Business Planning
Business planning is the process of developing your identity, mission, vision and business model. A new business typically starts by defining its basic purpose and value as an organization. This is the foundation of strategy and may be revisited from time to time.Goal Planning
The process of establishing your end-goals. It is usually significantly easier to identify what you want than how you're going to get it. As such, goal setting is a light-weight activity that need not consume too much time. Business goals are commonly in areas such as revenue, efficiency, reputation, risk management and customer experience.Analysis
Analysis of your position and the competitive environment. A popular approach to this is to list your strengths, weaknesses, opportunities and threats. Strategic analysis can be a significant undertaking that can involve market research and competitive intelligence.Strategy Development
The process of developing plans that achieve end-goals. This can be an ongoing process of business experimentation whereby you try things, measure and try again. Alternatively, it can be a big upfront plan that is less responsive to real world conditions.Strategy Implementation
The process of implementing strategy. This may feed into strategy development in a repeated cycle. For example, implementation may involve a pilot launch that indicates a product will not be well received by the market. This information may trigger a rework of strategy.Measurement & Optimization
The process of measuring strategy implementation and optimizing. Measurement feeds back into strategy analysis and development. In other words, strategy planning is a continuous loop as opposed to a one time activity.| Overview: Strategy Planning | ||
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Definition | The process of developing a plan to reach goals in the context of competition, constraints, uncertainty and risk. | |
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