Questions to Ask: Communication Schedule: How and when will you roll-out your plan to your staff? Set up annual strategic review dates including new assessments and a large group meeting for an annual plan review.
Are your goals and action items still realistic?
Any government regulation issues? A strategic plan will generally include: An executive summary, which is usually written at the end of the process A company description Your mission, vision and value statements A strategic analysis that can be in the form of a SWOT analysis strengths, weaknesses, opportunities and threats An explanation of your strategies and tactics An action plan.
Critical actions move a strategic plan from a document that sits on the shelf to actions that drive organizational growth.
There are seven basic elements of a strategic plan. Beyond the hype, however, strategic planning can bring real value to an organization that takes the process seriously. If not, why? What is strategic planning? Your mission statement speaks to "why do we exist? Mintzberg argues that strategic planning can help coordinate planning efforts and measure progress on strategic goals, but that it occurs "around" the strategy formation process rather than within it. The strategic planning framework and committee A strategic planning committee typically leads this process. Weaknesses in your staff, market position, margins, financial resources, competitive vulnerability, missing products, customer complaints, missing sales channels, etc. A rule of thumb is that if there's uncertainty on the horizon, then you need a strategic plan. The four stages include: Financial planning, which is primarily about annual budgets and a functional focus, with limited regard for the environment; Forecast-based planning, which includes multi-year financial plans and more robust capital allocation across business units; Externally oriented planning, where a thorough situation analysis and competitive assessment is performed; Strategic management, where widespread strategic thinking occurs and a well-defined strategic framework is used. Why Track Your Goals? Should the deadlines be modified? What high level things need to happen to make your vision a reality.
Any macro-economic trends at play? And without a map, you're lost in a highly competitive business environment that will inevitably throw challenges your way. Should your goals be changed? Structure: What are the dates for your strategy reviews we recommend at least quarterly?
Your goals are the specific outcomes you are trying to achieve.
Strategic planning definition and examples
In many organizations, retreats have a bad reputation because stepping into one of the many planning pitfalls is so easy. Another piece of this process is the creation of benchmarks that will allow the organization to determine how well it is performing against goals and objectives as it implements the strategic plan. After you make your yearly objectives, you might break each one down further into short-term goals, which define the actions and objectives for the next three months to get you to your yearly goals. Share In spite of some overexposure in the business press, strategic planning still seems like an obscure concept to many entrepreneurs. Holding meetings helps focus your goals on accomplishing top priorities and accelerating growth of the organization. The strategy may include a diagnosis of the competitive situation, a guiding policy for achieving the organization's goals, and specific action plans to be implemented. Simply put, strategic planning determines exactly where your organization is going over the next few years and how it's going to get there. They can help keep the process organized and managers focused on the stuff that really matters. In business, the term "financial plan" is often used to describe the expected financial performance of an organization for future periods. Action Plans Each objective should have a plan that details how it will be achieved. It can be a single page or fill up a binder, depending on the size and complexity of the business and work. Given that distinction, successful organizations opt to view their strategic plans not as static roadmaps but as living documents that need to be revisited on a regular timetable as determined by the organization. Building an internal, long-term strategic plan for the business, that is going to guide management with its decision making, is different. The organization's leaders may have a series of questions they want to be answered in formulating the strategy and gathering inputs, such as: What is the organization's business or interest?
Think about this as an "internal" evaluation of your business. Effective strategic planning articulates not only where an organization is going and the actions needed to make progress, but also how it will know if it is successful.
In the last 90 days, what are the three most important things that we have learned about our strategy?
based on 14 review