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The strategy should contain:

1. An answer to the question "Who am I?" and "What is my calling?"

2. Answers to the question "What do I want?"

3. A list of goals.

4. A SWOT analysis, or an analysis of strengths, weaknesses, opportunities, and threats, including an analysis of one's own capabilities, abilities, and resources, as well as an analysis of the situation (external environment) and the prospects for change, in order to develop a strategy. We'll discuss this in more detail in Section 2.4.

SWOT analysis (the acronym stands for Strengths, Weaknesses, Opportunities, and Threats) is presented as the most common and one of the best options for strategic analysis, but it is not the only one. Consider other methods, which will also be described in general terms later in the text in Section 2.4.

5. An action plan, including a list of tasks that take into account the results of the SWOT analysis and other methods.

6. Next, typically for organizations, a structure and operational plan are developed (what the company actually exists and how it functions), a marketing plan (a plan for market behavior, taking into account competitor analysis, etc.), a financial plan is drawn up, accounting for expenses and income (cash flow), investment needs are determined, and the planned payback period is calculated. Only then is the plan implemented. We will also consider all of this below, but in a slightly different context, applicable to individuals and primarily to simplify their lives.

If you have never developed a strategy in this way before, after going through all the stages, you will likely see things you hadn't noticed before—especially new opportunities. This is largely why all this work is necessary. It is a valuable and necessary experience. Having learned to think strategically and apply strategic planning methods in your work, you may make strategic planning your life's work or profession.

During strategic analysis, it is also useful to conduct the following activities:

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Compare resource needs with what's available based on ongoing inventory;

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Understand what's missing and in what quantities;

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Understand how realistic it is to obtain what's missing;

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Replenish any unavailable or insufficient resources yourself. If we're talking about production capacity, you can compensate for the shortfall with a second work shift. And if it's still insufficient, then you should consider attracting loans (that's a nasty word), investors, or co-owners to the business.

We will consider the main issues related to effective planning in Section 3. “Planning your affairs is half the battle.”