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The process of formulating your strategy




Hello readers, I will be writing about strategy formulation. Strategy formulation could be seen as a process whereby the best courses of actions are chosen so as to achieve the goals and objectives of your business. Thus, achieving the vision of your organisation.

The first step to take when formulating your strategy is to define the long term goals and objectives of your business. You will then have to evaluate your business environment using the PESTEL analysis framework. You will also analyse the strengths, weaknesses, opportunities and threats of your business using the SWOT analysis framework. The PESTEL analysis will help you understand your environment. Both frameworks will let you know the competitive position of your business, which will guide your strategy.

The next step you will take is to turn some of your objectives into quantitative targets. This will help you know the value that might be added by various operating departments. These values must be identified, after-which, a business strategy will be composed for each department.

The last step you will take is to formulate the strategy. The strategy will be influenced by the goals and objectives of your company, the environment  your company operates in as well as the strengths, weaknesses, opportunities and threats of your company.

Make sure your business is halal. Everything should be done seeking the pleasure of Allah. Part of seeking the pleasure means hoping for a reward from Him in this life and the Hereafter. Everything happens according to the will of Allah (you have freewill, therefore, you are responsible for your actions).

Halal means anything lawful Islamically.

Alhamdulillah (Praise be to Allah). May Allah send peace and blessings to Prophet Muhammed (P.B.U.H). Thank you for reading this article. Like this page on facebook. Keep reading this blog regularly. Cheers!

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