Importance of Strategic Management & Decision Making
No one can ignore the importance of strategic management. There are the top 3 skills that every manager must know before working as a manager in the reputed company. The manager should follow the strategic management policies to run an organization successfully because policies can make or break the company.
Survey reveals that in 1980, IT Company in Bangladesh suffered a large loss in business due to improper implementation of policies and ideas. The company confronted a great recession, a huge fall in the company shares; as a result, it puts negative effects on the reputation of the company.
Group discussion is a part of the Strategic Management Process. It implies that every member of a company either it is senior or junior participates in a discussion, conference and offers their viewpoints & suggestions.
Different ideas and propositions proposed by different employees in group discussion, so Group Discussion is a good method in which every person can give his suggestion, ideas on certain topics. Sometimes group discussion results in shooting down the original idea when it passed from one person to another.
There is the possibility that idea generated by one person may be rejected by other groups, so many times rejection of ideas do not support a right decision. Sometimes much suggestion plopped the floors of most conference room & are completely littered with plops.
Importance of Managerial Skills in Decision Making:
Managerial skills play very important role to run any organization. Managerial skills develop the capabilities in individual how to attain the goals of the organization in an easy way. One of the most important managerial skills is decision making.
Managers should be good decision makers to become successful in line with resolution. Managers with proper decision making and managerial skills easily recognize all the plans, strategies and easy conclusion when and how to implement the leads for the company. It is well-known fact person with managerial skills have the guts to take the right decision.
A manager with managerial skills properly investigation and examination of everything, before reaching to any decision. It is fact that when all things are to be performed through properly organized management then surely organization reach to their goals.
Proper decision making, time management, communication, willingness, Cautious and meticulous planning are necessary for the growth of the company. The manager should have knowledge of comprehensible strategies, plans, as a result, he easily influences employees as well as recommend company product to clients for sale purpose. So these kinds of policies help every individual to reach the right decision rapidly and rightfully.
The right Selection of the person for the given post works very well for the growth and success of the company. So the manager must have managerial skills to choose the right candidate for the right post. A manager must be trustworthy and having proper skills for interviewing.
It is the hand of top management authority to choose the right candidate for the proper post. Manager right selection for the vacant post will decide the progress of company in future.
It is fact that managerial guidelines help the workers how to work in a team. So it is the hands of the manager to make or break the corporation. Sometimes wrong selection by managers give the negative turns to a company.
So decision making is the very essential part for the company to get achievements. Wrong decisions can wreck the business so the senior employees that include in the business must involve in the decision making when they are free of attention, emotion distress and capable to think straight over all matters.
So the manager should not take the impulsive decision because that wrong errors & incorrect decision opens the ways of the disaster for the company. The wrong decision means misuse of assets, time money, corporation cost also manpower.
The wrong conclusion may be prevented when all the facts are cleared to the manager. Proper research and investigation of various things by managers will surely assist the corporation in accomplishing the desired goals and targets.
Benefits of Proper Strategic Management Skills
By learning proper strategic management & analytical skills, the manager easily understands the operational work of the company and finds the ways from where to collect the relevant data for the growth of an organization. He is proficient how to dealing with clients by getting knowledge of strategic management skills as well as gets expert how to access the problem at hand, offer the solution of every problem.
To run an organization well, it is necessary that manager must have high qualities’ of problem-solving and analytic skills with these capabilities, he always thinks out of the box and easily generates extraordinary solutions for ordinary solutions. By gaining strategic management skills, a manager is proficient in communication skills with clients, learning techniques how to foster good relationships with other employees of the organization and clients.
A manager with good managerial skills is highly disciplining in his field moreover his passion in the field of business management will help a company to generate 100 % output. He is an expert on how to handle all the tasks in times of workload and easily do all tasks according to their priorities level.