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Operational and Strategic Management Tasks for Growing a Business
As a business expands it must decide which services to invest more time in and which ones to give up. But this is more than just a good idea. You require a clear plan that shows how to overcome the operational challenges that growth brings.
Operational management tasks are the specific steps required to implement a strategy for business while strategic management requires broader ideas and visions that are typically derived from higher-management positions like the CFO or founder of the company. These long-term goals and general plans are more complex than operational plans, but they assist departments to develop efficient processes that enable the company to offer high-quality products to its customers.
Ensure a consistent level of product quality by establishing and monitoring production standards that are reviewed at least every year. This includes reviewing the performance of each employee in accordance to company quality policies as in analyzing feedback from both internal and external customers to evaluate overall product quality.
Reduce the business’s indirect and direct business expenses to enable lower price tags for the market, attracting more customers and freeing up resources to achieve other goals. This is achieved by applying the principle of subsidiarity, which means that employees at a local or individual level decide in a particular field instead of centralizing management.
Keep the ability to react to fluctuations in demand by adjusting production levels during peak times and reducing inefficiencies during lulls. This is done by analyzing the current market conditions to determine what the competitive rate is and what products or services they provide.
