The value of a successful management strategy cannot be underestimated. Management controls whether your organization will be able to fulfill its initiatives, regardless of its resources. With better management you can leverage your organization’s assets to achieve practically any goal. Here are the five steps to building a successful management strategy.
1. Set Your Goals
What is your management strategy hoping to achieve, both in the long-term and the short-term? Having clear goals is the first essential step towards developing a successful management strategy. Without clear goals, you can be in the car, have it running, but not know where to go. Your goals need to be both realistic and specific. The more specific your goals are, the easier they will be to achieve.
2. Take Stock
At this stage, you need to think about your budget and resources, and how they can be best utilized to achieve the goals that you have set. You know where your organization wants to be, but where is your organization now? How much development needs to occur until your goals are achieved? How much will it cost and what is your organization’s risk tolerance? These are all important questions that will make up the foundation of your strategy.
3. Set a Course
Now you begin developing a roadmap: a structured plan that is designed to take you from where you currently are to where you need to be. This structured plan will utilize everything you’ve analyzed up until now: your current resources and your short-term and your long-term goals. Here is where you’ll focus on the actual mechanics that are going to create achievable, prioritized goals.
4. Assign Roles
At this stage, you need to begin engaging your staff members and assigning them roles and accountability. Who is responsible for what part of this strategic plan? Is everyone aware of their tasks? Have each of them been appropriately prioritized and are you making the use of the human capital at your disposal? A successful management strategy isn’t just about strategy, it’s also about people and ensuring that they are fit into the roles that work best for them.
5. Analyze Your Results
Finally, a successful management strategy requires that you continually analyze and monitor your results. Not all strategies are going to remain effective over time; a strategy that works this year may need to be adapted next year. The only way to improve upon and optimize your strategies is to take a real look at whether they are operating as they should. If you notice downward trends or stagnation, it’s time to start back at step one and adjust.