Strategic planning is a process that helps an organization set its forward course by looking at current realities and envisioning a desired future. This includes considering an organization’s strengths, weaknesses and resources available as well as anticipating industry trends. During the planning process, an organization creates a vision, articulates its purpose and sets long-term strategic goals. The strategic plan identifies specific objectives and provides a framework for decision making and work assignments. The strategic plan should be aligned with the business plan and tied to operational plans.
The first step of the strategic planning process is identifying what the organization wants to achieve in its ideal state. This is usually done by developing a mission statement that describes the company’s values and how it intends to reach its goals. The strategic goal should be specific and measurable, with clear timelines and milestones. It should also be able to be linked to the tactics that will be used to accomplish the goals and the key performance indicators (KPIs) that will be used to measure success.
Once the strategic plan has been determined, the next step is to create a roadmap of how the company will get there. This requires a detailed analysis of the company’s strengths and weaknesses, an examination of resources available and the identification of opportunities, threats and competitive advantages. The assessment should be done in a team environment, with everyone involved in the process contributing ideas and data to the process. It is important to involve as many stakeholders as possible during this phase, including employees and customers.
It is important to remember that the strategic plan is a road map and that the organization should be willing to adjust it as the business climate changes or new opportunities emerge. It is also important to recognize that a strategic plan can only be as effective as the commitment to follow it. A commitment to strategic planning must be made by senior management and the leadership of each department.
During the implementation stage, an organization implements its strategic plan by assigning responsibilities and setting expectations. It also develops a plan for analyzing and reporting on the success of the strategic plan, often through balanced scorecards. A regular schedule of reviewing and adjusting the strategic plan should be in place to compensate for the dynamic business environments that most organizations operate in.
Strategic planning is a valuable tool for every business, large or small. It enables an organization to take a step back from the day-to-day operations and focus on how the company can grow and become more profitable. It is a process that should be a priority for any business that wants to stay competitive and successful in the future. Taking the time to identify where you want to go and how you’re going to get there is the best way to ensure that your company will be around for the long-term. This is especially true in the highly competitive technology industry, where new businesses are springing up at a rapid pace.