When we talk about strategy, we should also mention analysis, planning, implementation and monitoring of strategy.
Strategic analysis is evaluating and understanding internal and external factors to define current situation and possible impacts on strategy.
Strategic planning is documenting and explaining the strategy to communicate with relevant parties about the goals, the actions needed to accomplish goals and all of the other essential questions such as;
- who are we?
- where do we want to go?
- how will we get there?
- how will we know when we have arrived?
Strategic implementation is the process of executing a chosen strategy which involves translating strategic plan into actions, organizing teams, setting timelines, assigning responsibilities, adapting strategy as needed.
Strategic monitoring is systematic tracking and assessing the process of strategic implementation. It includes monitoring key performance indicators (KPIs), evaluating milestones and analyzing relevant data to ensure that the organization is on track toward the goals.