What are the 5 strategic plans?

What are the 5 strategic plans? : Before you begin the strategic planning process , it is important to review some steps to set you and your organization up for success .
Determine your strategic position.
Prioritize your objectives.
Develop a plan.
Execute and manage the plan.
Review and revise the plan.
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Every business should have a strategic plan—but the number of businesses that try to operate without a defined plan (or at least a clearly communicated one) might surprise you. Research from OnStrategy shows that 86% ofexecutive teams spend less than one hour per month discussing strategy, and 95% of a typical workforce doesn’t understand its organization’s strategy.

Because so many businesses lack in these regards, you can get ahead of the game by using strategic planning. In this article, we will explain what the strategic planning process looks like and the steps involved.

Strategic planning process (click on image to modify online)

Table of Contents

What is the strategic planningprocess?

The project planning process, which is used to scope and assign tasks for individual projects, and strategy mapping, which helps you determine your mission, vision, and goals, are different from this process.

The strategic planning process is broad—it helps you create a roadmap for which strategic objectives you should put effort into achieving and which initiatives would be less helpful to the business. 

Strategic planning process steps

Before you begin the strategic planning process, it is important to review some steps to set you and your organization up for success.

1. Determine your strategic position

The groundwork for all subsequent work is laid during this preparation stage. Knowing where you are will help you figure out where you need to go and how to get there.

Consider both internal and external sources when choosing which stakeholders to involve early on. By speaking with company executives, drawing on customer insights, and gathering market and industry data, you can pinpoint the most important strategic issues. You’ll get a clear picture of your position in the market and customer insight from doing this.

To give yourself and your team a clear idea of what success looks like for your business, it can also be helpful to review—or create, if you don’t already have them—your company’s mission and vision statements. Review your company’s core values as well to be reminded of how you intend for it to accomplish these goals.

To begin, identify the issues that need to be addressed using market and industry data, customer insights, and present and future demand. Record your company’s internal strengths and weaknesses, as well as external opportunities (ways your company can expand to meet needs the market isn’t currently meeting) and threats (competition).

Use a SWOT diagram as a foundation for your initial analysis. You can quickly classify your findings as Strengths, Weaknesses, Opportunities, and Threats (SWOT) to make your current position clear with the help of input from executives, clients, and external market data. Example of a SWOT analysis (click image to edit online).

PEST analysis is an alternative to a SWOT analysis. PEST, which stands for Political, Economic, Sociocultural, and Technological, is a strategic tool for identifying threats and opportunities to your company. PEST analysis (modify image online by clicking).

As you synthesize this information, your unique strategic position in the market will become clear, and you can start solidifying a few key strategic objectives. Often, these objectives are set with a three- to five-year horizon in mind.

Use PEST analysis for additional help with strategic planning.

Learn how

2. Prioritize your objectives

Once you have identified your current position in the market, it is time to determine objectives that will help you achieve your goals. Your objectives should align with your company mission andvision.

Prioritize your objectives by asking important questions such as:

  • Which of these initiatives will have the greatest impact on achieving our company mission/vision and improving our position in the market?
  • What types of impact are most important (e.g. customer acquisition vs. revenue)?
  • How will the competition react?
  • Which initiatives are most urgent?
  • What will we need to do to accomplish our goals?
  • How will we measure ourprogress and determine whether we achieved our goals?

Objectives should be distinct and measurable to help you reach your long-term strategic goals and initiatives outlined in step one. Potential objectives can be updating website content, improving email open rates, and generating new leads in the pipeline.

3. Develop a plan

Now is the time to develop a strategy to achieve your goals. In this step, you must choose the strategies needed to achieve your goals, set a deadline, and express clearly who is responsible for what.

The use of strategy mapping to visualize your entire plan is highly recommended. Strategy maps make it simple to view business processes and spot areas for improvement because they operate top-down. Example of a strategy map (click image to edit online).

True strategic decisions typically involve a trade-off in opportunity cost. For instance, your business might decide to spend less money on customer service so that it can invest more in designing a simple user interface.

Be prepared to use your values, mission statement, and established priorities to say “no” to initiatives that won’t enhance your long-term strategic position.  

4. Execute and manage the plan

When you have a plan, you are prepared to put it into action. Share the pertinent documentation with the organization to introduce the plan. The work itself then starts.

By mapping your processes, you can transform your broad strategy into a detailed plan. To clearly communicate team responsibilities, use key performance indicator (KPI) dashboards. With such specificity, it is possible to see how each step will be completed and who will be responsible for it.

Set up regularreviews with individual contributors and their managers and determine check-in points to ensure you’re on track.

5. Review and revise the plan

You have the chance to reevaluate your priorities and course-correct based on prior successes or failures in the final stage of the planto review and revise.

