The strategy cycle is a simple tool that will help you to achieve the goals of your organisation. Consisting of four main phases, the cycle is an iterative process that you can use to build and improve your business year after year.
Research
Successful business relies on informed decision making. Managers with access to information on the market, competitors and their own business will be better placed to set goals and devise strategies, than those who are less well informed.
Larger organisations often have business intelligence units, specifically tasked with the collection and analysis of data, but there is nothing to stop managers from smaller businesses from spending a couple of hours each month collecting their own business intelligence.
Often a manager’s personal knowledge and experience of the market can be just as effective as expensive research studies and decisions are made through ‘market sensing’ as opposed to ‘market research’.
As the strategy cycle is an iterative process, the results of previous strategies should feed into the business intelligence, along with any important experiences or key...
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