Vision and Mission: Define the long-term vision and mission of the company. The vision statement outlines what the company aspires to achieve, while the mission statement describes the purpose and core values.
Environmental Analysis: Conduct a thorough analysis of the internal and external environments. This includes assessing the company's strengths, weaknesses, opportunities, and threats (SWOT analysis).
Setting Objectives: Establish clear and measurable objectives that align with the vision and mission. These objectives should be specific, achievable, relevant, and time-bound (SMART goals).
Strategy Formulation: Develop strategies to achieve the set objectives. This involves identifying the key actions, initiatives, and resources required.
Implementation: Execute the strategies by allocating resources, assigning responsibilities, and establishing timelines. Effective communication and leadership are essential during this phase.
Evaluation and Control: Monitor the progress and performance towards the objectives. Make necessary adjustments to the strategies based on feedback and changing circumstances.