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STRATEGY FORMULATION
Strategy Formulation is a process that determines the future direction of the organization and what organizational resources will be needed. This process identifies business opportunities and resources that are required to convert opportunity into success.

Developing a focused strategy and an implementation plan is far more effective than leaving the future to chance. Additionally, developing strategies, vision, mission, and specific action plans greatly contributes to long-term, sustainable success. An effective Strategy Formulation process will create higher levels of motivation, commitment, and fuel continuously higher levels of achievement from everyone within the organization.

 
THE PROCESS

The Strategy Formulation process provides a format for developing specific strategies, converts those strategies into a business planning process, and establishes specific, measurable, and attainable goals. It is a process that involves not only determining where a company wants and needs to go, but also, how it is going to get there. The goal-setting process involves many layers of the organization for improved employee buy-in and input.

The CoreStrata® approach to Strategy Formulation is Goals-Driven. This approach emphasizes defining where the organization wants to go, what it wants to accomplish, what the gaps are, and then developing specific and measurable goals and action plans to achieve the vision. Strategy formulation is developed through a process that generally takes several sessions. Session times can range from several hours to a two or three-day retreat. The executive team and key management participate in the process.


KEY AREAS
Clarify mission, vision, and values
Define or reevaluate the organization’s mission, define the vision (what it will look like when the mission has been fulfilled), and articulate the core values or principles held by the organization.

Perform a situational analysis
This is a systematic way of analyzing the current and expected future situations of the organization in terms of its internal strengths and weaknesses, as well as the external threats and opportunities. It is often referred to as a "SWOT" analysis (Strengths, Weaknesses, Opportunities, and Threats). The analysis provides objective information to use in decision-making throughout the rest of the planning process.

Develop goals
Define clear, specific, measurable goals and objectives for the organization to achieve in the coming years, accountability for achieving the goals, and specific timeframes for accomplishment.

Define strategies to accomplish each goal
Identify several alternative approaches for each goal, objectively evaluate the merits and drawbacks of each alternative, prioritize the options, and choose one or more strategies for each goal that represent the best available options.

Evaluate the impact on the organization
Test the goals to see if they are realistic given the expertise, time commitments, money, and other resources necessary to implement the strategies. This step inevitably results in changes to the goals and strategies, and also provides valuable information to use in budgeting and other short-term planning activities.
BENEFITS
  • Unified Focus and Clear Direction
  • Improved Organizational Performance
  • Improved Teamwork
  • Succession Planning
  • Measurable Goals Throughout the Organization
  • Increased Accountability
  • Strategic Thinking Mindset for Ongoing Decision-Making
  • Increased Profitability
  • Improved Resource Utilization
  • Profitable Growth
  • Clear Communication
  • Increased Innovation
  • Increased Customer Satisfaction
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