Is strategic management important? I have heard a lot of new business owners and aspiring entrepreneurs ask this question. And the answer is a firm yes! If you want to make sure your business grows in future and accomplishes certain goals, then strategic management is essential for your organisation. Let’s take a look….
Strategic management helps you to establish the mission and vision of your business and drives you towards growth. Not only it allows you to set goals and analyse resource, you will also be able to implement effective corporate governance with a proper strategic management process. A new report published by Tata Strategic Management Group revealed that companies with an efficient strategy-culture arrangement have much stronger prospects of profitability as compared to others.
Need for strategic alignment
The Strategy-Culture Alignment study report, which was conducted in different sectors found that business strategy aligned with organisation culture greatly impacts the organisation’s profitability. The study covered around 96 organisations and utilsed the Organisational Culture Assessment Instrument (OCAI) to analyse different organisational strategy and culture trends. The report stated “Companies with strong strategy culture alignment reported 5 per cent more profitability than companies with low strategy culture alignment.”
According to the study, more than 50 per cent of the Indian companies with turnover above Rs 500 crore reported that their current culture was not what they anticipated as business leaders.
Raju Bhinge, Chief Executive Officer, Tata Strategic Management Group said “For organisations to effectively execute their business strategy, the organisational culture has to be well aligned with the strategy. Quite often, businesses underperform not because of poorly crafted strategies, but because of inadequate alignment of culture with strategy.”
Empowering your business
Today, numerous corporations have understood the real value of strategic management and how it can help them in business development. Building the right business strategy will help you recognise the existing condition of your firm, in which direction your business should move and how you can lead your team towards the desired level of success. It is only by following strong strategic management practices you can expand and develop your organisation. Hence, it is essential that as business leader you need to develop the right management and leadership skills to guide your team and your business forward.
Get the right skills
However, it is usually not feasible for professionals and business leaders to pursue a traditional management course. If you also find it difficult to study a full time course, then I would advice you to study an online diploma in strategic management .
The fact is online courses are highly flexible and affordable that allows professional to study what they want, how they want and when they want. Hence, you can easily focus on boosting your business while acquiring crucial strategic planning and management skills. Online strategic management diploma programmes offer you quality education and an effective learning experience that will better prepare you for the business world. It will empower you to manage your organisation better and increase productivity and profitability.
How will you hone your strategic management skills? Will you opt for an online course? Add to the discussion and share your views, opinions and concerns below.
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