| Strategic Management seems to be one of those | | | | resources you have. Things such as how much |
| buzz words that the business community throws | | | | money you can invest, who you know where to |
| around. It seems like only a few people | | | | get special deals and what avenues of travel |
| actually knows what it means and everyone | | | | you know about to take advantage of. |
| else is trying to decipher the definition as | | | | |
| they go. Don Hofstrand has one of the | | | | And lastly after and during your travel you |
| simplest explanations of it on the internet: | | | | evaluate how your trip is going and went. Did |
| | | | the mode of transportation get you there in |
| "Essentially strategic management answers the | | | | the fastest more efficient way possible? Was |
| questions of 'where do you want your business | | | | the destination you chose everything you |
| to go' (goals,) 'how is your business going | | | | thought it would be? Was there anyone on your |
| to get there' (strategy) and 'how will you | | | | trip you would rather not have on your next |
| know when you get there' (evaluation)." | | | | vacation? |
| | | | |
| He goes on further to explain that an easy | | | | All of these steps and considerations apply |
| way to understand it is through the analogy | | | | to business. You plan where you want to go, |
| of a trip. First you chose where you want to | | | | how you want to get there and then you |
| go, there are many different location to | | | | evaluate the decisions you made and make |
| choose from some close to a foreign country. | | | | changes for your next trip or business goal. |
| What you chose all depends on what resources | | | | Strategic management is the process it takes |
| you feel you have a available and how long | | | | to plan, prepare and evaluate your business |
| you want it to take you to get there. | | | | goal or trip. |
| | | | |
| Second you decide and plan how you are going | | | | So next time you get caught up in talking |
| to get there. You decide what route you feel | | | | about strategic management take a step back |
| would be best. Then what mode of | | | | and see if you are truly implementing it in |
| transportation you can take to get there. | | | | your business. If you discover you are not |
| Perhaps you want to drive, or fly or take a | | | | then challenge yourself to learn more about |
| train or maybe even walk. This of course will | | | | it and work to implement it in your |
| be influenced by the number and amount of | | | | organization. |