The Four Phases Of Small Business Strategy Planning

The Four Phases of Small Business Strategy Planning There are a host of definitions for strategy. Rather than trying to be comprehensive or creating a definition that tries to be the authoritative source, I ll use a simple definition of strategy for my purposes. Strategy is a plan of action designed to achieve outcomes. That s it. This definition is loyal to best tenants of strategy as well; be flexible, nimble and leave options until you reach the appropriate time or level to add further definition. The process of defining the desired outcomes is usually incorporated into the concept of strategy planning. In an agile and well-led organization, execution is also wrapped into strategy so that the plans can stay flexible, updated, and resources can be used to increase success. The best, most refined, and most successful strategy model has evolved from ancient China, was updated in Prussia, and has slowly been creeping into the business world. There are four steps to the process and I prefer to keep them all under the strategy umbrella to help leaders reach the planned outcomes. The iterative sequence is: setting goals, planning, actions, and outcomes. In setting strategic goals, you must consider what outcomes you desire for your business. Assuming that you are in business to earn revenue, you must link your outcomes to needs that your customers have in order to capture that revenue. The best source for setting goals is your business mission, values, and visionShow MoreRelatedUnderstanding The Benefits Of Strategic Management1674 Words   |  7 Pageswith respect to an example using the struggling retailer, Sears. Sears succumbed to the lack of innovation, which shows that if a firm stands still, it will be run over by the competition. 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