Strategic Planning Process
Strategic Planning Process
1- Determine Strategic Position
This is a preparation phase to set the foundation for all work going forward;
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- Determine the current position and where to be and how to get there. Define the right stakeholders from the start to involve them, considering both internal and external sources.
- Identify key strategic issues by discussions with executives of the organization, pulling in customer insights, and collecting industry and market data.
- It is helpful to review or create company’s mission and vision statements to have a clear image of what success looks like for the business.
- Review company’s core values to clarify how the company plans to achieve these objectives.
- Identify the issues that need to be addressed using industry and market data, such as customer insights and demands.
- Document business analysis of the organization, using business analysis model such as SWOT and PESTLE.
A SWOT analysis defines an organization’s strengths, weaknesses, opportunities and threats. Additional business analysis models include PESTLE analysis, Porter’s Five Forces Framework and scenario planning. The most effective type of business analysis can vary depending on the goal and status of the business.
2-Prioritize objectives
Determine objectives that will help achieve organization’s goals. Objectives should align with company’s mission and vision. Objectives should be distinct and measurable to help reaching long-term strategic goals and initiatives. Prioritize objectives by asking important questions such as:
- Which of the initiatives will have the greatest impact on achieving company’s mission / vision and improving company’s position in the market?
- How will the competition react?
- Which initiatives are most urgent?
- What will be needed to do to accomplish the goals?
- How will progress be measured?
3- Develop the plane
Determining the tactics necessary to attain objectives and designating a timeline and clearly communicating responsibilities.
Strategy mapping is an effective tool to visualize the entire plan. Working from the top-down, strategy maps make it simple to view business processes and identify gaps for improvement.
- Communicate the plan to the organization by sharing relevant documentation.
- Turn broader strategy into a concrete plan by mapping processes.
- Use key performance indicator (KPI) dashboards to communicate team responsibilities clearly. This granular approach illustrates the completion process and ownership for each step of the way.
- Set up regular reviews with contributors and their managers and determine check-in points to ensure progress.
4- Review and revise the plan
This is the final stage of the plan (review and revise). It is an opportunity to reevaluate priorities and course-correct based on past successes or failures.
- On a quarterly basis, determine which KPIs that have been met and how you can continue to meet them.
- adapting the plan as necessary.
- On an annual basis, it’s important to reevaluate priorities and strategic position to ensure success in the long run.
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