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The development of a strategic plan is a complicated process, which often takes months to complete. In order for the entire process to be completed successfully, without any major problems or delays, it must be divided into separate stages and each stage should have its own deadlines.
About Strategic Plan Development Pyramid
The first stage in the development of a successful strategic plan is conducting preliminary research. In this phase you should study industry and market statistics, examine different potential opportunities and threats, search for possible target markets or niches and make sure your company has sufficient resources to create a new product or enter a new market. The main goal of the preliminary research is to collect all necessary information that will allow further development of the strategic plan in terms of finding out whether there are any barriers which could impede production or marketing, what type of competitive environment exists for your business and if it is possible to set up production facilities in time in order not to miss the seasonal demand peak. This stage usually lasts between 1-2 months.
After this stage is completed, you should prepare a preliminary draft of your strategic plan. This means creating the basic structure and identifying the main components of your plan. The exact schedule for these activities varies depending on the size and complexity of your company and its operations. It also depends on whether or not you intend to produce any new products in order to enter a new market. If there aren't any major changes planned in terms of product production, then developing a full business plan will take around 2-3 months. By planning out all your activities during this stage, it will prevent possible problems further down the road which may arise due to poor planning or lack of necessary resources.
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