This thesis examined the main elements of strategic management (SM) as a tool to improve the efficiency of management and increase chances of business success. The literature review summarises strategic management and the factors critical to the success of an entrepreneurial venture. The findings are drawn not from primary research but from secondary sources and analyses. This is because gathering primary data for strategic management is a very difficult task, especially if done in a scientific manner. The results are deduced from scholarly journals, peer-reviewed papers, books, and other reliable publications. The findings section presents a strategic management framework that firms may use to increase their chances of success, while the literature review gives an overview of strategic management and the managerial aspects that determine corporate performance. Both the literature review and the results section include this structure. For an organisation to successfully implement strategic management, it must first go through three stages: planning, execution, and assessment. The equipment, strategies, and processes used vary across the various phases. Implementing a plan is the most time-consuming task since it involves educating the whole workforce, making use of complicated matrices, and many other steps. In comparison to the implementation phase, the evolution phase takes up less time. If all the steps are taken, the business will have better management, a better chance of making a profit, and more efficient operations. Strategic management principles may be applied to any business, from non-profits to governments. The technique is gaining traction in the public sector as well as the private industry. Although strategic management cannot guarantee business success, but it can improve the odds.