Strategic development is a process that organizations use to analyze their internal and external environments to determine the resources and actions they require to stay competitive and successful. Setting strategies may help companies reach their objectives by adjusting their direction in response to changing conditions. An organization may develop a strategy for some of the following reasons:

• To review operations by looking at what the organization may focus on next

• To implement the current strategic direction

• To refine the current strategy

• To build a strategy for the first time

Developing a strategy allows organizations of any size to be proactive, set a focus for employees, investors, and leaders, and to communicate organizational direction. Creating a strategy may also enhance efficiency, help increase revenue and profits, reduce costs, develop opportunities for new products and services, and allow organizations to last longer in their market. 

Do a thorough analysis of the market where the company you work at operates. This may include exploring target audience characteristics, learning why the company’s products or services are useful, and identifying potential obstacles to higher sales or service levels. Analyze the competition by gathering information about their pricing, products, promotional strategies, and placement of their goods and services. Understanding the market and the position of your competitors allows you to place the organization in context within its industry or sector.

Assessing threats and challenges an organization may face gives you and your colleagues, leaders, and other stakeholders the opportunity to contribute ideas from different perspectives. This can allow you to gather information from as many internal and external sources as possible. Take time to talk individually with stakeholders, facilitate group meetings, or ask them to respond to questions virtually to find out about the risks to the organization’s success.