Strategy Plans For Business

Like the vision statement, this defines the organisation’s purpose, but it also outlines its primary objectives.This focuses on what needs done in the short term to realise the long term vision.And for the opportunities and threats you should look at external factors.A great framework for looking at external factors is PESTLE (Political, Economic, Social, Technological, Legal and Environmental).Since 2001, Mind Genius has been helping professionals, teachers and students around the world to maximise their effectiveness.Mind Genius enhances and complements the productivity tools that you use everyday.…And what do they need to make sure they don’t get lost?

You should look internally at your strengths and weaknesses.Business gurus have debated long and hard about what comes first – the vision, or the mission statement (see step 3).But, in practice, you could develop both at the same time.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.Crucially, your objectives must be SMART (Specific, Measurable, Achievable, Realistic and Time-related).So before you start looking ahead, you should review the past performance, or the current situation.Look at each area of the business and determine what worked well, what could have been better and what opportunities lie ahead.These plans will contain actions for departments and functions in your organisation. You’re now focusing on measurable results and communicating to stakeholders what they need to do and when.You can even think of these tactical plans as short sprints to execute the strategy in practice.Whenever you set off across new territory you’ll want to consult a map, otherwise you’ll get lost.Stepping forward into the unknown (also known as ‘the future’) is what companies do every day.

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