The Stages of Strategic Analysis

1. Establish your strategic position.

This is the first stage in strategic analysis because this will be the pillar of an
organization to set a foundation for all work. In this stage, we need to know where we
are heading to, how we going to reach that level, when we going to reach and so on.
Even we need to choose appropriate stakeholders according to the external and
internal sources. Identify significant strategic concerns by speaking with corporate
management, gathering customer insights, and gathering industry and market data.
This will give a better result in order to know about the financial position of the
company and the customer preference as well. Moreover, this will help to set the
goals for the organization to achieve.

The goal setting that is referred to here is about the vision and mission of an
organization. Vision is a general statement that needs to be achieved and mission is a
specific statement to be achieved in an organization. Vision and mission are important
elements in an organization to start a business. The purpose of the vision and mission
is to communicate the organization's mission to stakeholders, help with strategy
formulation, and create achievable objectives and goals to assess the performance of
the organization's plan. Besides that, the vision and mission are also will give a clear
picture of the success that we achieve in the future at the present as well. This is why
vision and mission are an important element for an organization.

To set the objectives and goals, identify the issues that must be solved using industry
and market data, particularly consumer preferences and current/future demand.
Moreover, need to document the organization's internal abilities and shortcomings, as
well as external possibilities (ways your organization might grow to meet market
needs) and challenges (the competitor). To do the SWOT analysis we can use a
SWOT diagram which helps to understand the findings easily. The SWOT analysis
allows us to know the opinions of the customers, managers, external market
information, and so on. As a result, we can easily know our organization’s current
standing in the market by categorizing its Strengths, Weaknesses, Opportunities, and
Threats.
 In addition, we also can use PESTEL analysis instead of SWOT analysis. PESTEL
analysis is one of the tools that we use to analyze and determine the objectives and
goals of the organization. PESTEL analysis focuses on the external factors that impact
the organization. PESTEL's full form is ‘P’ stands for political, ‘E’ stands for
economic, ‘S’ stands for social, ‘T’ stands for technologic, ‘E’ stands for environment,
and ‘L’ stands for legal. This will help to know more about the Opportunities and
Threats in the SWOT analysis. Besides that, this also will help to make better
decisions to create the organization's objectives and goals. To do the PESTEL analysis
we can use the PESTEL diagram to understand easily

As you generate this knowledge, your market's unique strategic position will become
evident, and you'll be able to start defining a few key goals for your company.

2. Prioritize your goals.

This stage is one of the important and vital stages in strategic analysis. Once we know
the organization's current standing, we can determine the objective of the company
and also can rank the objective according to the priority level. As a result, we can
know how much need to focus, need to put effort, and so on to the particular
objective. This will help the organization to achieve its goal easily. There are many
ways to know the level of priority of each objective. Firstly, the objective that is set by
the organization must be aligned with the mission and vision of the organization.
Priority should be given to objectives that are closely related to the organization's
basic purpose and long-term goals. We can ask some vital questions to determine the
level of priority such as:
A. Which of these actions will have the most influence on our company's
mission/vision and increase our market position?
B. What are the most essential sorts of impact (for example, customer engagement
vs. revenue)?
C. Who are our competitors?
D. What is their vision/mission that makes them improve their market position?

Moreover, we also can use SMART criteria to determine the level of priority for each
objective. The full form of SMART is ‘S’ stands for Specific, ‘M’ stands for
Measurable, ‘A’ stands for Achievable, ‘R’ stands for Relevant, and ‘T’ stands for
Time-bound. Objectives that satisfy this criterion will be more prioritized because
 they can be measured easily, are relevant to the business, and can be achieved easily
as well.

We also can determine the level of priority by considering the impact and importance
of each objective. This entails determining the importance of accomplishing the goal
in terms of its commitment to the organization's performance. Priority should be given
to objectives that have a stronger positive influence on the organization. Moreover,
the availability of the resources also will help to determine the level of priority as
well. Assess the availability of resources, such as financial, human, and technological
resources, needed to achieve each goal. Prioritise objectives that can be achieved with
the current resources or with a suitable allocation of resources.

In addition, the level of priority can be determined by the stakeholder's opinion or

input. Consider feedback from key stakeholders such as employees, customers,
investors, and other interested parties. Their opinions can assist in determining which
goals are most essential to the organization's diverse stakeholders. Stakeholders will
have better experience compared to others. They will have more than enough
knowledge regarding the business and the environment. This is why the opinion of the
stakeholders will help to determine the better objective and also the level of priority of
the objectives. Last but not least, the decision–making framework also will help the
organization to determine the level of priority of each objective. The decision-making
framework such as the decision matrix, golden circle, decision graphs, and so on
determines the level of priority of each objective and also determines the better
objective to achieve the goals as well. These are a few ways to determine the level of
priority of each objective in order to know how much effort and focus to put in to
satisfy the vision and mission of the organization.

