Strategy can be defined in many ways but in business world, it is a plan, a way, a method or a clear direction towards achieving the goals that an organization has defined earlier. You know that every business and both types of organizations (profitable and non-profitable) work on plans and goals which can vary with respect to each different company.
For example, a paper company has the goal to acquire 20 more clients by the end of the quarter where a finance company has the goal to open 10 new branches around the world in the next 3 months. This way when a company defines its goals and expected achievements, it’s time to develop strategic plans that will lead the company and its employees to the finish line where they will enjoy the expected goals.
Here are the steps that are necessary to make a Strategy Plan:
- Define Organizational Goals First:
This is the first and the most important step in the strategy defining process. Here the supervisor of the strategy planning committee needs to define the company goals first and then the whole strategy will be prepared. The strategy planning process mainly depends on the goals that a company wants to accomplish after a while i.e. 3 months, 6 months or 1 year and it is not possible to deliver the expected goals without first defining them and then making the strategic plans.
- Define the resources and Company Profit Ratio:
It is one thing to define the goals of an organization and it’s a completely other thing to define the ways to deliver those goals. A company can have the goal of acquiring another city for the business but if it doesn’t have the necessary resources and finances, no strategy will help the company rather, the company should have a strategy to earn more first and then it can achieve the main goal.
- Define Possible Strategies:
Once the goals and resources are defined, it is time to present more than one ways to achieve the goals or make more than one strategy just to keep the options open. It is the duty of the planning supervisor to define more than one strategy at the initial steps so that the stakeholders and the directors of a company can choose the best possible strategy among all options.
- Choose the best strategy among other options:
This is probably the last stage of strategy planning in which the company chooses one particular strategy and implements it in the company. Once the strategy is implemented, it’s just matter of time to analyze the results or outcomes of the strategy.
- Implement the strategy and analyze the outcomes:
Most of the time, the strategy that has been planned and implemented is the one that provides the desired results to the company but rarely it also happens that due to sudden changes in the market or miscalculations, a strategy fails and company realizes it after implementation but there is enough time to choose the second best strategy from the options and hope it works.
Here is preview of a Free Sample Strategy Plan Template created using MS Word,
Here is download link for this Strategy Plan Template,