Assessment: Conduct a thorough analysis of the current business environment, including
SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to understand the internal and external factors affecting the business.
Goal Setting: Define clear and measurable objectives that align with the new strategic direction.
Strategy Development: Develop strategies to achieve these objectives, which may include entering new markets, diversifying product lines, or investing in new technologies.
Resource Allocation: Reassign resources such as capital, personnel, and time to support the new strategies.
Execution: Implement the strategies with a detailed action plan and timelines.
Monitoring and Evaluation: Continuously monitor progress and make adjustments as necessary to stay on track.