AME recently wrote a paper, “The Relationship Between Strategic Management and Success in Farming”, that reviews literature on the nature and benefits of strategic management, defined broadly as management processes that define measurable objectives; actively monitor changes in the external environment as well as internal performance; and appropriately adjust processes in response to those changes.
It is of interest to provide a more detailed look at them with case studies of people who intentionally set out to improve their managerial capabilities and to make changes in their businesses. Typical of most people who intend to make changes, Stacey and Chad Meunier, about whom we have written in this account, took courses intended for that purpose, as well as other activities
aimed at improving their management. The Strategic Management paper emphasized that measuring and assessing the results of improved strategic management is broader than just the economic outcomes achieved by a business. There are also benefits to the effectiveness of the organization, as well as benefits to the owners/managers of the organization. All three were addressed in studying the case of Chad and Stacey.
Read the full case study.