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Strategic management focuses solely on the process a business goes through in creating a sustainable competitive advantage. Just as there鈥檚 usually more than one option for solving most business problems, there鈥檚 more than one school of thought for creating a strategic management plan. Some of the most commonly implemented by both large and small businesses are those identified by Henry Mintzberg, Bruce Ahlstrand and Joseph Lampel in 1998.

... Small-Business Significance

Small businesses that engage in strategic planning often achieve greater success than businesses that do not. A strategic management plan allows the business to proactively assess, identify issues and deal with business competition, regardless of the school of thought used. Business owners who disregard strategic planning or choose to leave considerations about the significance of maintaining a competitive edge up to chance often put their business in a position where a plan must be created quickly or as a reactionary measure.

Read full article: , December, 2014