Decide which KPIs your team has achieved and how you can continue to do so on a quarterly basis. If necessary, adjust your plan to meet your goals. To make sure you stay on track for long-term success, it’s critical to reevaluate your priorities and strategic position on an annual basis.

Balanced scorecards can help you keep track of your progress while executing strategic goals and gaining a thorough understanding of your company’s performance. Balanced scorecard (modify image online by clicking on it).

Your mission and vision may need to change over time, and the annual evaluation is a good time to think about those changes, create a new plan, and re-implement it.

Achieveyour goals and monitor your progress with balanced scorecards.

Learn how

Master the strategic planning process steps

As you continue to implement the strategic planning process, repeating each step regularly, you will start to makemeasurable progress toward achieving your company’s vision.

You’ll be able to maintain a long-term perspective and make decisions that will keep you on the path to success for years to come rather than constantly putting out fires, responding to the competition, or focusing on the most recent hot-button initiative.

Use a strategy map to turn your organization’s mission and vision into actionable objectives.

Learn how

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What are the 5 strategic plans?

What are the 7 steps of strategic planning? : Recognize the necessity of a strategic plan. Specify objectives. Create premises or assumptions. Consider a variety of approaches to accomplish goals. Decide on your course of action. Create a plan to support it. Put the strategic plan into action.
What is the purpose of a strategic plan? : The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.
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Contents

  • 1 1. It allows organizations to be proactive rather than reactive
  • 2 2. It sets up a sense ofdirection
  • 3 3. It increases operational efficiency
  • 4 4. It helps to increase market share and profitability
  • 5 5. It can make a business more durable
  • 6 Get the template ↓

While creating a strategic plan takes a lot of time and money for many organizations, it is still only reviewed once a year, or worse, it is a glossy document that is put on a shelf.

Strategic planning has many advantages, so you might be wondering if it’s worthwhile to start the process. Building in measures and implementation steps that let you involve your staff and track the outcomes on a regular basis is the key to effective strategic planning. Our Free Strategic Plan Template, which you can download as a PDF, is a great starting point.

Here are the top 5 benefits of strategic planning:

1. It allows organizations to beproactive rather than reactive

A strategic plan allows organizations to foresee their future and to prepare accordingly. Through strategic planning, companies can anticipate certain unfavourable scenarios before they happen and take necessary precautions to avoid them. With a strong strategic plan, organizations can be proactive rather than merely reacting tosituations as they arise. Being proactive allows organizations to keep up with the ever-changing trends in the market and always stay one step ahead of the competition.

2. It sets up a sense of direction

A strategic plan helps to define the direction in which an organization must travel, and aids in establishing realistic objectives and goals that are in line with the vision and mission charted out for it. A strategic plan offersa much-needed foundation from which an organization can grow, evaluate its success, compensate its employees and establish boundaries for efficient decision-making.

3. It increases operational efficiency

A strategic plan provides management the roadmap to align the organization’s functional activities to achieve set goals. It guides management discussions and decision making in determining resource and budget requirementsto accomplish set objectives — thus increasing operational efficiency.

Through a dedicated strategic plan, organizations can get valuable insights on market trends, consumer segments, as well as product and service offerings which may affect their success. An approach that is targeted and well-strategized to turn all sales and marketing efforts into the best possible outcomes can help to increase profitability and market share.

5. It can make a business more durable

Business is a complex idea. A company might experience financial success one year before going bankrupt the following. Organizations that lack a solid foundation, focus, and foresight will struggle to catch the next wave in an environment where industries and global markets are constantly changing. According to reports, one out of every three companies that are market leaders may cease to exist in the next five years, but the chances are against those who don’t have a solid strategic plan.

If you’re considering adopting a strategic plan at your organization, or are looking for a way to align your staff and daily operations on your existing one, then Envisio may just be the solution you’ve been looking for. Envisio’s cloud-based strategic plan management software helps organizations manage their strategic andoperating plans, track performance, and report to stakeholders.

Get the template ↓

Cara Ong

In the business and product management fields, Cara has more than 15 years of experience. She is a strategic executive and entrepreneur who prioritizes results and has a positive outlook on both work and life. Cara is passionate about assisting businesses in locating practical solutions and offering forward-thinking tactics to assist them in achieving their objectives of operational effectiveness. Cara likes to paint with acrylics and play golf in her free time.

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More By This Author

[/lightweight-accordion]What is a good strategic plan? : Strategies should map long-term plans to objectives and actionable steps, foster innovative thinking, as well as anticipate and mitigate potential pitfalls Strategic plans often look out 3-5 years, and there may be a separate plan for each individual objective within the organization
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The strategic planning process takes time, but the payoff is huge. If done correctly, your strategic plan will engage and align stakeholders around your company’s priorities.

