Introduction Strategic management is one of the primary keys to organisations’ proper performance and a sufficient level of competitiveness in the market. Strategic decision making is a challenging but vital process that ensures companies’ focus on major goals, profitability, and the interests of certain stakeholders (Morden, 2016). In simple terms, successful businesses develop long-term plans based on certain goals, as well as internal and external factors (Rezaee, 2019). This paper includes a brief discussion of the peculiarities of the decision-making process and its implications for modern organisations. Stakeholders Involved in the Decision-Making Process Strategic management can be implemented in different ways depending on the structure and culture of an organisation. For instance, in large public companies with a considerable level of the hierarchy, strategic decisions are mainly made by top management (Morden, 2016). Apart from executives, non-executive directors can also be engaged as these people tend to ensure the adherence to certain standards and goals. One of the major roles of these stakeholders is to make sure that executives make ethical decisions that promote shareholders’ interests. When it comes to privately-owned businesses, top managers or the owners (or both) make such decisions. Linear companies with a low level of hierarchy diverse groups can be involved in strategic management, although the final decisions are still made by the top management. It has been acknowledged that decision-makers are affected by various factors, but personal aspects are often defining in this process. People tend to defend their own interests, which has an impact on their behaviours and even strategic decision making (Greve & Zhang, 2017). If these interests are not consistent with the ones of the shareholders or the strategic agenda of the organisation, major issues associated with low performance and profitability can emerge. The primary strategy ensuring successful decision making is the establishment of effective communication channels that facilitate collaboration. Clearly, decisions are also based on the knowledge, beliefs, and expertise of the decision-maker. Strategic management is often shaped by the chosen leadership style and vision of those who make decisions (Marquis & Raynard, 2015). Strategic plans encompass the features of business models and approaches that are preferable for managers (De Smet, Lackey, & Weiss, 2017). The ways different ideas interact and power is distributed within the organisation also influence strategic planning. Factors Affecting the Decision-Making Process Apart from certain interests, internal and external factors influence the way strategic decisions are made. The institutional theory explains the peculiarities of the factors that have an impact on made strategic decisions (Moré, Telles, Marinho, & Corrêa, 2016). Internal aspects having an influence on decision-makers include organizational structure, standards, and culture, available resources, and collaboration within the organisation. The political environment within companies is often seen as the most influential factor (Gutiérrez‐Rincón, 2014). Decisions are shaped by the ways different grou