1.

Clarify your vision

2. Collect and analyze information

3. Devise a strategy

4. Execute your strategy

5. Evaluate and control

Setting well-defined goals should clarify your vision for your organization. This stage comprises
three important tasks: identifying your short-term and long-term objectives, determining the
process for accomplishing your goals and customizing the process for your staff. Your objectives
should be realistic, detailed and in line with your values. For the final task, consider writing a
mission statement that clearly communicates your objectives to your shareholders and staff. Make
sure you assign each of your staff members a task they can perform effectively.

This stage is important because the information you gain can have an impact on the next two
steps. Collect as much knowledge as you can on how to achieve your vision. During the analysis,
you should focus on identifying your company’s needs for sustaining itself, the strategic direction
it is taking and the initiatives that can help it grow. You should also examine any internal or
external factors that can have an impact on your ability to accomplish your objectives.

When you are making a plan, you should first review the information you have obtained in the
analysis stage. Then, identify the resources currently available in your organization that can help
you reach your objectives. Also, find out if you need external resources. Next, create a list of
problems that are affecting your company in order of importance. Once you have completed these
tasks, you can proceed to develop your strategy. Since economic and business situations can
change, you should also have alternative approaches for each stage of your strategic management
plan. 

Implementing your strategy is the action stage of your strategic management process. Everybody
in your company should have a clear idea of what they need to do and how they will contribute to
the overall goal. Also, you should have already secured all the funds and resources required for the
project at this point. Once your staff is ready and the resources are in place, you can start
implementing your strategy.

To evaluate and control the effectiveness of your strategic management plan, you have to create
and use performance measurements, regularly review internal and external factors, and take
corrective measures when necessary. Successful strategy evaluation starts with determining the
parameters to be measured. Make sure the parameters reflect the goals you set in the first stage.
You can evaluate your progress by comparing the actual results with your plan.