Operational and Strategic Management Tasks for Growing a Business
If a company expands it is necessary to determine which services to double-down on and which ones to let go of. However, doing this requires more than a good idea. You need a detailed plan that outlines the best way to tackle the operational issues that growth brings.
Operational management tasks are the specific steps required to implement a business plan however, strategic management requires broader ideas and visions that typically come from upper management roles like the CFO or the founder of the business. These long-term goals and broad plans are more complicated than operational plans, but they help to guide departments in establishing efficient procedures for work that allow the company to offer quality products to its customers.
Ensure a consistent level of product quality by establishing and monitoring standards for production that are reviewed at least annually. This includes reviewing the performance of each employee in accordance with the company’s quality guidelines as also analyzing feedback from internal and external customers to evaluate overall product.
Reduce the company’s indirect and direct costs to lower the price for the market, thereby attracting more sales and liberating resources to pursue other goals. This is achieved by implementing the principle of subsidiarity, which is a way of letting employees on a local or individual level decide in a given area instead of centralized management.
Maintain the ability to respond to changes in demand. Adjust production levels during peak times and reduce inefficiencies during slow periods. This is accomplished by studying current market conditions to see what the competitive data security rate is and what services or products they offer.