Planning of the business strategy is a process in which the company defines its goals for a period of three to five years, and chooses the courses of action to realize them in order to attain a competitive advantage over its competitors. The planning process is based on analysis of the business environment in which the company operates, and examination of the capabilities and resources available to address the threats and opportunities identified.
The process of defining the business strategy includes the following elements:
Vision – declaration of intent regarding the company’s objectives and targets
Values – definition of the principles that will serve as guidelines for the operations of the company’s managers and employees
Mission statement – definition of the company’s goals and objectives
Strategic paths – definition of the strategic steps the company must implement in order to comply with the goals and objectives of fulfilling its vision
The process of planning the business strategy is implemented in collaboration between Techtrends’ team of experts and the company’s management.
Techtrends’ strategic planning approach emphasizes completion of the planning circle for the company’s functional units, by deriving the strategic planning from the overall strategy and establishment of control and updating mechanisms to follow up on implementation of the plan that include, inter alia, application of the Balance Scorecard method and corrective actions at the organizational level and company level.