How to develop a strategy: suggested points for analysis
Vision — Mission Statement
- What will your primary products or services be in five years?
- What will your primary markets be in five years?
- Who will be your primary customers/clients in five years?
- What will be your exclusive, differentiating benefit in five years?
- What will the geographic coverage of your organization be in five years?
- How big do you see your organization in five years?
- What will be your competitive position in five years?
- What type of special factors and features (unique approaches) will make the future organization a special work experience?
- How do your services and products bring value to the company?
- How does your business unit assist the company in meeting its mission?
Strengths
- List what you do well
- List your skills, key competencies, specialized techniques, scientific disciplines, and education
- List your strengths in planning, organizing, executing, controlling, and evaluating
- List your problem-solving and decision-making skills (your ability to analyze, define, and solve problems)
- List your communication skills (verbal, writing, teaching)
- List how the services you provide can be differentiated from services offered by others. Do not forget to include leadership, risk-taking, and creative attributes; be realistic.
Opportunities (External)
- Changes in technology
- Changes in regulations and legislation
- Changes in social patterns, demographics
- Changes in lifestyle
- Health care issues
Life Cycle/Mission Strategy for Products and Services — List products and services in the:
- Building stage (in development or growth stage)
- Holding stage (protection of market share and competitive position. Used widely by customers and are cost-effective products and services)
- Harvesting stage (mature stage — no new opportunities from product or service)
- Divesting stage (has the potential or will be liquidated, outsourced, or eliminated)
Compile a Budget
- Conduct cost-benefit, cost-effective analysis on products and services
- Evaluate the return on investment on products and services
Other Factors
- Location
- Hours of operation/days of operation
- Accessibility of products and services
- Financial resources and capital
- Management skills
- Distribution system for delivery of products and services
Source: Excerpted from How to Develop Strategy: Suggested Outline for Analysis, by Annette B. Haag & Associates, Simi Valley, CA.
Vision mission statement; strengths; opportunities (external); life cycle/mission strategy for products and services; compile a budget; other factors
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