The strategy process: the foundations for building a corporate strategy
Developing an effective corporate strategy is a multi-faceted process based on solid foundations. At the heart of any strategy are the company's vision and mission. They not only set the direction, but also define the essence and main goals of the company.
The goals derived from this vision set measurable milestones and thus create a clear path to success. They also provide a framework to systematically measure and monitor progress.
Understanding one's own internal landscape and the external market is essential. A company that is aware of its strengths and weaknesses and knows market opportunities and risks can effectively determine and consolidate its market position.
With this knowledge in hand, strategy options can be evaluated. Targeted decisions are then made that show the most direct path to the desired goal.
However, without precise planning of strategy implementation, a strategy remains merely a theory. It must be transformed into tangible actions, resources must be used effectively and progress must be monitored regularly. Only through consistent strategy implementation can a well thought-out strategy be transformed into real business success.