6 steps to successful strategic planning

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Strategic planning is what makes it possible to chart the course of your new venture and all the developments that the world of entrepreneurship can take you to.

We know that many entrepreneurs start without planning, but it is precisely this initial phase that will make your business sustainable and profitable in the long term.

We have gathered the main tips for successful strategic planning in 6 steps, check it out!

You need to know where you are and where you want to go to know which path to take to achieve your goals.

Defining the company's mission, vision and values is the first step towards this:

Mission: This is what defines a company, that is, what is special cambodia phone number lead about the organization and what differentiates it from others, what we call the value proposition.
Vision: It is the future of the company, an image of how it will be seen by the market after having implemented the necessary changes, that is, executing its strategic planning.
Values: Also known as principles, a company's values dictate the way it will behave to achieve long-term goals.
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Step Two: Understand Your Strengths and Weaknesses
In addition to objectives and MVV, understanding the strengths and weaknesses of your business is essential for carrying out strategic planning.

Even if your business has not yet started, it is possible to identify the critical success factors of your competitors so that you can make a comparative analysis of your strengths and weaknesses in relation to this competition.

Looking at other companies that have already achieved the goals you want for your business is a great way to set achievable goals and understand how the market works.

Third step: Make a market diagnosis
In addition to looking at the interior of your business, for successful strategic planning you need to look at the market as a whole.

So the next step is to identify how your company could be impacted by threats and opportunities in the external environment, not only in the present, but also in the future.

For the second and third steps, SWOT Analysis is the ideal tool.

Learn about it and other market analysis tools here.

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Step Four: Create an Action Plan
With the opportunities, threats, strengths and weaknesses defined, you will be ready to define the strategic objectives of your business and, thus, define the action plan to implement them.

If your company is already operating in the market and many of its business objectives have already been achieved, it may be time to consider expanding.

And expanding doesn't just mean opening new branches, check out the best practices for expanding your business here!

Step Five: Monitor and Evaluate Changes
Monitoring implementation, evaluating its effectiveness and the need to adapt some objectives is also part of strategic planning.

Therefore, when creating the action plan, define which metrics and indicators will be evaluated to define the success or failure of the stages of your strategic planning.

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Step Six: Study about entrepreneurship
To ensure the effectiveness of the five previous steps and successful strategic planning, it is necessary to understand entrepreneurship.

The market changes very quickly, every moment there are new types of business, new consumer needs and new ways of solving old problems.

Therefore, keeping up with changes will help you have a successful business, both at the strategic planning level and in the company as a whole.