You don’t have to have a seat in the boardroom to recognize that being able to do something important that no one else can is a huge advantage in business. But is that enough? Can simply having that advantage keep you ahead of the competition? Strategic planning is about understanding your competitive advantage, and then using it to “win.” Whether it’s you or a team member looking for promotion, or your organization striving to become market leader, success doesn’t just happen by itself – you have to have a strategy to make it happen. So, where do you start? There are many different approaches to strategy, and there’s a great deal of debate about the best way of developing one. A lot will depend on the type of business you’re in, and whether you need a strategy for your organization as a whole or for a particular department or team. In this Skillbook, we’ll focus on three stages of developing a business strategy, using six popular tools: Understanding your environment – using PEST Analysis and Porter’s Five Forces. Understanding your organization – using USP Analysis, Core Competence Analysis, and SWOT Analysis. Understanding your potential strategic options – using Porter’s Generic Strategies. 21 pages. This workbook is a downloadable product. All our Skillbooks are available for free to Mind Tools Club members. Go to www.mindtools.com to sign up and gain full access.
