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Look at each area of the business and determine what worked well, what could have been better and what opportunities lie ahead.There are many tools and techniques available to help with this process, such as SWOT (Strength, Weakness, Opportunities and Threats) analysis.Where will you be in five years time, ten years time? It’s just that; a plan where you set out your goals for the business and a strategy for making them a reality.
Crucially, your objectives must be SMART (Specific, Measurable, Achievable, Realistic and Time-related).
Your objectives must also include factors such as KPI’s, resource allocation and budget requirements.
When you first start a business, you’re often not thinking more than a couple of years ahead.
Your motivation might simply be, “I need some work to put food on the table,” or “I don’t want to work for someone else, so this is what I need to do.” A great opportunity might come up, and you need to jump on it fast.
Coming to the realisation that your organisation needs one is easy. Here are six simple steps to help you deliver an effective business strategy: To know where you’re heading, you have to know where you are right now.
Writing A Strategy Paper Critical Thinking Is The Key To Success
So before you start looking ahead, you should review the past performance, or the current situation.A great framework for looking at external factors is PESTLE (Political, Economic, Social, Technological, Legal and Environmental).So, for your big idea or plan you would ask: what threats and opportunities could arise under each category?But, in practice, you could develop both at the same time.Like the vision statement, this defines the organisation’s purpose, but it also outlines its primary objectives.The point of this section is to succinctly outline your plan for the business and its direction. SWOT analysis is a specialised analytical technique that focuses on looking at Strengths, Weaknesses, Opportunities and Threats.It should be written in a way that enables employees, stakeholders, investors and other interested parties to quickly grasp the concepts, even if they don’t understand the industry. This is the section where you outline the strategies you’re going to use to take your business in the direction you want it to go, and identify what might stand in your way.They need to highlight the priorities and inform the plans that will ensure delivery of the company’s vision and mission.By taking a look back at your review in step one, in particular the SWOT and PESTLE analysis, you can incorporate any identified strengths and weaknesses into your objectives.You should look internally at your strengths and weaknesses.And for the opportunities and threats you should look at external factors.