Elements of strategic management -
Vision - The vision or mission statement of a business or an organization helps define your purpose and goals . Mission statements should neither to be too broad or too limiting because they will prevent a company from setting effective goals . Therefore set specific objectives in your mission statement .
Identifying goals - next step is identifying goals . You have to set both long term and short term goals in order to attain objectives . As the goals are met your objectives will change to match up with new goals .
Developing and implementing a plan -
Analyzing a set of task and goals will help you andnyour organization to determine the best way to delegate duties and responsibilities to individuals . Set deadlines for goals in order to be in time and to keep employees in track .
Evaluating and tracking results -
Once a process of settings objectives and goals begins , track the results through the deadlines met . Evaluate the performance and the results .
Strategy and business mode
A business model is a systematic method used to generate revenue in a profitable company .
A business strategy is a method used to achieve a core company objective .
A business model is considered prior to the starting of operations .
Though business strategy is established when a company starts , but they have to put new strategies perpetually .
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