10 Steps in Strategy

  1. Exploring and determining the vision of the company in the form of a vision statement.
  2. Developing a mission statement of the company that should include statement of methodology for achieving the objectives, purposes, and the philosophy of the organization adequately reflected in the vision statement.
  3. Defining the company profile that includes the internal culture, strengths and capabilities of an organization.
  4. Critical study of external environmental factors, threats, opportunities etc.
  5. Finding out ways by which a company profile can bematched with its environment to be able to accomplish mission statement.
  6. Deciding on the most desirable courses of actions for accomplishing the mission of an organization.
  7. Selecting a set of long-term objectives and also the corresponding strategies to be adopted in line with vision statement.
  8. Evolving short-term and annual objectives and defining the corresponding strategies that would be compatible with the mission and vision statements.
  9. Implementing the chosen strategies in a planned way based on budgets and allocation of resource, outlining the action programs and tasks.
  10. Installation of a continuous compatible review system to create a controlling mechanism and also generate data for selecting future course of action)