Strategic planning, which is also known as strategy development or analysis and assessment, calls for meticulous attention to detail and should be carried out by someone who can follow through with next steps and regular updates. As new circumstances, both internally and externally, develop, strategic plans are dynamic documents that change.

Make sure management, a board of directors, or other leaders are on board with the process of strategic planning before starting. The process cannot be successful without it.

Next, assemble your planning group. The planning process should be an open, free discussion within the group, with participants from various departments at various levels. While it’s crucial for leaders to solicit feedback from the entire team, they don’t always need unanimous consent because that would slow down the process.

The plan author is responsible for writing and putting the final plan together and should work with a smaller group of writers to establish and standardize the tone and style of the final document or presentation

The strategic planning process can occasionally benefit from the assistance of an outsider, so hiring them is a good idea.

Byson says the facilitator can be in-house or external, but they need experience You need to make sure someone is good, so there needs to be a vetting process, he says

Asking about the way a facilitator leads conversations is one way to evaluate their experience. According to Bryson, it’s crucial for facilitators to take the initiative by posing questions.

Bryson says that strong facilitatorsoften ask the following questions:

  • What is the situation we find ourselves in?

  • What do we do?

  • How do we do it?

  • How do we link our purposes to our capabilities?

The facilitators must also be able to manage conflict and diffuse situations by separating idea generation from judgment. Bryson acknowledges that strategy involves conflict. [Facilitators] must keep the discussions going for a sufficient amount of time to spread out enough ideas to enable participants to make informed decisions.

Since they are not personally invested in the process’ outcome, these outside aids are occasionally more effective than internal facilitators. They are able to focus on the procedure and pose challenging queries as a result.

A strategic plan is a dynamicdocument or presentation that details your companys present situation, outlines your future plans, and shows you how the company can get there You can take many approaches to the process and consider differing ideas about what needs to go into it, but some general concepts stand

“Strategic planning is a prompt or a facilitator for fostering strategic thinking, acting, and learning,” says Bryson. He explains that he often begins planning projects with three questions:

  • What do you want to do?

  • How are we going to do it?

  • What would happen if you did what you want to do?

The answers to these questions make up the meat of the planning document

A strategic plan is only effective when the writing and thinking is clear, since the intent is to help an organization keep to its mission through programs and capacity, while also building stakeholderengagement.

Question 1: Where Are We Now?

The answer (or answers) to the first question — where are we now? — addresses the foundation of your organization, and it can serve as an outline for the following sections of your strategic plan:

  • Mission statement

  • Core values and guidingprinciples

  • Identification of competing organizations

  • Industry analysis (this can include a SWOT or PEST analysis)

Question 2: Where Are We Going?

The answers to this question help you identify your goals for the future of the business and assess whether yourcurrent trajectory is the future you want. These aspects of the plan outline a strategy for achieving success and can include the following:

  • Vision statement about what the company will look like in the future

  • What is happening (both internally and externally) and what needs to change

  • The factors necessary for success

Question 3: How Do We Get There?

The answers to this question assist you in outlining the various paths you can take to realize your vision and align your strengths with market opportunities. You can organize and monitor these initiatives with the aid of a Gantt chart.

You should include thefollowing sections:

  • Specific and measurable goals

  • Objectives

  • An execution plan that identifies who manages and monitors the plan

  • An evaluation plan that shows how you plan to measure the successes and setbacks that come with implementation

What to Include in aStrategic Plan

Industry-wide terminology standards are lacking, which can cause confusion. Instead, the various parts of a strategic plan are referred to by a variety of names by strategic planning experts.

No matter what terms you use, the general idea of a strategic plan is the same Its like drawing a map for your company One of the first steps is committing to a process, thendetermining how youre going to do it, McNerney explains

She employs a straightforward diagram that she refers to as the strategic plan architecture. The strategic components of the plan are located in the spaces above the red dashed line. The implementation parts can be found below the red dotted line.

While the specific terminology varies, basicsections of a strategic plan include the following in roughly this order:

  • Executive summary

  • Elevator pitch or company description

  • Mission statement

  • Vision statement

  • Goals

  • Industry analysis

  • Marketing plan

  • Capacity

  • Operations plan

  • Financial projections

  • Evaluation methods

  • Signature page

The structure and culture of your organization will determine which plans include all of the aforementioned sections and which do not.

I want to keep it simple, so organizations can be successful in achieving [the strategic plan], McNerney explains Your plan hasto be aligned with your culture and your culture needs to be aligned with your plan if youre going to be successful in implementing it

You can keep track of what you’ve completed and what remains by using the following checklist.

