As with any business activity, the strategic planning process itself needs to be fastidiously managed. Responsibilities and resources have to be assigned to the best individuals and you want to carry on high of the method. The purpose of strategic planning is to set total goals for your business and to develop a plan to realize them.
- Focus on the true desired end result for your customers—the holes too, not simply the drill.
- What erodes a business’s capacity to remain worthwhile is commoditization, not competition.
- Managers should conduct a cost/benefit evaluation to establish which nation actually provides one of the best profit potential.
- Analysis of internal drivers – corresponding to the strengths and weaknesses of a SWOT analysis.
- In other cases, you could just mine the data that your corporation produces to find strategic alternatives for cost reduction.
- Typically a business strategy will cowl a interval of about 3-5 years