THE RELATIONSHIP BETWEEN STRATEGY & BUSINESS

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THE RELATIONSHIP BETWEENSTRATEGY BUSINESS
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What is strategic planning?
Strategic planning is defined as an organizations
process of defining its strategy and making sure
every future decision is line with this set
strategy. There are two basic and broad steps in
strategic planning - Formulation and
Implementation. Formulation is the first step in
which companies look at their current growth
status and formulate a plan on paper and create a
goal for the future. The second part is
Implementation. In this step the plan is
implemented using physical resources.
What is strategic management? Strategic
Management Process is defined as the way an
organization organises its current and future
strategy. The strategy though of is continuous,
well-planned and constantly changing according to
the times technology.
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What the steps in a strategic management process?

• Companies put a lot of effort and importance into
  their strategic management process as it helps
  them get a clear cut idea of their future as a
  company and the timeline of their growth. Many
  companies have their own strategic management
  process which can be due to their own visions or
  the individual workings of the company. However,
  every plan that is made follows these 5 steps
• Goal Setting
• Analysis
• Strategy Formulation
• Strategy Implementation
• Strategy Evaluation

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• What are the steps in the strategic planning
  process?
• Many different companies adapt different ways to
  go about their strategic planning. However there
  are certain basic steps that must be followed by
  all of them. These are
• Get all the information together
• Clarify the vision and mission statements
• Identify current market position
• Chalk out the priorities
• Put together a proper plan
• Assign tasks and roles
• Put the plan in action
• Make sure everyone is doing their part

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• How do I find the right strategic consulting
  firm?
• In todays world, there are many strategic
  consulting services to choose from. But how do
  you choose one that is right for your company?
  How do you find one that truly stands out and can
  do the best strategic management? Here are a few
  tips to help you out
• Find a consultant who has a passion for their
  work and really wants to make your company better
  and see it succeed and is not just driven by
  money.
• Find a consultant has an expertise in strategy
  and in the formulation of carefully thought out
  plans.
• Always choose a consultant who has been
  recommended by trusted colleagues and friends
• Make sure you have enough budget to hire a
  consultant who will help you. Make sure your
  money is a good investment.

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THANK YOU