Learning Objective
This unit aims to show how strategies and plans turn into individual actions, necessary to produce better business performance. Now that the SMEs know their businesses, and the strategies required for success, they should use different tools and techniques to enable the strategy to be successfully implemented and sustained. This unit will demonstrate methods for effective implementation of a corporate strategy and detail a process-based approach. It will link performance factors with strategic initiatives, and with policies designed to develop and optimise the SME.

Estimated Time

Introduction

Today the fast development of applied sciences, engineering and technologies, major market dynamics and the company´s capacity to respond adequately, determine the success of a company. Successful SMEs are the ones that have clear goals but which are also quick to learn their lessons from the market and which are flexible enough to change accordingly. SMEs that remain indifferent observers of changes do not survive for a long time. That is why companies without well formulated, successfully implemented and flexible strategy loose track and miss the opportunities for development.

Successful implementation of a corporate strategy involves constant benchmarking of results to ensure the correct approach in support of business development, comprising various spheres including the introduction of functional policies and management of processes, uncertainties, risks, crises and changes, as well as innovation.