Download Strategic Plan Sections Checklist

Once youve assembled your team and defined your terms, its time to formalize your ideas by writing the strategic plan The plan may be in the form of a document, a presentation, or another format

You can usemany models and formats to create your strategic plan (read more about them in this article) However, you will likely need to include some basic sections, regardless of the particular method you choose (even if the order and way you present them vary) In many cases, the sections of a strategic plan build on each other, so you may have to write them in order

One piece of advice: Try to stay away from jargon and general terms. For instance, words like maximize and succeed lose their impact. Additionally, keep in mind that in strategic planning, there are numerous terms used to refer to the same thing.

The following sections walk you through how to write common sections of a strategic plan.

How to Write an Executive Summary

Being concise and clear when writing an executive summary is essential. Executive summaries should only be one to two pages long and should include the key elements of the strategic plan. Don’t feel obligated to include everything in this section.

The goal is to grab the reader’s attention and entice them to read the rest of the plan. Write the executive summary after the rest of your strategic plan is finished because it serves as a review of the whole thing.

Read this article for more details, a checklist, and free templates on how to write an effective executive summary.

If you want a one-page executive summary, this template can help you decide what information to include

DownloadOne-Page Executive Summary Template

Excel | Word | PDF

How to Write aCompany Description

The company description, also known as an elevator pitch, is a succinct summary of your company and what it does. It ought to be brief enough to read or hear during a typical elevator ride.

The company description should include the history of your company, the major products and services you provide, and any highlights and accomplishments, and it shouldaccomplish the following:

  • Define what you are as a company.

  • Describe what the company does.

  • Identify your ideal client and customer.

  • Highlight what makes your company unique.

While this might seem elementary, your company’s description evolves as it develops. For instance, the ideal client you had five years ago might not be the same as the ideal client you want today or in five years.

Share the company description with everyone in your organization. If employees cannot accurately articulate what you do to others, you might miss out on opportunities.

How to Write a Mission Statement

What your company is attempting to accomplish is described in its mission statement. It not only directs your entire business, but it also aids your staff in making choices that advance the overall mission and objectives of the organization.

According to McNerney, [the mission statement] should ideally sum up your core values. The reason you are or what you do is the issue.

Strong mission statements can help your business stand out from the crowd and keep you moving in the right direction. It can also serve as a sort of tagline for your business.

Mission statements should do the following:

  • Define your company’s purpose. Say what you do, who you do it for, and why it is valuable.

  • Use specific and easy-to-understand language.

  • Be inspirational while remaining realistic.

  • Be short and succinct.

This is your chance to define the way your company will makedecisions based on goals, culture, and ethics. Mission statements should not be vague or generic, and they should set your business apart from others. If your mission statement could define many companies in your line of work, it is not a good mission statement.

Not all mission statements should be directed at partners or customers. Actually, you could include in your mission statement what your business does for its employees.

Unlike other parts of yourstrategic plan that are designed to be reviewed and edited periodically, your companys mission statement should live as is for a while

That said, make the effort to edit and refine your mission statement. Take out jargon like world class, best possible, state of the art, maximize, succeed, and so on, and cut vague or unspecific phrasing. Then let your strategic planning committee review it.

How toWrite a Vision Statement

Every action your company takes advances its vision. Your company’s vision statement outlines the long-term goals it has for itself and can motivate and bring your team together.

According to McNerney, the vision is the most complete statement of the ideal state or future that you want your company to reach.

All stakeholders can better understand your company’s meaning and purpose with the aid of a clear vision statement. Employees should feel inspired and motivated as it establishes the course for your business. It also aids in eliminating components that might not be consistent with your goals.

Short (a few sentences) vision statements are preferred. They ought to be distinct, focused, and ambitious. However, there is a thin line separating ambition and fantasy. If you adhere to the goals and objectives you specify later in your strategic planning plan, the vision should be clearly attainable.

It might be necessary to wait until you have more knowledge about the company’s direction to write your vision statement because you need to be aware of your company’s goals and objectives in order to do so.

Below are questions to ask your team as you craft your vision statement:

  • What impact do we want to have on our community and industry?

  • How will we interact with others asa company?

  • What is the culture of the business?

Avoid broad statements that could apply to any company or industry For example, phrases like delivering a wonderful experience could apply to many industries Write in the present tense, avoid jargon, and be clear and concise

Vision statements should accomplish the following:

  • Be inspiring.

  • Focus on success.

  • Look at and project about five to 10 years ahead.

  • Stay in line with the goals and values of your organization.

Once you write your vision statement, communicate it to everyone in your company. Your team should be able to easily understand and repeat the company’s vision statement. Remember, the statements can change as the environment in and around your company changes.

The Difference Between Mission and Vision Statements

Mission and vision statements are both important, but they serve very different purposes

Mission statements show why a business exists, while vision statements are meant to inspire and provide direction. Mission statements are about the present, and vision statements are about the future. Themission provides items to act upon, and the vision offers goals to aspire to.

