Why SMEs need to focus on Strategic Management
Mr. Wilson Henderson Jr.
Management Consultant and UWI-ROYTEC Faculty
The COVID-19 pandemic has disrupted our world and routine way of life. Yet despite this, some companies have been able to weather this storm without suffering too much damage. Whilst there are no guarantees that life would return to what we once knew it to be, businesses can engage in strategic thinking to allow them to not only continue to survive this and other crises, but to thrive in them and build foundations upon which they can ensure its ability to face any future threats. How may one do this? By planning strategically for the future. This imperative is even greater for the small and medium enterprise.
As the world turns the page on COVID-19, this is the perfect time for owners and business leaders to think about your strategy. It's about understanding where you are, what are your unique strengths you can leverage, what weaknesses you need to eradicate, identify the emerging threats and leverage opportunities to increase your resilience and competitive advantage. It's about knowing fully where you are and it's trying to understand where you want your company to be in the next three to five years and then developing a plan to achieve this strategic intent. A key part of this strategy is education and training.
The Strategic Business Management Module in the SME Toolkit Programme will help you understand the current state of your business. It will facilitate the development of the critical strategic thinking skills you need to be successful in an uncertain world, where strategic planning is required to bring stability to your operations and plan for future growth. Invest in not only in yourself, but your team members so you can align strategic thinking, goal and objective setting to achieving your company's vision and mission in a sustainable way.
There's no time like the present to focus on your company's strategic planning agenda.
