The homework involved doing my strategic management homework in two parts. First, I read business books. Reading business books gave me many ideas on how to approach different situations and problems. I also read how-to books like “The ABC’s of Business,” and “Taking the Bus to Work.” These books and other related materials helped me to create a plan or game plan, which is what I call my strategy.
In the second part of doing my strategic plan, I conducted interviews with executives from various companies. Through the interviews, I gained knowledge on what is actually required to run a successful business, what is required to effectively organize a business, and what are the processes that are used by businesses to ensure that they are running smoothly. I learned about strategic planning, which is really a system of managing a business. I was able to understand how the theory of strategic management applies to real life situations.
Doing my homework on the Internet gave me an opportunity to find answers to some questions that I had. One question that bothered me was, “Why do I have to do my strategic management homework?” Another was, “What do I do if I am not doing it correctly?” Finally, one executive suggested that maybe I should be looking for an executive coach.
The first part of what I did was to interview people from various companies. The purpose of this interview is to get valuable information that will help me to develop a strategic business plan. I would talk to people who were in senior positions. During the interview, I learned that many of the top people at major companies spend a lot of time strategizing. They would do this because it is part of their job responsibilities.
They would spend time thinking about market conditions, profitability, expansion plans, customer needs, and other aspects. They would also plan and initiate projects, evaluate the results of their projects, make decisions concerning people and resources, and plan out and implement strategies. If they did not do all of these things, then they could not be considered “experts”. You would need to pay them a lot of money to become an expert.
In addition to interviewing people, I also spent a lot of time researching books. This was really the best part of the process. After reading so many books, I realized what it took to really become an expert. It took a lot of hard work and a lot of effort. If you have a good information system, it would be even easier to do my strategic management homework.
One of the most important pieces of advice that I got was to do my strategic management homework every single quarter. I did not have to do it all at once. I could do my homework one section at a time. For instance, I would do my strategic management homework during the first quarter, write up a report on the second quarter, and do my final analysis in the third quarter. As you see, this strategy pays off very well. It is much better than just winging it.