What is strategy development?
Strategy development, also known as strategic planning, is fundamental to creating and running a business and is practiced widely both informally and formally. it is capable of being changed in response to shifting market dynamics.
Strategy development sets specific goals and objectives and is the mechanism for drawing up a roadmap of ways to achieve them via action plans. The goals and objectives, when developed, can then be summarised into a mission statement and/or a vision statement. Every strategic plan should be capable of being changed in response to shifting market conditions and dynamics.
Are there any pitfalls? Yes - many strategic plans target high level initiatives and associated goals, but never get transferred into the day-to-day priorities and tasks that are needed to complete a successful plan. The level at which a plan is written along with word selection and terminologies used in the plan are both examples of ways to fail in translating your strategic plan into an understandable and easily executable vehicle for success. Often, plans are filled with conceptual terms which don't tie into day-to-day realities for the staff expected to carry them out.