Core Competencies

• You need to understand the firm's core competencies when developing strategic management initiatives. Strategic management is the task of the whole organization, not any particular individual. The core competencies approach to business strategy focuses on capitalizing on the skills and resources brought to a firm by each employee to deliver products and services that customers currently value or will value in the future.
  
  

External Factors

• You should commit to pursuing opportunities before they have fully materialized in the business environment. This requires an understanding of how external factors -- such as suppliers, competitors and regulations -- affect business operations. The political landscape also has an impact on industry and small businesses.
  
  "Political strategy is defined as the set of activities undertaken by an organization in the political, regulatory, judicial, or social domain to secure a position of advantage and influence over other actors in the process," write Liam Fahey and Robert Randall in "The Portable MBA in Strategy." Strategic management actively engages these external factors in an effort to align them with business goals.
  
  

Alternatives

• Poor business strategies can be costly. Alternatives offer choices. Invest time in developing alternatives to current and prospective business growth strategies. For example, if a firm's conventional approach to entering new markets has been to develop new start-ups, a unique alternative would be to consider procuring existing companies.
  
  

Change

• A market can undergo subtle and drastic changes. This challenges a business to transform its position or risk adverse effects. Strategic management adapts to changing environments. Organizational processes may need to be redesigned. How products and services are created and delivered to customers may require complete rethinking.
  
  

Action

• Strategic management requires action. A brilliant business strategy that is not implemented amounts to wishful thinking. Actions related to instituting business strategies include delegating tasks and activities to key employees, as well as developing time lines and other methodologies for monitoring progress.