How do you conduct a strategic analysis?

1 Define the purpose

The first step is to define the purpose of your strategic analysis. Why are you doing it? What do you want to achieve? Who are you doing it for? How will you use the results? These questions will help you to clarify the scope, objectives and expectations of your analysis, and to align them with the vision and mission of your organization. You should also define the time frame and the resources available for your analysis.

2 Gather the data

The next step is to gather the data that will inform your analysis. You need to collect relevant and reliable information about the internal and external environment of your organization. You can use various sources and methods, such as surveys, interviews, reports, documents, observations, benchmarks, etc. You should also consider the perspectives and interests of different stakeholders, such as customers, employees, partners, competitors, regulators, etc. You should organize and analyze the data in a systematic and objective way, and identify the key trends, patterns and issues.

3 Apply the frameworks

The third step is to apply the frameworks that will help you to structure and synthesize your data. There are many frameworks that you can use, depending on the purpose and focus of your analysis. For example, you can use the SWOT analysis to assess the strengths, weaknesses, opportunities and threats of your organization. You can use the PESTEL analysis to examine the political, economic, social, technological, environmental and legal factors that affect your organization. You can use the Porter's five forces analysis to evaluate the competitive forces and attractiveness of your industry. You can use the value chain analysis to identify the activities and processes that create value for your organization. You can use the balanced scorecard to measure the performance and progress of your organization.

4 Generate the alternatives

The fourth step is to generate the alternatives that will help you to address the challenges and opportunities identified in your analysis. You should brainstorm and evaluate different options and scenarios that could improve the situation and achieve your goals. You should consider the pros and cons, the feasibility and the impact of each alternative. You should also compare and contrast the alternatives, and prioritize them according to your criteria and preferences.

5 Recommend the actions

The fifth step is to recommend the actions that will help you to implement the best alternative or combination of alternatives. You should develop a clear and concise action plan that outlines the steps, responsibilities, resources, timelines and indicators of success for your recommendation. You should also communicate and justify your recommendation to the relevant stakeholders, and solicit their feedback and support. You should also anticipate and mitigate any potential risks or obstacles that could hinder your implementation.

6 Review the results

The sixth step is to review the results of your strategic analysis and implementation. You should monitor and measure the outcomes and impacts of your actions, and compare them with your objectives and expectations. You should also reflect and learn from your experience, and identify the strengths, weaknesses, lessons and opportunities for improvement. You should also acknowledge and celebrate your achievements, and share your findings and recommendations with others.