Entrepreneurship

THE STRaTEgIC maNagEmENT PRoCESS
Strategic management consists of strategic 
planning,  strategic  implementation  and  strategic 
control.  Strategic  management  deals  with  broad 
issues and opportunities affecting the farm business. 
It is not the same as day-to-day management of the 
farm business that deals the immediate operational 
issues of the business.
Strategic planning: This involves:
•  Selecting the long-term goals of the farm 
business and its core values;
•  Analysing the external and internal 
environments; 
•  Developing the best way the goals can be 
achieved in its current environment. 
Planning a trip is a good example. One can chose a 
destination – but what’s the best way to get there? 
Walk, take a bus, go by bicycle? This requires planning 
out the trip based on each possibility and deciding 
which  is  the  best  one. A  simple  principle  to  follow 
when developing strategies is to take advantage of 
the  business’s  internal  strengths.  A  farm  business 
strategy should be built on what it is good at doing.