Strategy development, also known as strategic planning, is fundamental to creating and running a business. Simply put, it’s a game plan that sets specific goals and objectives but like a game plan, it is capable of being changed in response to shifting market dynamics.
Policy development involves identifying need, gathering information, drafting, consulting and review.
Conduct a Market and Competitive Analysis
You need to understand your target market’s dynamics, which can include demographics and the characteristics of your target audience (how, when and where do they buy the product or service you offer). In addition, analyze your competitors, gathering information on the 4P’s of marketing: pricing, product, promotion and placement. Know what you’re up against so you can plan your market and competitive strategy.
Set Long-term Goals and Share Them
Where do you want your company to be in five years? You might have objectives, such as an expanded product line up, growth plans, sales and revenue goals, profit targets and human resource plans, as well as broader brush goals. A company’s goals are meant to be shared, so that everyone involved understands and works toward the same planned path to success; don’t keep them to yourself.
Assess Your Company’s Direction and Threats
By detailing exactly where your company stands on current profits and revenues, you can decide how to get where you’re going. Consider seemingly minor money-making details: Are you networking with your target audience and other professionals, asking for referrals, advertising or sponsoring events to maximize every dollar?
Do a SWOT analysis – Strengths, Weaknesses, Opportunities and Threats. This enables you to honestly evaluate your firm’s strengths and weaknesses based on the market data you’ve gathered. You also will be forced to evaluate opportunities and threats.
Apart from SWOT analysis we conduct PEST and Hoshin Kanri analysis to expand the horizon in accounting for several factors.
Contact us to implement these strategies in your organizations.