Strategic planning is about grounding your organization in its mission, vision, and values . Take the time to think through where it makes sense to focus your energy and resources in order to reach intended outcomes and results, and ensure all stakeholders are aligned and working toward common goals.
What makes a strategic plan effective?
An effective strategy brings together vision and execution . Strategies are much more specific than an organization’s vision, mission, and objectives. ... Strategies should map long-term plans to objectives and actionable steps, foster innovative thinking, as well as anticipate and mitigate potential pitfalls.
What are the key elements of a strategic plan?
- 5 Key Components of a Powerful Strategic Plan. ...
- Mission, vision, and aspirations. ...
- Core values. ...
- Strengths, weaknesses, opportunities, and threats. ...
- Objectives, strategies, and operational tactics. ...
- Measurements and funding streams. ...
- 9 Tips for Striking out on Your Own as an Entrepreneur. ...
- Get accustomed to change — a lot of it.
What are guidelines for strategic planning process successful?
- Assess your industry, competitors and market trends. ...
- Identify opportunities and threats by conducting a SWOT analysis. ...
- Review your organization’s mission and vision. ...
- Set business goals and priorities.
What are the 5 steps in strategic planning?
- Determine your strategic position.
- Prioritize your objectives.
- Develop a strategic plan.
- Execute and manage your plan.
- Review and revise the plan.
What are the six keys to successful strategic planning?
- Create a Collaborative and Inclusive Process. ...
- Operate Off Data, Not Assumptions. ...
- Set an Expectation for Shared Responsibility and Ownership. ...
- Prioritize Transparent Communication. ...
- Think Past The Strategic Plan. ...
- Commit To Making Changes — Especially Leadership.
What are the five key areas of strategy?
An effective strategy contains five key elements: Arenas, Differentiators, Vehicles, Staging, and Economic Logic . Remember that it’s important to consider each element in the diamond because they are all interrelated and mutually reinforcing.
What are the four steps of strategic planning?
- Environmental Scanning. Environmental scanning is the process of gathering, organizing and analyzing information. ...
- Strategy Formulation. ...
- Strategy Implementation. ...
- Strategy Evaluation.
What are examples of strategies?
- Cross-sell more products. ...
- Most innovative product or service. ...
- Grow sales from new products. ...
- Improve customer service. ...
- Cornering a young market. ...
- Product differentiation. ...
- Pricing strategies. ...
- Technological advantage.
What are the 7 steps of the strategic management process?
- Understand the need for a strategic plan.
- Set goals.
- Develop assumptions or premises.
- Research different ways to achieve objectives.
- Choose your plan of action.
- Develop a supporting plan.
- Implement the strategic plan.
What are the pitfalls of strategic planning?
There are four main challenges when it comes to strategic planning: lack of ownership, poor communication, lack of alignment, and slow adoption . It’s important to understand what’s at the core of these challenges before we dive into solutions.
How do you present a strategic plan?
- Provide conceptual tools. During the meeting, describe the basic principles of a strategic plan, as well as any new terms or definition of terms. ...
- Reveal the competition. ...
- Connect employees to the plan. ...
- Provide handouts of the plan. ...
- Ask them what they believe will be different and the same.
What is the first step in strategic planning?
The situation analysis is the first step in strategic planning. It involves the gathering of information, both internally and externally, to provide insights into issues related to a business’s employees, customers, competitors and industry.
How do you write a strategic plan?
- Vision – where you want to get to.
- Values – how you’ll behave on the journey.
- Focus Areas – what you’ll be focusing on to help your progress.
- Objectives – what you want to achieve.
- Projects – how you’ll achieve them.
- KPIs – how you’ll measure success.
How do you develop a strategic plan?
- Write Your Mission Statement. ...
- Write Your Vision Statement. ...
- Write Your Values Statement. ...
- Conduct an External Analysis. ...
- Conduct an Internal Analysis. ...
- Identify Strategic Issues. ...
- Establish Strategic Goals. ...
- Develop Staffing Plan.
What are the 5 critical success factors?
- Strategic Focus (Leadership, Management, Planning)
- People (Personnel, Staff, Learning, Development)
- Operations (Processes, Work)
- Marketing (Customer Relations, Sales, Responsiveness)
- Finances (Assets, Facilities, Equipment)