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Mission StatementVision Statement

Focuses what your organization does today Focuses on what you want your company to become
Drives the company forward Gives the company direction
Could change as business changes Should not change often since it is linked to company’s foundation

For instance, the mission statement would be to provide food banks within the city limits if the vision statement was “No child goes to bed hungry.”

While many organizations have both mission and vision statements, its not imperative Not everyone has a vision statement, McNerney says Some organizations just have one

The only statement you have, if you decide to have just one, needs to include what you do, how you do it, why you do it, and who you do it for, according to McNerney’s advice.

During the planning process, these key statements might change. “Early on in the process, you need to talk about what you are doing and why and how you are doing it. Sometimes you think you know where you want to go, but you’re not really sure,” McNerney says. “You need to have flexibility both on the plan content and in the process.”

How to Write Your Company’s Core Values

Company core values, sometimes called organizational values, help you understand what drives the company to do what it does In this section, youll learn a lot about your company and the people who work with you It should be relatively easy to write

The core of how you conduct business and treat your employees, both internally and externally, can be found in your values. According to McNerney, values describe the behaviors you really want to promote.

There are internal and external values that take into account your coworkers and employees as well as clients and other stakeholders. Identifying values will help you determine the characteristics of the candidates you want to hire and promote, as well as the traits you want in your customers.

Your vision statement should be consistent with your values, which should also play up your advantages while minimizing disadvantages. When developing strategic plans, many organizations, according to McNerney, fail to take their company values into account or are dishonest about them.

Your strategies have to align with your values and vice versa, she explains

Many companies’ values sound like meaningless jargon, so take the time to figure out what matters to your company and push beyond generic language.

How to Write about Your Industry

When planning ahead for your business, its important to look around How are matters inside your company? What are your competitors doing? Who are your target customers?

[If you dont do a thorough industry analysis], youre doing your planning with your head in the sand If youre not looking at the worldaround you, youre missing a whole dimension about what should inform your decision making, McNerney advises

Writing about your industry helps you identify new opportunities for growth and shows you how you need to change in order to take advantage of those opportunities Identify your key competitors, and define what you see as their strengths and weaknesses Performing this analysis will help you figure out what you do best and how you compare to your competition Once you know whatyou do well, you can exploit your strengths to your advantage

Include your SWOT (strengths, weaknesses, opportunities, and threats) analysis in this section as well. To assist you in writing this section, you can pick from a variety of templates.

Next, decide who your target market is. Consider what they desire and require, as well as how you can meet those needs. Are your competitors able to draw in your target audience, or do you have a specialty that makes you stand out?

The industry analysis carries a price, but also provides many benefits. “It takes some time and money to do [a thorough industry analysis], but the lack of that understanding says a lot about the future of your organization. If you don’t know what is going on around you, how can you stay competitive?” explains McNerney.

How to Write Strategic PlanGoals and Objectives

This section is the bulk of your strategic plan. Many people confuse goals and objectives, thinking the terms are interchangeable, but many argue that the two are distinct. You can think of them this way:

  • Goals: Goals are broad statements about what you want to achieve as a company, and they’re usually qualitative. Theyfunction as a description of where you want to go, and they can address both the short and long term.

  • Objectives: Objectives support goals, and they’re usually quantitative and measurable. They describe how you will measure the progress needed to arrive at the destination you outlined in the goal. More than one objective can support one goal.

GoalsObjectives

Broad scope Narrow scope
General in direction, generic action Specific direction, specific action
Abstract Solid
Qualitative (not necessarily measurable) Quantitative (easily measured)
Longer term Shorter term

For example, if your goal is to achieve success as a strategic planner, your objective would be to write all sections of the strategic plan in one month

iBossWell, Inc.’s McNerney reiterates that there are not hard and fast definitions for the terms goals and objectives, as well as many other strategic planning concepts. “I wouldn’t attempt to put a definition to theterms. You hear the terms goals and objectives a lot, but they mean different things to different people. What some people call a goal, others call an objective. What some people call an objective, others would call a KPI.” They key, she explains, is to decide what the terms mean in your organization, explain the definitions to key stakeholders, and stick to those definitions.

How toWrite Goals

The strategic plan you develop is built around goals. They outline your priorities and initiatives, making them crucial components that specify what your plan will achieve. For the sake of clarity, this article will refer to goals rather than strategic objectives or strategic priorities, as some planning specialists do.

According to McNerney, “[Goals] are the higher level that contains several statements about what your priorities are.” On the hierarchy of your plans, they are frequently near the top.

Each goal should reflect something you uncovered during the analysis phase of your strategic planning process. Goals should be precise and concise statements, not long narratives. For example, your goals might be the following:

  • Eliminate case backlog.

  • Lower production costs.

  • Increase total revenue.

