1. Determine your strategic position
- This preparation phase sets the stage for all work going forward. You need to know where you are to determine where you need to go and how you will get there.
- Get the right stakeholders involved from the start, considering both internal and external sources.
- Identify key strategic issues by talking with executives at your company, pulling in customer insights, and collecting industry and market data to get a clear picture of your position in the market and in the minds of your customers.
- It can also be helpful to review—or create if you don’t have them already—your company’s mission and vision statements to give yourself and your team a clear image of what success looks like for your business.
- In addition, you should review your company’s core values to remind yourself about how your company will go about achieving these objectives.
- Document your organization's internal strengths and weaknesses, along with external opportunities (ways your organization can grow in order to fill needs that the market does not currently fill) and threats (your competition).
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