| Strategic Management seems to be one of those | | | | resources you have. Things such as how much |
| buzz words that the business community throws | | | | money you can invest, who you know where to get |
| around. It seems like only a few people actually | | | | special deals and what avenues of travel you know |
| knows what it means and everyone else is trying to | | | | about to take advantage of. |
| decipher the definition as they go. Don Hofstrand has | | | | And lastly after and during your travel you evaluate |
| one of the simplest explanations of it on the internet: | | | | how your trip is going and went. Did the mode of |
| "Essentially strategic management answers the | | | | transportation get you there in the fastest more |
| questions of 'where do you want your business to | | | | efficient way possible? Was the destination you |
| go' (goals,) 'how is your business going to get there' | | | | chose everything you thought it would be? Was |
| (strategy) and 'how will you know when you get | | | | there anyone on your trip you would rather not have |
| there' (evaluation)." | | | | on your next vacation? |
| He goes on further to explain that an easy way to | | | | All of these steps and considerations apply to |
| understand it is through the analogy of a trip. First | | | | business. You plan where you want to go, how you |
| you chose where you want to go, there are many | | | | want to get there and then you evaluate the |
| different location to choose from some close to a | | | | decisions you made and make changes for your next |
| foreign country. What you chose all depends on what | | | | trip or business goal. Strategic management is the |
| resources you feel you have a available and how long | | | | process it takes to plan, prepare and evaluate your |
| you want it to take you to get there. | | | | business goal or trip. |
| Second you decide and plan how you are going to | | | | So next time you get caught up in talking about |
| get there. You decide what route you feel would be | | | | strategic management take a step back and see if |
| best. Then what mode of transportation you can | | | | you are truly implementing it in your business. If you |
| take to get there. Perhaps you want to drive, or fly | | | | discover you are not then challenge yourself to learn |
| or take a train or maybe even walk. This of course | | | | more about it and work to implement it in your |
| will be influenced by the number and amount of | | | | organization. |