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hey guys i recently got asked a really good question what are the necessary steps in strategic planning process lets talk about it today [Music] [Music] [Applause] [Music] consider you have a running business the first step is strategic analysis this is where you baseline the status quo and understand where your business at both internally and externally so internally typically you will do a swot analysis to look at your strengths and weaknesses externally would be the environmental scan and customer insight report to look at your competition and the market demand what this does is that it helps you prioritize your strategic initiatives down the road the second step is goal setting goal setting sounds simple but it actually requires some work and thoughts into it their long-term goals and short-term goals where i talked through in detail in my last video so go ahead and check it out setting a goal is like describe the finish line for the strategy a strategic project is like a race so