Three Important Stages in Developing Business Management Strategies

The first thing you have to do is prepare a plan that you or your team will do to achieve your business goals. By having a business plan, at least you are ready to face the worst conditions that will happen to your business. To complete the planning, you also have to have the right business strategy, so that your business will grow faster. Here are three stages in developing a good business strategy:
 

1. Developing Strategic Vision

Strategic vision is management's aspirations regarding the future direction and also provides a detailed description of the direction in which your business is moving. This vision alone explains the company's goals in the long term and shapes your company's identity.
 

2. Execute a Business Strategy

The vision and strategy that has been made will not result in anything if we do not do it thoroughly and optimally. Without execution, even the set goals will never be achieved. Some steps an organization needs to do in executing the strategy are as follow:

a. Determine the company's mission to achieve the vision that has been made.

b. Analyze the internal and external environment to measure strengths and weaknesses as well as opportunities and threats that your company will face in carrying out its mission.

c. Formulate factors measuring the success of strategies designed based on previous analysis.

d. Determine measurable goals and targets, evaluate various alternative strategies by considering the resources owned and the external conditions.

e. Choose the most appropriate strategy for achieving short and long term goals.
 

3. Evaluate Business Strategy

The process of implementing the strategy must be evaluated regularly. The evaluation plan must be prepared from the start in order to measure the achievements of your business strategy. This evaluation aims to find out which plan has been done and which has not yet been done as well as of things that have already been done but not yet optimal and that have not been done at all. This means to be able to develop new strategies to achieve your business goals.