Each objective ought to have a clear outcome and a completion date. Consider the following formula for writing goals: Action, detail of the action, measurable metric, deadline = goal. For instance, your objective might be to boost sales by 5% across three product categories by the third quarter of 2020.

Another way to look at it: Verb (action) + adjective (description) = noun (result) An example goal: Increase website fundraising

Your objectives should strike a balance between being attainable and aspirational. You should push yourself beyond your comfort zone while keeping things manageable. Your organization as a whole and your stakeholders should be able to recall and comprehend your objectives.

Think about goals with varying lengths. Some should go out five to 10 years, others will be shorter — some significantly so. Some goals might even be quarterly, monthly, or weekly. But be careful to not create too many goals. Focus on the ones that allow you tozero in on what is critical for your company’s success. Remember, several objectives and action steps will likely come from each goal.

How to Write Objectives

Objectives are the turn-by-turn directions of how to achieve your goals They are set in statement and purpose with no ambiguity about whether you achieve them or not

Your goals arewhere you want to go Next, you have to determine how to get there, via a few different objectives that support each goal Note that objectives can cover several areas

You need implementation elements of the plan to be successful, McNerney says, adding that some people refer to objectives as tactics, actions, and many other terms

Because they are quantifiable and measurable, objectives frequently start with the words increase or decrease. When an objective is accomplished, you will know it. These are things that need to be done, frequently with deadlines.

Use the goal example from earlier: Increase total revenue by 5 percent in three product areas by the third quarter of 2020. In this example, your objectives could be:

  • Approach three new possible clients each month.

  • Promote the three key product areas on the website and in email newsletters.

When writing objectives, keep the acronym SMART in mind: specific, measurable, achievable, realistic/relevant, and time-bound.

Breaking down the process further, some strategic planners use the terms strategies and tactics to label ways to achieve objectives. Using these terms, strategies describe an approach or method you will use to achieve an objective. A tactic is a specific activity or project that achieves the strategy, which, in turn, helps achieve the objective.

How to Write about Capacity, Operations Plans, Marketing Plans, and Financial Plans

Following the creation of your goals and objectives, you must decide who will be responsible for each task, how you will market their contributions, and how you will pay for everything that needs to be done.

You need to be aware of the repercussions if you decide to shortchange the process [and not address capacity and finances], according to McNerney. You risk developing a plan that you cannot execute if you do not account for the increased expenses or revenues your plan will generate.

You need the right people in place in order to accomplish all of the objectives outlined in your strategic plan. Include a section in your strategic plan where you discuss your organization’s capacity. If not, you might need to hire personnel in order to complete the tasks you’ve listed in order to achieve your goals.

The operations plan maps out your initiatives and shows you who is going to do what, when, and how This helps transform your goals and objectives into a reality A summary of it should go into your strategic plan If you need assistance writing a comprehensive implementation plan for your organization, thisarticle can guide you through the process

A marketing strategy outlines how you’ll draw in prospects and turn them into paying customers. Though it is not required, you might want to include a summary of your marketing strategy in your strategic plan. This article can help you if you want more details on how to write marketing plans.

Then there are finances. We would all like to accomplish every goal, but sometimes we do not have enough money to do so. A financial plan can help you set your priorities. Check out these templates to help you get started with a financial plan.

How to Write Performance Indicators

You require performance indicators to determine whether you are accomplishing the objectives listed in your strategic plan. These metrics will help you define success and ensure accountability. Sadly, when progress isn’t regularly evaluated, strategic plans frequently fail.

Key performance indicators (KPIs)can show you how your business is progressing KPIs can be both financial and nonfinancial measures that help you chart your progress and take corrective measures if actions are not unfolding as they should Other terms similar to KPIs include performance measures and performance indicators

Despite not always being monetary, performance indicators must be measurable. Performance indicators that keep you moving in the right direction toward achieving your objectives include, for instance, tracking website visitors, customers completing contact forms, or the number of proposals that result in deals.

When writing your performance indicators, pay attention to the following:

  • Define how often you need to report results.

  • Every KPI must have some sort of measure.

  • List a measure and a time period.

  • Note the data source where you will get yourinformation to measure and track.

ASP’s Stockmal has some questions for you to ask yourself about picking performance indicators.

  • Are you in control of the performance measure?

  • Does the performance measure support the strategic outcomes?

  • Is it feasible?

  • Is data available?

    • Who is collecting that data, and howwill they do it?

    • Is the data timely?

    • Is it cost-effective to collect that data?

  • ls the goal quantifiable, and can you measure it over time?

  • Are your targets realistic and time-bound?

Performance indicators cannot, according to Stockmal, concentrate solely on one aspect at the expense of another. Don’t lose what makes you special, he advises. Headds warns that concentrating on one KPI too much can negatively impact a company’s performance in other areas, making it more difficult to achieve objectives.

