Strategic management in the company is a helpful resources process that allows the project managers, stakeholders from the company and individual team members to understand the overall goals of their work. It is essential for organizations regardless of size, since it enhances the camaraderie of a team and creates a clear North Star that can be used to guide decision-making.

This process involves analyzing both the external and internal environment to identify potential threats, opportunities, and strengths and weaknesses of the business. The company develops a strategy to achieve its long-term goals. These plans may include implementing processes that will ensure that the company is competitive, as well as identifying strengths and identifying strategies that will assist the company in its growth.

After the strategy has been formulated, the executive leadership team will be able to communicate the strategy to their teams. It may take a significant amount of time to convince employees for any strategic plan. The leadership team must develop an environment of constant communication to ensure that the goals are always in the forefront for employees.

The process of strategic planning can be iterative and the business needs to be able to revisit its goals to adapt to changes and new opportunities. Reassessing the strategic direction requires both an analysis both internally and externally, and the executive leadership team needs to be able to swiftly shift resources and change the strategic direction of the company.

Emaar Properties in the UAE is a perfect example of strategic management at its best. Emaar has strategically built Dubai skyscrapers like Burj Khalifa, and Dubai Mall to ensure that it could establish itself as a destination of world-class. Another example is Australia’s “buy now and pay later” fintech Afterpay that successfully capitalized on a shift in customers’ preferences for flexible payment options.