Steps involved in formal planning process is given below
Explanation:
The strategic planning process is essentially a list of steps that managers should follow to complete and implement a strategy within a company. There are several key components that make up the strategic planning process, including common phases like strategic analysis and strategy formulation, along with implementation and monitoring. Although the strategic planning process requires great patience and can be a challenging undertaking, most businesses can agree that the process can yield highly rewarding results.
1.Identify Your Strategic Position
The strategic position is concerned with the impact on strategy of the external environment, internal resources and competences, and the expectations and influence of stakeholders
2. Gather People and Information
Personal information they collect includes your name, address, occupation, number of people in your household and how much money you make. If you participate in savings programs or use the Internet, your personal information is out there for companies to gather.
3.Perform a SWOT Analysis
Examples include competitors, prices of raw materials, and customer shopping trends. A SWOT analysis organizes your top strengths, weaknesses, opportunities, and threats into an organized list and is usually presented in a simple two-by-two grid.
4. Formulate a Strategic Plan
Three common areas of focus in a strategic plan are vision planning, scenario planning and issues planning. Examples of Strategic Plan Includes: Evaluating the strengths and weaknesses of the organization. Developing a business plan template.
5. Execute Your Strategic Plan
Set clear priorities. Entrepreneurs might fail in carrying out their strategy if they set too many priorities. ...
Collect and analyze data. Entrepreneurs often specify measurable goals in their strategic plans. ...
Keep a rhythm to meetings. ...
Evaluate the strategy.
6.Constantly Monitor Performance
There are standardised performance measures that have been created which almost any business can use. Examples include balanced scorecards, ISO standards and industry dashboards. Key performance indicators (KPIs) are at the heart of any system of performance measurement and target-setting.