Some performance indicators can go into your strategic plan, but you might want to set other goals for your organization. A KPI dashboard can help you set up and track your performance and for more information about setting up a KPI dashboard, this article can help.

Communicating Your Strategic Plan

You should consider how to share your strategic plan as you are writing it. A plan is useless if it is placed on a shelf and never opened.

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Decide who should get a physical copy of the entire plan This could include management, the board of directors, owners, and more Do your best to keep it from your competitors Ifyou distribute it outside of your company, you might want to attach a confidentiality waiver

You can communicate your plan to stakeholders in the following ways:

  • Hold a meeting to present the plan in person.

  • Highlight the plan in a company newsletter.

  • Include the plan in new employee onboarding.

  • Post the plan on the employee intranet, along with keyhighlights and a way to track progress.

If you hold a meeting, make sure you and other key planners are prepared to handle the feedback and discussion that will arise You should be able to defend your plan and reinforce its key areas The goal of the plans distribution is to make sure everyone understands their role in making the plan successful

Remind people of your company’s mission, vision, and values to reinforce their importance. You can use posters or other visualmethods to post around the office. The more that people feel they play an important part in the organization’s success, they more successful you will be in reaching your goals of your strategic plan.

Challenges in Writing a Strategic Plan

Strategic planning involves a team and is a process, as was previously mentioned. There will be challenges, as with any team activity.

Sometimes what is obvious can lose out to what is popular. Peer pressure can exert significant influence, particularly when a boss or other manager is making suggestions and people are feeling under pressure to follow suit. Some people might be hesitant to offer any suggestions because they don’t believe it will matter to the person who ultimately decides what goes into the plan.

Team troubles can also occur when one or more members does not think the plan is important or does not buyinto the process Team leaders need to take care of these troubles before they get out of hand

Adapt the planning process to fit your organization’s culture and your team’s level of readiness. Finding the right balance between the work-in-progress and the finished item is necessary.

The planning process takes time Many organizations do not give themselves enough time to plan properly, and once you finish planning, writing the document or presentation also takes time, asdoes implementation Dont plan so much that you ignore how you are going to put the plan into action One symptom of this is not aligning the plan to fit the capacity or finances of the company

Stockmal explains that many organizations often focus too much on the future and reaching their goals that they forget what made them a strong company in the first place Business architecture is important, which Stockmal says is building the capabilities the organization needs to fulfill itsstrategy He adds that nothing happens if there is no budget workers to do the work necessary to drive change

Use the data you gather with caution. Do not rush the research process because doing so will cause inaccurate information to emerge later. Keep in mind any unfavorable information you may learn. One way for businesses to develop is through overcoming difficulty.

Be wary of cutting and pasting either from plans from past years or from other similar organizations Every company is unique

And while this may sound obvious, do not ignore what your planning process tells you. Your research might show you should not go in a direction you might want to.

Writing Different Types of Strategic Plans

The strategic planning process will differ based on your organization, but the basic concepts will stay the same. Whether you are a nonprofit, a school, or afor-profit entity, strategic plans will look at where you are and how you will get to where you want to go.

How to Write a Strategic Plan for a Nonprofit

The strategic plan’s main goal for a nonprofit is to determine how to best advance the mission. The mission statement must perfectly reflect the organization, and this is crucial.

In addition to a SWOT analysis and other sections that make up any strategic plan, a nonprofit needs to keep an eye on evolving factors like funding. There are some funding sources with discrete beginnings and ends. For nonprofits, strategic planning is frequently ongoing.

A nonprofit needs to engage the public in its cause. A for-profit company’s marketing department works to advertise its goods and services in order to increase sales. The strategic plan for a nonprofit, however, must include conveying that message.

Since nonprofits are frequently focused on objectives other than monetary gain, it can occasionally be challenging to develop an evaluation method and KPIs for them. The effectiveness of a coalition working to prevent substance abuse among teens, for instance, is often hard to measure.

Your nonprofit’s strategic plan can be visually outlined using this template.

DownloadNonprofit Strategic Plan Template

Excel | Smartsheet

How to Write a Strategic Plan for a School

Writing a strategic plan for a school can be difficult because of the variety of stakeholders involved, including students, teachers, other staff, and parents

The absence of markets to research, products to create, customers to court, or movable deadlines makes school strategic planning unique from other types of planning. Boundaries, goals, and budgets are frequently predetermined in schools.

Even with the differences, thesame planning process and structure should be in place for schools as it is for other types of organizations.

Your university or school’s strategic plan can be outlined using this template.

‌Download University Strategic Plan Outline – Word

How to Write a 5-YearStrategic Plan

A strategic plan can be implemented over any time period, but five years may be ideal. In some circumstances, yearly planning could keep you perpetually in the planning stage, while ten years might be too far away.

