The 5-step Strategic Management Process

1.Planning

There are several reasons why a business strategy is important for organizations, including:

2. Strengths and weaknesses

Without planning a business strategy you cant start a business effectively or gain profits so plan a business strategy to determine key steps to reach business goals.

 Strengths and weaknesses: To identify the strength and weaknesses of your business you must create a business strategy which will increase the strength like management process, profits and overcome your weakness like mismanagements of assets.

3.Efficiency

Creating a business strategy helps you in building resources that increase the efficiency of your business.

4.Control

Business Strategy gives freedom of control to monitor the performance of goals and understand the pros and cons to improve the business.

5.Competitive advantage

If you have a strong business strategy where you have identified a clear plan describing the path of reach going your most important goals will give you a complete advantage.