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STEPS TO MAKE YOUR STRATEGIC PLAN TO DRIVE THE COMPANY FORWARD

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STEPS TO MAKE YOUR STRATEGIC PLAN TO DRIVE THE COMPANY FORWARD

Every company needs to have a strategic plan in place to drive the company forward. Preparing such a plan needs careful considerations and step by step process to ensure all the bases are covered. In this blog, we examine the steps needed to arrive at a great strategy. Lets read more about it below.

The steps needed to arrive at your company’s strategic plan are:

  • Identify the important stake holders. Every business big or small has stakeholders. In smaller companies, they are easily identified but as the businesses become bigger, diverse, and complex, the distinctions between various stakeholders start to blur. It is possible for one group of stakeholders to have more than one role. Once the issue of identifying stakeholders, the management can move onto step two. 

  • Identify your target customer base. Each company must be clear in their thought about who their intended customer base is. Clarity on this issue has an effect on other stakeholders too. Strategic planning is based on clear mapping of key components which includes this as well. 

  • Identify the requirements from each stakeholder group in order for the company to do well. Employ metrics to measure these, and set targets before moving on.  

  • Identify what each stakeholder group needs from you. This is an important decision-making criterion that stakeholders use when engaging with your company. These include working for a company (employees), investing in a brand (shareholders), or supplying raw material & services (suppliers and vendors). It is important for a business to know how each stakeholder group thinks about these — that they are a priority always. This can be achieved via different sources such as interviews of these groups, listening to their stories about engagement with you and your rivals, feedback received via different methods, and informal chats with stakeholders. 

  • Strategy method. It includes deciding what your company’s positions will be on the defined strategic factors for each important stakeholder group. This is based on the  goals you’ve set for your company and the information gotten regarding your stakeholders’ immediate and down-the-road requirements on strategic factors. 

  • Constant improvements.  Be prepared to be open, flexible and make adjustments along the way. Nothing is cast in stone in business due to varying conditions.

About the Author

author
Rahul Ray

Rahul is a seasoned consultant in travel, transport and hospitality sector subject matter expert with over 20 years of experience and constantly challenging himself to re-define travel distribution and channels, Dedicated Son, Love Nature and Politics both

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