3. Develop the strategic plan.

This is also one of the essential stages in the strategic analysis. Once we determine the
objective and level of priority for each objective, then we can develop a strategic plan
for achieving the goals. This step needs a lengthy procedure to satisfy. Firstly, to
develop a strategic plan we need to review the analysis result. This comprises the
results of the internal (strengths and weaknesses) and external (opportunities and
threats) analyses, as well as the prioritized objectives. Next is to revisit the SWOT
analysis. To ensure a thorough awareness of the organization's present status, revisit
 the SWOT analysis. Consider how to harness recognized strengths, rectify
weaknesses, capitalize on opportunities, and manage dangers. Next is to create a clear
strategy.

Form clear and practical strategies according to the SWOT analysis and the
prioritized objectives. These strategies should be developed to match the
organization's strengths with opportunities, to address weaknesses that may impede
success, and to neutralize potential dangers. Next is using SMART goals to analyze
each objective. Divide each strategy into specified, measurable, attainable, relevant,
and time-bound goals or sub-objectives (SMART). SMART goals facilitate tracking
progress and ensuring that targets are well-defined. Besides that, need to determine
the resources that are needed for each objective to implement and achieve. This
encompasses financial, human, and technological resources, as well as any other
assets required. Allocate resources wisely to facilitate plan execution. Next is the need
to create implementation plans. This implementation plan needs to inform the
activities, responsibilities, dates, and key performance indicators (KPIs) that will be
used to track the progress of each objective. The implementation plan needs to give
step-by-step information to implement.

Next is to analyze the risk and budget to implement each objective. Create a budget
outlining the money needed for carrying out the strategic plan. Ascertain that the
budget corresponds to the distribution of resources and that a clear financial approach
for paying the plan is in place. Identify any hazards or obstacles that may develop
during the plan's implementation. Create techniques and backup plans to address these
risks and any unexpected difficulties. Next is to create a communication plan. This is
to give a clear picture and communicate with the stakeholders regarding the
objectives. Once the objective chosen is presented to the stakeholders and also
adapted to the organizational culture, we can implement the objective. Moreover, we
also can use a strategy map which is useful to visualize the whole plan. It will make
the work simple and find solutions for the improvement of each objective itself. This
is how a strategic plan is formulated.

4. Implement the strategic plans.

This is another stage of strategic analysis. This stage is also a critical stage in the
strategic analysis. Once we are done with formulating the strategic objective, we can
execute the objective in the organization to know how well the objective sinks with
the organization's culture and how it helps to achieve the goals of the organization.
There are many procedures to execute the strategic objective. First is leadership and
accountability. Assign specific duties to each component of the strategic method.
Responsible for executing particular plans and accomplishing set targets should be
designated leaders or teams. Ascertain that these people have the appropriate power
and resources to efficiently carry out their obligations. The second is harmony and
interaction. Convey the goals and objectives to all relevant internal and external
stakeholders. Assure every person in the organization realizes their roles in carrying
out the plan and how their job benefits the achievement of strategic goals. Encourage
organizational alignment with the strategy's goals. Third is the execution of the
strategic plan. Put the action plans specified in the strategic approach into effect. This
entails carrying out the specific actions and activities needed to fulfill the objectives
connected with each approach. Monitor progress on a frequent basis to ensure that
initiatives are on track and completed within the timeframes specified. Fourth is
resource administration. Effectively control and allocate resources to assist with the
plan's execution. This encompasses financial, human, and technological resources, as
well as any other assets required. Ascertain that expenditures and resource allocation
are consistent with the strategic goals.

