There
are four steps in strategic management which consist of Formulating,
Accomplishing, Monitoring and Repetition, (FAME). These steps will
help business executives maintain their success and reach their
goals.
The
first step, Formulating, determines the target of the organization.
In Formulation it decides “where the organization is now, where it
wants to go, and how it plans to get there.” This process is
developed by executive team because it demands creating the course of
the organization.
The
second step, Accomplishing, is the time to carry out the proposed
plan and start working on it. This step is very crucial because
usually the team gets less motivated as the work load progresses, so
it is very essential to keep motivating the team members. This is
done by assigning different responsibilities and tasks to individuals
to help them feel important and needed. Another way to motivate is to
provide recognition to your employees and acknowledging their
involvement in the organization, like saying a simple “Thank you”
or a cash incentive.
The
third step, Monitoring- Managers should make constant monitoring on
the team members to make sure that the plan is being carried out as
discussed. Monitoring is the integral part of every project from
start to finish; it should be executed by all individuals and
institutions which are part of the project.
The
fourth step, Repetition “is the difference between long term
success and failure” with every repetition the organization will
see better enhancements that can be made to the plan. Like the
existing elements will be modified new mechanisms might be added and
attention and resources might be reorganized.
After
implementing these four steps the long term success and stability of
an organization will be attained. Strategic management can help
improve businesses to reach their goals and accomplish their
objectives.
Referred to ezinearticles.com
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