No matter what the size or industry of the company an effective strategy management is based on a consistent and unified process that involves everyone within the organization. A well-planned strategy requires a substantial investment of time and money from top executives. The process may take months to an entire year before the organization finalizes the direction and plan for implementation.
The next step is creating the schedule of regular meetings which will examine the progress made towards the objectives set in the strategy planning process. This is a crucial step of the process and it’s a typical mistake for companies to skip this step. The most effective way to succeed in this case is to hold these sessions regularly, at least once a month, for two hours or more. The meetings should include all the necessary managers, from senior level to employees in the front line, and the agenda should focus on ensuring that the strategy management process is in place and the strategies implemented are working.
It is important that someone trained in the use of tools for strategy management such as OnStrategy facilitates the meetings. The person in charge of the meeting could be the leader of the team who manages the strategy and ensures that the process is carried out correctly and that all the information needed for a successful meeting is gathered and shared. This phase concludes with an assessment to ensure that the plans of all functional departments are aligned with the ones established by the process of strategic management. Finance for instance, must create budgets that are in accordance with the strategic management process. IT should also create plans to aid in strategic initiatives.