Fifth is monitoring and measuring performance. Record and track key performance
indicators (KPIs) and metrics that were defined during the planning process on an
ongoing basis. Assess progress in relation to the action plans' goals and milestones.
Use this information to discover areas that require tweaks or enhancements. The sixth
is adaptation and comments. Encourage workers, consumers, and other stakeholders
engaged with the execution process to provide feedback. Be willing to receive
constructive criticism and use it to improve the strategy and its implementation.
Changes to situations and market conditions must be accommodated. The seventh is
risk management. Effectively detect and handle risks that may develop during the
plan's execution. Prepare contingency plans to deal with unanticipated problems or
failures. Evaluate the effectiveness of risk-mitigation techniques on a regular basis.
 The eighth is the involvement of stakeholders. Keep lines of communication open
with essential stakeholders. Engage with stakeholders on a frequent basis to keep
them up to date on progress, resolve problems, and solicit feedback. Developing a
strong connection with stakeholders can help the plan succeed. Ninth is the
administration of a crisis. Prepare to deal with any unanticipated emergencies or
disturbances to the plan's execution. Create crisis management rules and techniques to
reduce the impact of unexpected events on strategic goals. The tenth is honesty and
reporting. Give periodic reports and updates to management and relevant stakeholders
on the progress of the plan's execution. Reporting transparency encourages confidence
and accountability. The eleventh is organizational culture alignment. Ensure that the
plan's execution is consistent with the company's culture and values. Encourage an
organizational culture of devotion to the plan's aims and ideals. Next is productivity
rewards and recognition. Individuals and teams should be recognized and rewarded
for how they have contributed to the plan's success. Give incentives to motivate staff
and reinforce an outstanding culture. Next is review and adjustment on a regular
basis. Conduct periodic assessments to assess the plan's execution effectiveness.
Check to see if goals are being reached and if the plan is still in line with the
company's strategic objectives. To keep on track, revise the plan as needed. The final
procedure is the continuous enhancement of each objective. Emphasize the need for a
culture of continual development. Support innovation and the discovery of advantages
that can improve the implementation process and results. These are the procedures
that are used to implement strategic plans in the organization. The execution and
management of a strategic plan is a continuous process that necessitates discipline,
adaptation, and strong leadership.

5. Review and amend the strategic objectives.

This is the last stage of the strategic analysis. The act of reviewing and amending the
plan is an important and ongoing part of strategic analysis and planning.
Organizations must regularly monitor progress, review results, and react to changing
conditions after the first development and execution of the strategic plan to make sure
the strategy remains productive and associated with the organization's objectives.
There are some procedures for reviewing and amending the objective.
The procedure for reviewing the objective is frequent monitoring. Establish a frequent
monitoring procedure to track progress in relation to the strategic plan's goals and
objectives. This entails monitoring key performance indicators (KPIs) and evaluating
actual results to predetermined targets. The second is the performance evaluation.
Evaluate the organization's performance in executing the strategic strategy. Examine
that the plan is producing the desired results and note any changes or areas where
development is behind. The third is to gather feedback. Gather feedback from diverse
stakeholders, including as workers, consumers, vendors, financiers, and all other
relevant parties.
Inquire about their thoughts regarding the strategy's effectiveness and impact. The
fourth is data evaluation. Evaluate data and performance indicators to acquire
information about what is effective and what needs to be improved. Determine trends,
patterns, and places where the organization is succeeding or struggling. The last
procedure in reviewing the objective is SWOT evaluation. Re-examine the SWOT
analysis to see if the company's advantages are still applicable and effectively utilized
if weaknesses have been rectified, opportunities are being capitalized on, and threats
have developed.

The procedure for amending the plan is gaps and concerns. Based on the evaluation,
identify gaps, issues, and concerns that require action. Determine whether strategic
goals are still relevant or whether new priorities have evolved. The next procedure is
revising strategies. Modifying or revising strategy and implementation strategies as
needed to address recognized challenges and improve performance. Goals, timetables,
resource allocations, and the whole strategic approach may all need to be revised.
Next is to reorganize the resources. Transfer resources, including monetary, human,
and technological capabilities, to support the new strategies and ensure that they are
adequately supported and resourced.

The next procedure is to update the risk minimization. Update risk reduction
strategies to account for new hazards or changes in current risks. Create strategies to
handle and reduce issues that have arisen during the execution of the strategy.
Moreover, the next procedure is stakeholder participation. Inform important
stakeholders about the proposed adjustments and involve them in the decision-making
procedure. Assure that stakeholders are informed of the changes and that opportunities
for input and feedback are provided. Next is permission and adoption. Seek
permission for the updated strategy from organizational leadership or decision-
makers. Obtain their dedication and support for the strategic direction changes.

The next step is revised implementation. Based on the amended strategic direction,
carry out the amended strategies and action plans. Ascertain that accountable
individuals or teams understand their roles and duties. The next step is interaction and
reporting. Inform all relevant stakeholders about the modifications and updates.
Sustain honesty when reporting on the progress and results of the revised plan.
Besides that, performance evaluation is also a procedure for this stage. Continuously
monitor and evaluate performance in relation to the amended plan's new goals and
objectives. To assess progress, apply updated KPIs and measurements. The last step is
continuous enhancement. Promote a culture of constant enhancement in which
feedback, adaptability, and gaining knowledge from both successes and failures are
central to the organization's strategy. In addition, reviewing and amending objectives
also can be tracked using a balanced scorecard. By using a balanced scorecard, we can
understand the company's performance in depth and put strategic goals into action.

These are the 5 strategic analysis which is used in an organization. By using these
strategic stages, we can create a better vision and mission. An organization can also
achieve its goals easily.