Business Strategy Development

Developing a strategic plan is done over five steps:

1. Defining a Vision
2. Setting Organizational Goals - that support the vision
3. Developing Objectives - to meet those goals
4. Developing Strategies - to fulfil objectives
5. Creating Action Plans - tactics to achieve objectives using the above strategies

Vision & Mission

The organization’s vision and mission statements defines what the organization is all about, it's core principles and overarching goals.

The vision should clearly state to both those in the organization and those outside it exactly why you exist.

Whilst the mission statement should be specific, it should provide for future scope in both product line and market.

Organizational Goals

Goals are a little more general and apply to specific parts of the organization. Goals focus on core processes that define a value path towards meeting the vision.

Objectives

Objectives should be very specific to fulfill goals. They should be specific, measurable, attainable, relative and time-based. It is common to have both long-term and short term objectives.

Strategies – The Action Plans

Strategies are the action plans that will help you achieve the objectives. The provide the HOW to achieve to WHAT for the PURPOSE OF.

Tactics – Deploy Your Strategy

Tactics are the very specific, functional level activities that carry out strategies. The detail of these action plans should be suficient to measure and assign budget and resource requirements for implementation.

Each of these levels creates a hierarchy from the general to the specific, flowing from the board table to the lowest level of the business. Regardless of that hierarchy, setting visions should involve EVERYONE in the organization, not just C-level.

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