Strategic Management Checklist

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 Formulating Strategy.

• Investigate Environment – Your first step is to examine the existing environment in which your company operates. At this step you need to make a review of the company’s competitive position, its market share and target audience. It is also essential to review the existing product line by conducting both qualitative and quantitative analyses in order to ensure that the factors critical to achieving competitive success by your company are discovered, so that senior management is able to identify the company’s strengths and weaknesses as well as competitors’ strengths and weaknesses (SWOT Analysis). Then you can discover opportunities and threats.
• Analyze Performance – You need to conduct a performance analysis to discover and examine the gap between planned performance and actual performance. Analyzing performance allows creating a matrix that includes information on the actual reality and the long-term aspirations of your company. By using such a matrix, you can estimate probable future performance of the company if current trends persist.
• Choose Strategy – At this step, you need to select a strategy after the company’s goals, its strengths, potential and weaknesses as well as competitive opportunities have been identified. Your decision should be made considering benefits that your company may earn if following the new strategy.

Implementing Strategy.

• Create Strategy-Focused Policies – As implementing the strategy refers to taking organizational actions to achieve strategic goals and objectives, you need to state policies that maintain, utilize and amalgamate these goals and objectives, so that a competitive advantage can be earned and better performance can be achieved. Policies should be focused on performing functions and following the strategic direction of your company.
• Allocate Employees to Strategy-Essential Activities – Following this step means assigning special value-developing tasks and roles to employees and stating how these tasks and roles are to be correlated, so the maximized efficiency, quality, and customer satisfaction will be achieved and a competitive advantage will be earned. Note that your employees should be assigned to tasks and roles that are associated with strategy-essential activities, following the policies determined at the previous step. Then you can ensure that your strategy gets closer to its implementation when a simple task has been performed.
• Link Rewards to Accomplishments – At this step, you need to introduce a system of team rewards for accomplishments. Rewarding your employees for accomplishments creates a foundation for improving employee motivation. When your employees are better motivated, they do more tasks and strictly follow roles.

Evaluating Strategy.

• Measure Performance – To take this step, you need to define standard performance and then compare it to actual performance. A performance evaluation system will help you dynamically monitor and measure performance of your strategy. If such a system is available and the standards are set in the right manner, you can define Quantitative performance indicators and Qualitative performance indicators. Quantitative performance criteria include estimation of net profit, ROI, cost of production, rate of employee turnover. Qualitative performance indicators refer to subjective evaluation of factors (like employee skills, risks, flexibility, etc.) that have an impact on basics.
• Analyze Deviations – When you measure actual performance and compare it with desired performance, there may be deviations that you should analyze. You need to set acceptable tolerance limits for possible deviations between both actual and standard performance. The positive deviation points at better performance. The negative deviation may indicate some issues that result in a shortfall in performance. You need to discover possible factors of deviation and then take corrective actions to overcome those factors.
• Take Corrective Actions – After the deviation in performance has been identified, your next step is to develop a plan of corrective actions. If the actual performance level is lower than the expected performance level, you need to conduct a detailed analysis of the factors affecting such a level. If you discover that the potential of your company does not match with performance requirements, then you can consider lowering the standards. Also you can try to re-formulate your existing strategy – but then you will have to go back to determining the scope and reframing plans according to new trends of resource allocation. In other words, you will have to go to the beginning point of strategic planning process and definition of structure.

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