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The Formulation of Strategic Planning in Business

Matswapati July 5, 2020 Strategic Planning

The Formulation of Strategic Planning in Business Strategic Planning The Formulation of Strategic Planning in Business

For those of you who intend to make a business, you must understand and prepare everything so that your business runs smoothly. One of the main things that must be prepared is strategic planning for your business. Strategic planning is important for the sustainability of your business because it becomes the basis and guide for all business operations. Making strategic planning must be done with visionary and positive. The following is the process for the formulation of strategic planning that you can follow.

Set the vision and mission of the business
This initial step is decisive in strategic planning. You must prepare and create a vision and mission for your business. Vision is a hope or a picture of your business condition in the future. The mission is general steps that will be taken so that the vision is achieved. Vision and mission must be constructive and positive. Also, make sure your vision and mission also have values for the surrounding community, not oriented to internal business.

Do a SWOT analysis
After making a vision and mission, then you have to do a SWOT analysis. This SWOT analysis is part of gaps identification so that vision can be easily achieved. In conducting a gap analysis with the SWOT method, you must identify both internal and external environments. For the business external environment, you must analyze the opportunities and threats. For the internal environment, you have to do strength and weakness analysis. This step is important so that your business can grow quickly, such as a strategic business plan example from many big brands.

Make a goal formulation
The next stage for the formulation of strategic planning is to make goal formulation. This stage requires you to make goals with specific results or numbers and periods. To make a goal, you must pay attention to its important factors, be quantitative, realistic, and consistent.

Make strategic formulation
After the goal points have been set, then you must make a strategic formulation. The strategy created must be based on goals that have been made previously. The strategy is yours and your team work-plan to achieve these goals. The strategic formulation must include 3 things, namely, marketing, technology, and resources.

Program formulation and implementation
Every stage in the process of making strategic planning is very important. Likewise with the program formulation and implementation stages. Sometimes, a strategy that has been prepared very well, will be difficult to achieve the goals, if the program and implementation are very bad. For programs and implementation to run well, your business must have a highly competent style, skills, and staff.

Feedback, monitoring, and control
When the program implementation is running, you also have to carry out monitoring activities. The last stage in the formulation of strategic planning functions so that the ongoing program does not get off track, either from the vision, mission, goals, or strategy.

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