planning is the process of identifying the specific time and resources needed to meet your business goal. A strategic manager develops the plan that will be implemented by reviewing and establishing strategic priorities and converts them to quantitative and actionable plans.
Risk management is evaluating potential threats and establishing plans to minimize them. This process helps business leaders understand and manage expectations, which helps improve relationships with suppliers, customers and employees. Strategic managers develop and recommend viable scenarios for mitigating any potential risks and develop risk reports for the senior management and business leadership.
Strategic managers coach department leaders to help them implement the plan and meet their goals. They provide support in strategizing individual departments and review, analyze and manage all existing department strategies to ensure all departments align with the business’s key strategies.
Collaboration is the act of working together for a set goal. Strategic managers collaborate with the senior executive leadership in setting the businesses’ agenda and vision. They work with planning teams and clients to develop and implement the plan and then, collaborate with departments that will help them implement, manage and assess the success of the plan.
By analyzing the data results of their plans, strategic managers can see what worked and what may be opportunities for improvement. Strategic managers also use analytics for benchmarking initial results to measure long-term market trends which aid in making financial and resource decisions.