Many companies have a similar strategy process or do not have one at all. It usually involves a few key employees developing a strategy and projections based off of that strategy. While that is sometimes effective, it may be more beneficial to have a more outside view. Involve your customers, suppliers, and other industry partners in the strategy process. Collect data and have your team collaborate based on that data and not just their opinions or past experiences. Much like a startup should do market research before starting a business, a corporation should do market research before implementing a strategy. It will benefit you, your company, and your employees in the long run.
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