Penang - Strategic Management (con't)

...Upon setting objectives, both financial and strategic objectives, it's time to implement the strategy. This phase is tough. For the financial objectives, it's simple to implement. But for the strategic objectives, it's not at all. Large business needs multi-resources to implement their strategies while small business just needs single ones. The small business is often set up and run by an individual, so the strategy implementation stage is also involved by that individual. For larger business, it is led by the senior management team, and even supported by Headquarter. However it is less complicated with few risks and varieties in small business. With large business, more people involving in implementation, so there might be more risks, more time, more support system and more controlling systems. Large business should have an effective communication channel so that all members understand each other to run the business in line with strategy. Contingency plans are also required and of course, large business with macro strategy reserves more budget for the implementation stage.

Last but not least, business evaluate the strategy. Large business evaluate the strategy very frequently, in a periodical manner. It also needs more investments in term of time and expertise. It is more simple with small business.