Creating a strategy is very crucial for any business to be successful. It is surprising, then, to learn that about 86% of businesses today either do not have any strategy planning process, or do not spend much time creating one. Moreover, 95% of the working force do not even understand their organization’s strategy. However, it is necessary to have a plan in place to understand and work toward the long-term goals of an organization. Considering the number of businesses that do not invest time in strategy planning, creating one will automatically give you an upper hand in these competitive times!
Let us look at the five steps of the strategic planning process.
What are the Steps in Strategic Planning Process?
The strategic planning process is the method businesses use to lay out plans for achieving their long-term goals. Here are the steps to achieve it-
Step #1- Set your strategic position: The first phase of preparing a plan is crucial for any business and forms the foundation. Here you determine where you stand, where you want to go, and how you can achieve that goal. To understand your current position in the market and your customer’s insights, you can-
Talk to your executives to identify critical issues in your current strategy
Pull in customer insights
Collect industry and market data
You will also need to determine your objectives in this step, and you can set them by-
Analyzing customer insights
Identifying present and future demands
Identifying issues that need resolutions
Conducting a SWOT or PEST analysis
Step #2- Prioritize your objectives: Your objectives allow you to set achievable goals for your business and fulfill your company’s mission and vision. They should be distinct and measurable to help in reaching your long-term goals.
Step #3- Establish a plan: This step involves creating tasks that bring you closer to your set objectives. Designate a timeline and responsibilities for each task to ensure you are on the correct path. Strategy mapping can be helpful in this step. You should also be able to decline to invest in tactics that no longer support your way of reaching the objectives.
Step #4- Execute the plan: Communicate the plan with the organization to ensure everyone knows your objectives and the strategies to achieve them. Review the work by talking to the senior management to make sure everything is on track.
Step #5- Review and re-evaluate your plan: Lastly, review your plan to find any gaps that need to be filled in order to make the strategy more efficient. It is also a great time to revise your plan to make it more effective. Keep re-evaluating your strategic position and priorities to reach your goals sooner.
About Yusko Consulting Services, LLC.-
Choose Yusko Consulting Services to grow your business today! We are a professional management and strategy consulting firm that believes in maintaining a positive mindset, creating partnerships with a purpose, and always striving for significant outcomes. We will help you grow by providing you with an expert analysis of your current business, along with a set of outside eyes to look objectively at the challenges you are facing or a strategic initiative you are considering. Visit our website, contact us at 772-284-1776, or email us to find out more about how we can tailor our marketing services to your needs.
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