Various strategic management tools are listed<\/p>\n\n\n\n
Balanced Scorecard<\/strong><\/p>\n\n\n\n The Balanced Scorecard is a strategy management framework created by Drs. Robert Kaplan and David Norton. It takes into account your:<\/p>\n\n\n\n There are many ways you can create a Balanced Scorecard, including using a program like Excel, Google Sheets, or PowerPoint or using reporting software. All in all, a Balanced Scorecard is an effective, proven way to get your team on the same page with your strategy.<\/p>\n\n\n\n Strategy Map<\/strong><\/p>\n\n\n\n A strategy map is a visual tool designed to clearly communicate a strategic plan and achieve high-level business goals. Strategy mapping is a major part of the Balanced Scorecard and offers an excellent way to communicate the high-level information across your organization in an easily-digestible format.<\/p>\n\n\n\n A strategy map offers a host of benefits:<\/p>\n\n\n\n SWOT Analysis<\/strong><\/p>\n\n\n\n A SWOT analysis (or SWOT matrix) is a high-level model used at the beginning of an organization\u2019s strategic planning. It is an acronym for \u201cstrengths, weaknesses, opportunities, and threats.\u201d Strengths and weaknesses are considered internal factors, and opportunities and threats are considered external factors.<\/p>\n\n\n\n Using a SWOT analysis helps an organization identify where they\u2019re doing well and in what areas they can improve. If you\u2019re interested in reading more, this Business News Daily article offers some additional details about each area of the SWOT analysis and what to look for when you create one.<\/p>\n\n\n\n PEST Model<\/strong><\/p>\n\n\n\n Like SWOT, PEST is also an acronym\u2014it stands for \u201cpolitical, economic, sociocultural, and technological.\u201d Each of these factors is used to look at an industry or business environment, and determine what could affect an organization\u2019s health. The PEST model is often used in conjunction with the external factors of a SWOT analysis. You may also run into Porter\u2019s Five Forces, which is a similar take on examining your business from various angles.<\/p>\n\n\n\n You\u2019ll occasionally see the PEST model with a few extra letters added on. For example, PESTEL (or PESTLE) indicates an organization is also considering \u201cenvironmental\u201d and \u201clegal\u201d factors. STEEPLED is another variation, which stands for \u201csociocultural, technological economic, environmental, political, legal, education, and demographic.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" Various strategic management tools are listed Balanced Scorecard The Balanced Scorecard is a strategy management framework created by Drs. Robert Kaplan and David Norton. It takes into account your: Objectives, which are high-level organizational goals. Measures, which help you understand if you\u2019re accomplishing your objective strategically. Initiatives, which are key action programs that help you…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-101595","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\n