[00:00.000 --> 00:03.

040] Starting up your own business, there's a lot to take in

isn't there.
[00:04.200 --> 00:07.160] It's a pretty steep learning curve, there's no doubt
about that.
[00:08.180 --> 00:11.580] As well as business plans, finances, revenue and
marketing,
[00:12.060 --> 00:14.520] you'll suddenly be introduced to a whole new world of
terms
[00:14.520 --> 00:16.360] that you'd have never heard of before.
[00:17.520 --> 00:20.320] In my vlog series Speak Like Chef, I've made it my
business
[00:20.320 --> 00:24.020] to explain exactly what they mean and how your startup
can benefit.
[00:25.100 --> 00:27.620] Today, we're looking at the phrase strategic management.
[00:28.580 --> 00:32.000] Every business, no matter if it has 5,000 employees
[00:32.000 --> 00:34.560] or five employees, needs strategic management.
[00:35.600 --> 00:39.060] Put simply, it means using and organising a firm's
resources
[00:39.060 --> 00:41.660] to make sure that its objectives and goals are met.
[00:42.040 --> 00:44.820] Strategies are developed and used to make sure the
business
[00:44.820 --> 00:46.720] can be the very best it can be.
[00:47.740 --> 00:49.640] That's the fancy theory in reality.
[00:50.820 --> 00:53.980] It means looking at your business culture, its
foundations
[00:53.980 --> 00:57.960] and organisations and the skill and strengths of your
employees
[00:57.960 --> 01:00.200] and using these to achieve your goals.
[01:01.380 --> 01:03.280] You might think that strategic management is something
[01:03.280 --> 01:05.460] that has recently crept into the language of business,
[01:05.960 --> 01:08.440] but it's actually been around since the beginning of
time.
[01:09.680 --> 01:11.940] Okay, maybe not quite the beginning of time,
[01:12.220 --> 01:13.580] but suddenly since the Stone Age.
[01:14.580 --> 01:17.260] Let me explain with a little help from Rob the Rockstar.
[01:18.140 --> 01:21.160] Regular viewers will be very familiar with this little
guy,
[01:21.160 --> 01:23.280] but I'll explain who yes for my newest viewers.
[01:24.560 --> 01:26.100] You are looking at the world's first entrepreneur.
[01:27.300 --> 01:31.640] Yes, really, he had the ingenious idea of making tools
out of wood,
[01:31.880 --> 01:35.080] flint and rocks to help his fellow cavemen catch their
dinner.
[01:36.020 --> 01:38.820] Well, have you ever tried to catch a deer with your bare
hands?
[01:39.820 --> 01:41.480] Believe me, it's not as easy as it looks.
[01:42.460 --> 01:45.860] Anyway, Rob was originally given a share of the catch as
payment.
[01:46.480 --> 01:48.720] Before long, money crept into the transaction
[01:48.720 --> 01:52.440] and he successfully monetised his business, even without
meaning to.
[01:53.420 --> 01:54.580] Rob's business was booming,
[01:54.940 --> 01:57.560] but he quickly realised it wasn't going to take care of
itself.
[01:58.100 --> 02:00.640] He needed to implement some strategic management
strategies,
[02:01.160 --> 02:02.080] and this is what he did.
[02:03.020 --> 02:05.800] Firstly, he identified what his goals were.
[02:06.200 --> 02:09.260] It would have been easy to see he wanted to sell as much
as he could,
[02:09.500 --> 02:10.720] but that was simply too weak.
[02:11.860 --> 02:17.260] Within a year, he aimed to sell 250 spears and 250 sets
of bows and arrows.
[02:18.180 --> 02:19.300] How could he do that?
[02:19.680 --> 02:21.960] He had to organise his resources to achieve his aim.
[02:23.400 --> 02:25.480] He employed people to collect the raw material,
[02:26.080 --> 02:27.400] he trained workers to make the tools,
[02:27.980 --> 02:30.160] and he had a marketing and sales team to travel.
[02:31.160 --> 02:35.120] Obviously, they had to walk in those days around local
villages and drum up business.
[02:36.300 --> 02:40.800] Strategic management meant that he had enough material
to create high quality goods
[02:40.800 --> 02:42.780] and he had a market to sell them to.
[02:43.560 --> 02:47.900] Of course, Rob surpassed these targets and his business
went from strength to strength.
[02:48.560 --> 02:50.080] Think of a successful business.
[02:50.620 --> 02:54.400] It could be a cafe around the corner from you that
always has customers queuing out the door,
[02:55.280 --> 02:58.060] or it could be a global giant like Amazon or Coca-Cola.
[02:58.840 --> 03:01.180] These companies didn't succeed because of luck,
[03:01.560 --> 03:03.980] they succeeded because of good strategic management.
[03:04.900 --> 03:08.360] Setting goals, planning on how to reach them and
organising your firm
[03:08.360 --> 03:11.780] to make the most of every opportunity that comes your
way
[03:11.780 --> 03:13.620] when you're starting and running a business.
[03:14.580 --> 03:17.760] Talking of opportunities, I want to urge you to take
this opportunity
[03:17.760 --> 03:20.900] to hit that subscribe button and sign up to my YouTube
channel.
[03:21.300 --> 03:22.480] It's full of advice for entrepreneurs,
[03:23.100 --> 03:25.320] and believe me, if you want to run a successful
business,
[03:25.780 --> 03:26.920] you just can't afford to miss it.