What is it that drives some businesses downhill over the years, while others continue to grow stronger? What is the key to success? Some believe the solution is found in the process of strategic management. This process gives direction to the organization through a vision of the whole picture and objectives. This vision becomes a reality as a plan is developed and specific goals at all levels are identified. The long-term success of an organization is attainable with strategic management but unless the necessary support is used to carry out the plans, even the most effective planning efforts will under deliver the results. When applying strategic management, you will find success in this four-step process called FAME, consisting of Formulating, Accomplishing, Monitoring, and Repetition.

Formulate

The first step of the strategic management process determines the destination of the organization. It is decided where the organization is now, where it wants to go, and how it plans to get there. The executive team is largely accountable for developing the plan because it is their responsibility to create the course and direction of the organization. Even though they develop the plan, every individual is responsible for making it become a reality. The vision should filter down through the levels to each individual so it is understood by everyone.

Everyone must understand that this plan is for every individual at every level in the organization, not just the managers. To help make each person feel as if they are a contributing to the vision, goals must be set at all levels of the organization, from company-wide objectives down to individual goals. Make sure each individual understands their responsibilities and how they fit in to the big picture.

Accomplish

A lot of hard work is required now that its time to accomplish the proposed plan. After having just developed the plan and objectives, the entire organization is often energized and motivated about reaching goals. However, as soon as the motivation wears off and the real effort begins, the focus can become blurred. It is really easy to be knocked off track at this point. For this reason it is essential to keep motivating the team members and keep the energy level up. This can be accomplished with the following suggestions:

• Responsibility. Assigning specific responsibilities and tasks to individuals helps them feel important and needed. Knowing that they are solely responsible for accomplishing a task will make them feel like an essential asset to the team
• Rewards. Providing recognition to employees for their performance and acknowledging their contributions go a long way. Anything from a sincere Thank You to a cash incentive will let them know their hard work is appreciated.

This is a critical step for managers as they maintain the focus for their team. Managers are usually more familiar with the company objectives and can use their understanding of the long-term objectives to make better decisions for their employees and help with any obstacles that might come up.

Monitor

Successful strategic management does not end at the conclusion of the planning meeting or the beginning of the execution phase. It continues day in and day out as each team member carries out the plans objectives. However, implementing the plan will be much more effective if periodic monitoring occurs. Monitoring is critical for measuring progress. It will ensure that the organization is on track to completing the plan and is accomplishing what was intended. The entire process of strategic management is dynamic and demands continual reassessment. Even with the most comprehensible plan place, it is possible to lose sight completing the intended objectives.

Repeat

Repetition of the process is the difference between long term success and failure. With each repetition, the organization will see improvements that can be made to the plan. For instance, existing elements will be modified, new components may be added, and attention and resources may be redistributed. The process of repetition will also affect individuals. As each team member better understands the direction of the company, they will improve their ability to prioritize their immediate and long term objectives and will be confident with their responsibilities and decision-making skills. Ultimately, the strategic management process will improve, and this will lead to better planning and more success in the years to come.