1. Mission and Vision: The process typically begins with defining the organization's mission and vision. The mission statement outlines the company's purpose, core values, and fundamental goals. The vision statement describes the future the company aspires to create.

2. External Analysis: This step involves analyzing the external environment in which the company operates. This includes understanding market trends, industry dynamics, competitive landscape, regulatory factors, and potential opportunities and threats. Tools like PESTEL analysis (Political, Economic, Sociocultural, Technological, Environmental, Legal) and Porter's Five Forces analysis can help in this assessment.

3. Internal Analysis: Evaluating the company's internal strengths and weaknesses is crucial. This entails assessing resources, capabilities, organizational culture, workforce, technology, and operational processes. SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) is a common framework used for internal analysis.

4. Setting Objectives: Clear and measurable objectives are established based on the insights gained from external and internal analyses. Objectives should align with the company's mission and vision and provide a roadmap for achieving desired outcomes.

5. Strategy Formulation: This is the heart of the process, where strategies are developed to achieve the established objectives. Different types of strategies may be considered, such as growth strategies (market penetration, market development, product development, diversification), competitive strategies (cost leadership, differentiation, focus), and innovation strategies.

6. Strategy Implementation: Once strategies are formulated, the focus shifts to putting them into action. This involves allocating resources, defining responsibilities, setting timelines, and integrating the strategy into the organization's day-to-day operations. Clear communication and alignment throughout the organization are essential during this phase.

7. Monitoring and Evaluation: Regular monitoring and evaluation of the strategy's progress are vital to ensure that the company stays on track toward its objectives. Key performance indicators (KPIs) are established to measure success and identify any necessary adjustments.

8. Adaptation and Flexibility: The business environment is dynamic, and strategies may need to be adjusted in response to changes in the market, industry, or internal factors. Flexibility and the ability to adapt to new circumstances are crucial for long-term success.

9. Continuous Improvement: As the strategy unfolds, a culture of continuous improvement should be fostered. Lessons learned from successes and failures should be incorporated into future strategies to enhance the organization's overall performance.

10. Communication and Alignment: Throughout the entire process, effective communication is essential to ensure that all stakeholders, from employees to investors, understand the strategy and are aligned with the company's goals.

Developing a business strategy is an iterative and ongoing process. It requires a deep understanding of the organization's strengths and weaknesses, the external environment, and the ability to make informed decisions to position the company for sustained success in a competitive marketplace.