| Develop a sound business strategy and you stand a | | | | company at this time to identify the resources |
| reasonable chance of being successful. Ignore this | | | | required to achieve your action plan. Use this analysis |
| fundamental step in organizational development and | | | | to identify ways to… |
| you stand every chance of failing. Your business | | | | - Maximize the strengths you have currently. |
| strategy or strategic business management can be | | | | - Minimize the weaknesses within your company. |
| regarded as the process of: | | | | - Take advantage of the opportunities to develop |
| - Defining the purpose of your organization and the | | | | your company. |
| direction you wish to take to achieve that purpose. | | | | - Deal with the threats you are faced with currently. |
| - Defining the goals and objectives needed to | | | | 8. Consider using a reputable consulting company to |
| achieve business success. | | | | assist you in performing this analysis. You will find |
| - Defining the detailed action plan needed to meet | | | | that this is a cost effective way of developing your |
| those objectives. | | | | action plan and identifying the resources and talents |
| - Following the plan. | | | | you need. In addition, reputable consultants will be |
| How do you develop your business strategy? | | | | able to provide you insights that you may not have |
| 1. Develop the vision you have for your company. | | | | realized. They come from an outside perspective, |
| How far do you want to go? What will your | | | | are not intimately involved in the day to day |
| company look like when you get there? Do not | | | | operations, and can provide varying viewpoints. |
| dismiss this step. You will find it more difficult to | | | | Look for consultants with a wide range of |
| define the purpose of your company and the | | | | experiences and a big-picture outlook. |
| direction you wish to take without it. | | | | 9. Communicate your business strategy with your |
| 2. Define the key goals and broad objectives required | | | | staff and others who will be involved in achieving |
| to achieve the business success you are seeking. | | | | your company’s objectives. What you |
| 3. Define the company’s core values that will | | | | communicate and how you communicate may differ |
| underpin your key objectives, explaining why you are | | | | when discussing your plans internally and externally. |
| in business and what your company’s operating | | | | 10. Put your plan into action and monitor progress |
| guidelines are. | | | | using the measures or milestones you defined |
| 4. Create your 5-year plan based on your broad | | | | previously. Develop contingency plans to allow for |
| objectives. Define the action plan that will take you | | | | growth when your performance exceeds your |
| where you want to be from where you are now. | | | | expectations or the steps you need to take when |
| 5. Develop a plan for the next twelve months based | | | | your expectations are not met. |
| on your 5 year plan. Specify the exact steps required | | | | Action planning is an iterative process. Be prepared to |
| in the first year to ensure you are heading in the | | | | amend your plans as your business develops in line |
| right direction to achieve your longer-term goals. | | | | with your objectives. Follow the steps above, use |
| 6. Define the key result indicators (measures) you will | | | | reputable external resources to assist you and you |
| use to monitor progress. | | | | will create a powerful business strategy that will |
| 7. Conduct an in-depth analysis of the health of your | | | | support you as you develop your company. |