There are a few different ways to effectively strategize for your business. The models of strategic planning help build the framework for a business to help improve strategies around sales and growth. As stated in the previous blog, “There are models that are beneficial to a business at the beginning stages of planning, or models that are good for ongoing strategies within a business”. Here is part two for the different models of strategic planning.
This is one of the base level strategies for a business to put in place. It is a visual representation of the strategy to easily show how to reach goals and the roads to get there. This is a very easy way to get everyone on the same page for a strategy as the map clearly shows everything needed in a streamline form. It effectively shows the connections between the goals and the other steps and parties involved in the process. It shows the direct benefit or correlation to each section and how to get there. This is one of the easiest models to produce and incorporate.
The PEST Model stands for “political, economic, sociocultural, and technological”. It means that all four of those categories are a way to measure factors that affect a business or industry. It takes a look at each of these topics and how they directly impact the business and the benefits or threats that the factor poses to the business. It is an easy way to gather all outside forces into one place to plan strategies avoiding these factors or finding ways to incorporate them into the way business is conducted.
The acronym stands for “Value, Rarity, Imitability, Organization” and is another way to strategically analyze how your company stands in the industry. Value stands for how well your company is able to provide value to the service or product. Rarity assesses how you stand in terms of competition. Are you alone in your service, or do you have the disadvantage of providing the same service as many other companies. Imitability is the factor that shows you how easy it is to copy or imitate your business and how easy it is to improve it. Finally, organization is how organized your company to improve the service or industry.