and day |
| destination of the organization. It is | | | | out as each team member carries out the |
| decided where the organization is now, where | | | | plan's objectives. However, implementing the |
| it wants to go, and how it plans to get | | | | plan will be much more effective if periodic |
| there. The executive team is largely | | | | monitoring occurs. Monitoring is critical |
| accountable for developing the plan because | | | | for measuring progress. It will ensure that |
| it is their responsibility to create the | | | | the organization is on track to completing |
| course and direction of the organization. | | | | the plan and is accomplishing what was |
| Even though they develop the plan, every | | | | intended. The entire process of strategic |
| individual is responsible for making it | | | | management is dynamic and demands continual |
| become a reality. The vision should filter | | | | reassessment. Even with the most |
| down through the levels to each individual so | | | | comprehensible plan place, it is possible to |
| it is understood by everyone.Everyone must | | | | lose sight completing the intended |
| understand that this plan is for every | | | | objectives.RepeatRepetition of the process is |
| individual at every level in the | | | | the difference between long term success and |
| organization, not just the managers. To help | | | | failure. With each repetition, the |
| make each person feel as if they are a | | | | organization will see improvements that can |
| contributing to the vision, goals must be set | | | | be made to the plan. For instance, existing |
| at all levels of the organization, from | | | | elements will be modified, new components may |
| company-wide objectives down to individual | | | | be added, and attention and resources may be |
| goals. Make sure each individual understands | | | | redistributed. The process of repetition |
| their responsibilities and how they fit in to | | | | will also affect individuals. As each team |
| the big picture.AccomplishA lot of hard work | | | | member better understands the direction of |
| is required now that it's time to accomplish | | | | the company, they will improve their ability |
| the proposed plan. After having just | | | | to prioritize their immediate and long term |
| developed the plan and objectives, the entire | | | | objectives and will be confident with their |
| organization is often energized and motivated | | | | responsibilities and decision-making skills. |
| about reaching goals. However, as soon as | | | | Ultimately, the strategic management process |
| the motivation wears off and the real effort | | | | will improve, and this will lead to better |
| begins, the focus can become blurred. It is | | | | planning and more success in the years to |
| really easy to be knocked off track at this | | | | come.CMOE has been helping Pfizer, |
| point. For this reason it is essential to | | | | ChevronTexaco, HP, Boeing and many other |
| keep motivating the team members and keep the | | | | multinational organizations develop their |
| energy level up. This can be accomplished | | | | leaders over the past 28 years.To learn more |
| with the following | | | | about Strategic Management and other programs |
| suggestions:Responsibility. Assigning | | | | and services we have to offer, please contact |
| specific responsibilities and tasks to | | | | us at toll free at 888-262-2499. |
| individuals helps them feel important and | | | | |