the strategic planning process is broader—it helps you create a roadmap for which strategic objectives you should put effort into achieving and which initiatives will be less helpful to the business. identify key strategic issues by talking with executives at your company, pulling in customer insights, and collecting industry and market data to get a clear picture of your position in the market and in the minds of your customers. standing for political, economic, socio-cultural, and technological, pest is a strategic tool used to clarify threats and opportunities for your business. once you have identified your current position in the market, it is time to determine objectives that will help you achieve your goals.
this step requires determining the tactics necessary to attain your objectives and designating a timeline and clear communication of responsibilities. be prepared to use your values, mission statement, and established priorities to say “no” to initiatives that won’t enhance your long-term strategic position. on an annual basis, it’s important to reevaluate your priorities and strategic position to ensure that you stay on track for success in the long run. as you continue to implement the strategic planning process, repeating each step regularly, you will start to make measurable progress toward achieving your company’s vision.
the first and perhaps most important step of the planning process is understanding that there is a need for a plan. you must also be aware of the business’s internal operations so that you will know when there is a problem that needs to be solved. of course, the future is unpredictable, which means your plan will need to be based on certain assumptions or premises. as we mentioned, there are likely countless solutions for achieving the goals that have been set, and if you do not narrow down the options, it will be hard for your managers to choose a solution that works.
before you choose your plan of action, there are a few things you will need to keep in mind: avoid a plan that could potentially cost the business money. for example, if the business is pursuing a government bid and the government institutes a new policy, you may need to alter your bid so that you can comply with the new policy. the secondary plan will include all the steps that you need to take to support the implementation of the main plan. for instance, if your plan is related to instituting a new company policy, implementation of the plan will require consulting with the legal department to make sure that the policy is outlined correctly so that it will be effective.
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