Stages Of Business Planning

Conducting an environmental scan will help you understand your operating environment.An environmental scan is also referred to as a PEST analysis, which is an acronym for Political, Economic, Social and Technological trends.Strategic issues are critical unknowns that are driving you to embark on a strategic planning process now.These issues can be problems, opportunities, market shifts or anything else that is keeping you awake at night and begging for a solution or decision.To learn more or modify/prevent the use of cookies, see our Cookie Policy and Privacy Policy.

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All of these trends play a part in determining the overall business environment.To do this, match external opportunities and threats with your internal strengths and weaknesses, as illustrated in the matrix below: *To access the worksheets under “Tools & Techniques” please refer to our Strategic Planning Kit for Dummies.Evaluate the options you’ve generated, and identify the ones that give the greatest benefit, and that best achieve the mission and vision of your organization.The SWOT analysis helps you ask, and answer, the following questions: “How do you….” *To access the worksheets under “Tools & Techniques” please refer to our Strategic Planning Kit for Dummies.If your team wants to take the next step in the SWOT analysis, apply the TOWS Strategic Alternatives Matrix to help you think about the options that you could pursue.The reason to do a competitive analysis is to assess the opportunities and threats that may occur from those organizations competing for the same business you are.You need to have an understanding of what your competitors are or aren’t offering your potential customers.Over the life of your strategic plan, you may discover that some of the underlying assumptions of your strategy are flawed or incomplete.Often your organization’s mission and vision may remain the same while your objectives and goals will need to be revised or updated.It’s easy to read, easy to communicate, and easy to create.Take the Strengths, Weaknesses, Opportunities and Threats you developed earlier, review, prioritize and combine like terms.

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