Question

How would you develop a strategic plan to address the competitive environment?

Answer 1

A strategic plan is very much required in a competitive environment because it is very hard to accomplish anything without the plan. If you have the plan then you can manage things more easily. A strategic plan looks at all things your business can do and narrows it down to the things it is actually good in. It also helps the leaders to determine where to spend time, capital, and money. To survive in the competitive environment it is compulsory to have a strategic plan it seems an overwhelming process but if you break it down then it is easy to tackle.

Let’s talk about the five-step approach to develop a strategic plan to address the competitive environment:

Determining who you are

It’s harder than it looks because some people see themselves how they want to appear themselves, not how they actually appear to others. And small business also gets trapped in this. To get where your business stands it is necessary to conduct the external and internal audits in order to ensure to get clear understanding of the marketplace and the competitive environment in the marketplace and competencies of the organization.

Identify what is important

Another thing that is important is to focus on where you want to take your organization in a period of time. Long term goals of the organization, mission, and vision of the organization should be clear to everyone because if you want to run for a long in the competitive environment then it is necessary to identify what is important for the organization

Determining who is accountable for whom

The plans, strategies, and budgets are the steps in the process that communicate effectively how you allocate your funds, time, and money to address the issues that are prior to the organization and how to achieve the defined objectives of the organization.

Always define what you achieve

It is necessary to define the objectives that your organization must achieve for addressing the priority issues. so always define what you want to achieve the next in the organization.

Review

The last step is to ensure that the plans are performed as they are designed and formal reviews are held regularly of the process once in the quarter or a while. So the strategic plan is important to take your business to the place where someone never thought with the help of a strategic plan.