Strategic planning is a type of management activity. Strategic planning is often used to better focus, prioritize, and strengthen their work to achieve their goals. Employers and employees play a key role in the process of strategic planning.
There are no specific time restrictions to follow a strategic plan. But the majority of companies prepare a strategic plan for two to three years ahead while others create a new plan annually. Learning more about strategic planning can help you get started with the plan and achieve your goals.
Below are 6 steps to successful strategic planning.
1. Identify your strategic position During the first stage, you prepare for the rest of the strategic planning process. In the beginning, it is crucial to have a clear vision of your goals. First, you need to clarify your short and long-term goals(things you want to achieve in recent times and over several years, for example). Second, you need to define the steps that will help you achieve these goals.
When defining your strategic position, be sure to set realistic and measurable goals that you can really achieve. Consider your mission, corporate values, and work culture when developing a strategic plan.
2. Gather people and information When the strategic position is defined, you need to bring people who will be involved in the planning process. It is also necessary to include the more necessary information in the table. The data you use must be accurate and up-to-date. This allows you to make informed decisions that are supported by facts.
When people and information are gathered, check for any internal or external problems that can possibly affect your goals. You may ask your employees, customers, or partners in your business for their point of view.
3. Make a SWOT analysis SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. This is a powerful tool in the strategic planning process that helps ensure the success of your strategic plan. A SWOT analysis is used to help recognize the strengths and weaknesses of the business, and identify any opportunities and threats that may arise in the process.
When all the strengths, weaknesses, opportunities, and threats are identified, you can work on developing new goals that will help your business deal with those things in a more positive way.
4. Formulate a strategic plan When your strategic position is successfully established and a set of goals that match your company's mission are set, you can start developing your strategic plan. In the process of developing a strategic plan, you need to consider initiatives that will have the greatest impact on your business and which ones will improve your position. Besides, you need to think about initiatives that are more important and put them at the forefront.
To make sure your strategic plan is working, you need to develop the best way to measure your progress. With measurable goals, you can see improvements and be sure your strategic plan works as it should.
5. Realize your strategic plan At this stage, you already have a strategic plan and are ready to implement it. You need to start by educating people involved in your plan about your strategy. Ideally, you need to distribute tasks among different people or departments so everyone can clearly understand what they should do.
It is crucial to take the time to talk to these people. This can help you to make sure you are staying on track. If you see that you cannot achieve your goals, be sure to make the necessary changes to improve your strategic plan and make it work.
6. Monitor performance constantly Everyone in your team must do their part. Only in this case, your strategic plan will be effective. To make sure everyone is doing their work, you should constantly monitor and manage performance and results. Make sure that every person involved in your plan is responsible for their assigned tasks.
There are no specific time restrictions to follow a strategic plan. But the majority of companies prepare a strategic plan for two to three years ahead while others create a new plan annually. Learning more about strategic planning can help you get started with the plan and achieve your goals.
Below are 6 steps to successful strategic planning.
1. Identify your strategic position
During the first stage, you prepare for the rest of the strategic planning process. In the beginning, it is crucial to have a clear vision of your goals. First, you need to clarify your short and long-term goals(things you want to achieve in recent times and over several years, for example). Second, you need to define the steps that will help you achieve these goals.
When defining your strategic position, be sure to set realistic and measurable goals that you can really achieve. Consider your mission, corporate values, and work culture when developing a strategic plan.
2. Gather people and information
When the strategic position is defined, you need to bring people who will be involved in the planning process. It is also necessary to include the more necessary information in the table. The data you use must be accurate and up-to-date. This allows you to make informed decisions that are supported by facts.
When people and information are gathered, check for any internal or external problems that can possibly affect your goals. You may ask your employees, customers, or partners in your business for their point of view.
3. Make a SWOT analysis
SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. This is a powerful tool in the strategic planning process that helps ensure the success of your strategic plan. A SWOT analysis is used to help recognize the strengths and weaknesses of the business, and identify any opportunities and threats that may arise in the process.
When all the strengths, weaknesses, opportunities, and threats are identified, you can work on developing new goals that will help your business deal with those things in a more positive way.
4. Formulate a strategic plan
When your strategic position is successfully established and a set of goals that match your company's mission are set, you can start developing your strategic plan. In the process of developing a strategic plan, you need to consider initiatives that will have the greatest impact on your business and which ones will improve your position. Besides, you need to think about initiatives that are more important and put them at the forefront.
To make sure your strategic plan is working, you need to develop the best way to measure your progress. With measurable goals, you can see improvements and be sure your strategic plan works as it should.
5. Realize your strategic plan
At this stage, you already have a strategic plan and are ready to implement it. You need to start by educating people involved in your plan about your strategy. Ideally, you need to distribute tasks among different people or departments so everyone can clearly understand what they should do.
It is crucial to take the time to talk to these people. This can help you to make sure you are staying on track. If you see that you cannot achieve your goals, be sure to make the necessary changes to improve your strategic plan and make it work.
6. Monitor performance constantly
Everyone in your team must do their part. Only in this case, your strategic plan will be effective. To make sure everyone is doing their work, you should constantly monitor and manage performance and results. Make sure that every person involved in your plan is responsible for their assigned tasks.