The goal for any other business is to grow and expand in the long run no matter the short-term circumstances, challenges, or opportunities. Business strategic development is the continued process of implementing the plan for the long-term realization of both goals and objectives.
Even though the approach of business strategic development might differ from one company to another as management sees fit, the following are its key components:
1. Formulating vision and mission statements
2. Setting long-term and short-term goals and objectives
3. Strategic planning on how to attain these set ola and objectives
4. Resources allocation
5. Studying both internal and external environments using SWOT and PESTEL analysis
6. Plans implementation
7. Adapting to business environment changes
8. Ensuring continuous improvement