STRATEGIC PLAN - Major Steps, Formulating Strategies and Actions
This step in the strategic planning process requires the firm to develop the overall approach to successfully manage each of the identified critical issues. It also requires the firm to formulate the specific actions that will be carried out to implement each strategy. The action steps required are detailed with respect to the following:
- specific strategy
- time frame for action
- individual responsible
- resources required
Using this format, the firm can monitor the action steps and further refine them as it implements its strategic plan over time.
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Having formulated the strategy, it needs to be tested as follows:
