For every individual, especially, entrepreneurs, strategy play a vital role when it comes to success. A sound strategy acts as a catalyst when you need to achieve targets on time. These stages of strategy formulation will help in achieving objectives on time.
Stage 1: Choice of Business
Understanding and figuring out the choice of business or task helps in determining proper stages of strategy formulation. There are several things to choose from. Some ideas benefit a particular sector, some do not. So, a detailed study and personal interest have to be considered during this stage. The stage is like a personal ladder whose first step has to be chosen carefully to determine the journey ahead. An organization must first be in a position to choose what business or businesses the society wants to immerse in, in different words, the corporate strategy.
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Stage 2: Vision
Secondly, an organization should convey its missions and duties…consistent with its business definition. The overall mission should be well started along with the roles and responsibilities the business desires to perform. It also includes CSR(corporate social responsibility). It is also important to draw a vivid mental image of what you expect your business to be at some level in the future, based on your purposes and plans. A vision statement involves us in writing, the essence of what we want to take our business.
Stage 3: Set up a Mission Plan:
After choosing a particular business and setting up a mission plan the step that comes is to set objectives and goals. Every organization must develop strategic objectives or goals and set performance objectives (e.g., at least 15 percent of investment turnover growth each year). This helps in giving the company a particular direction to work on. The task force required., the resources needed..these all factors are completely dependent on the target we set. For example, if one needs a sale of 15% then the number of resources required would be less as compared to when the sale target is set to 20%. So setting goals is the primary aim of the planning stage. At the same time, this goal planning can be assisted by the best executive mentor.
Stage 4: Analysis
After setting up and deciding a particular objective what we have to do is perform an analysis. Analysis should be of internal and external forces….(SWOT Analysis). Its basics only involve evaluation of all the advantages and disadvantages of a particular decision taken. It helps in knowing the long and short-term benefits. It is one of the most important stages. It is observed very often that firms use the mechanism of five whys (or 5 whys) as an interrogative technique adopted to examine the cause-and-effect relationships of a particular problem. The fundamental goal of the technique is to define the root cause of a problem by questions and answering the question “Why?”. Each answer forms the basis of the next question.
After the formulation of the strategic organization must give rise to an analysis of both inward and external factors, the company must create a professional or competitive strategy that will accomplish its corporate goals.
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Stage 5: Executing
The next stage is the implementation of the business strategy. This allows the company to take certain steps and perquisites to stand up to the goals that are set up. The company could take several measures to implement the business strategy by taking specific steps (e.g., reducing prices, forging partnerships, entering new and different distribution channels). Also, practical application and intensive research. Nearly five years ago, we and our colleagues set out to gather observed data to identify the actions that were most effective in enabling an organization to implement the strategy. What specific ways of restructuring, motivating, expanding knowledge, and demonstrating decisions were effective. We started by drawing up a list of 17 characteristics, each corresponding to one or more of the four building areas we knew could enable effective execution characteristics like the path flow of information across organizational boundaries or the degree to which senior authorities avoid getting involved in operating decisions. With these factors in mind, we developed an online profiler that allows individuals to examine the execution capabilities of their organizations. Over the next four years, we collected data from many thousands of profiles, which in turn enabled us to more specifically calibrate the impact of each characteristic on an organization’s ability to execute. Even if the planning done is the best one and one does not execute it properly then it is all a waste of time and energy. Getting into personality development training could help in proper execution that involves setting up proper models, ensuring follow-ups, and taking care of the work environment.
Stage 6: Measuring Results
A review of the strategy framed is the best way to know the loopholes and analyze how advantageous a particular strategy turned out to be. It involves measuring results through various qualitative and quantitative measures and several techniques.
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In this process, one can know the mistakes and improve them to get a better growth prospect in the future. Stages of strategy formulation play a key role in both professional and personal life. It changes the course of action and gives fulfilling results.
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