Step 2: Identify your company’s goals and objectives
To begin strategy development, take into account your current position, which is where you are now. Then, draw inspiration from your vision, mission, and current position to identify and define your goals—these are your final destination.
To develop your strategy, you’re essentially pulling out your compass and asking, “Where are we going next?” “What’s the ideal future state of this company?” This can help you figure out which path you need to take to get there.
During this phase of the planning process, take inspiration from important company documents, such as:
Your mission statement, to understand how you can continue moving towards your organization’s core purpose.
Your vision statement, to clarify how your strategic plan fits into your long-term vision.
Your company values, to guide you towards what matters most towards your company.
Your competitive advantages, to understand what unique benefit you offer to the market.
Your long-term goals, to track where you want to be in five or 10 years.
Your financial forecast and projection, to understand where you expect your financials to be in the next three years, what your expected cash flow is, and what new opportunities you will likely be able to invest in.
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