In addition to the basic sections that go into any strategic plan, when forecasting five years into the future, put one- and three-year checkpoints into the plan so you can trackprogress intermittently.

How to Write a 3-Year Strategic Plan

Although five years is frequently the ideal length for strategic planning, some organizations opt to develop three-year plans. Looking too far ahead can be intimidating, especially for a new or evolving company.

The goals and objectives in a three-year plan need to be monitored more frequently because they have a shorter time frame. Include those checkpoints in the plan.

“Most organizations do a three- to five-year plan now because they recognize the technology and the changes in business that are pretty dynamic now,” Stockmal says.

How to Write a Departmental Strategic Plan

The first step in writing a strategic plan for your division is to study the corporate strategic plan. Make sure the plans are in sync.

The process for creating a departmental plan is similar to that for an overall strategic plan, but the mission statement, vision, SWOT analysis, goals, and other elements are unique to the members of your department. Consider the fundamental skills, aptitudes, and limitations of each individual as you examine them in isolation. Assign people to take on specific tasks and strategies needed to help you reach your objectives.

Examine how well your department performed in achieving its objectives if you have access to a plan from a previous year. In this case, adjust the new strategy.

When you finish your departmental plan, make sure to submit it to whomever is responsible for your company’s overall plan. Expect to make changes.

How to Write a Strategic Planfor a Project

A strategic plan is for the big picture, not for a particular project for an organization Instead of a strategic plan, this area would fall under project management

If you have a failing project and need to turn it around, this article might help.

How to Write a Personal Strategic Plan

Not only businesses should develop strategic plans. Additionally, you can make a strategic plan to direct both your professional and personal lives. Include what is significant to you—that is the key. Time and thought must be put into this process.

Be ready for what you learn about yourself. You might notice things you do not like because you will be evaluating your strengths and weaknesses. Being truthful with yourself is crucial. If you allow it, a SWOT analysis of your own situation will provide you with some candid feedback.

Start by examining your life as it is right now. Go beyond simply stating that your family, happiness, and health are important to you to reflect on whether you are satisfied with your life and what you would like to do more or less of. You’ll be able to better define your values after completing this exercise.

Once you know what is important to you, come up with apersonal mission statement that reflects the values you cherish As it does within a business, this statement will help guide you in making future decisions If something does not fit within your personal mission, you shouldnt do it

Using the information you discovered during your SWOT and mission statement process, come up with goals that align with your values. The goals can be broad, but don’t forget to include action items and timeframes to help you reach your goals.

Regarding the evaluation component, decide how you’ll hold yourself accountable and on course. You could use a person to serve as a reminder of your plan, calendar reminders, small rewards when you reach a goal, or another strategy that works for you.

Below is additional advice for personal strategic plans:

  • There are things you can control and things you cannot. Keep your focus on what you can act on.

  • Look at the positive instead ofwhat you will give up. For example, instead of focusing on losing weight, concentrate on being healthier.

  • Do not overcommit, and do not ignore the little details that help you reach your goals.

No matter what, do not dwell on setbacks and remember to celebrate successes.

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Additional Question — What are the 5 strategic plans?

How do you create a strategic plan?

Determine where you are. Here are our five-step process: This is more difficult than it appears. Decide what is most crucial. Concentrate on the direction you want to take your company in the long run. Specify your goals. who is responsible for what? Review.

What is effective strategy?

A strategy is effective if it uses the resources you allocate according to your plan and delivers the expected results You have to continually evaluate use of resources and performance to check if your strategy is hitting your targets

What are the characteristics of a good strategic plan?

objective stakeholder and situational analysis. goals that are realistic and with a clear purpose. Feeling of urgency Using tactics that highlight your values and capitalize on your organization’s advantages. knowing your cultural background. Leadership. strict discipline. Transparency.

What are the 4 components of strategic planning?

Visioning, objective setting, resource allocation, and prioritization are the four most widely accepted fundamentals of corporate strategy.

What are examples of strategic planning?

Strategy 1. Objectives, Strategies, and Tactics from a Strategic Plan Start by holding a yearly client conference. Tactic 1 1. 1: Identify the time and location. Tactic 1 1. 2: Make an agenda. Strategy 1. 1. 3. Select and invite speakers. Method 1 1. Plan social gatherings, step 4. Tactic 1 1. 5 – Create menus. Strategy 1. 1. Create invitations.

What are the 8 elements of a standard strategic plan?

8 Key Elements of Strategic Planning Process | BusinessThe Process Strategic: The Process Is About Planning; The Process Is Disciplined; The Process Is About Fundamentals; The Process Is About Decision-Making; It Is the Long-Term Plan; Based On Operating Plan; Strategic Management.

What are the 3 elements of strategic planning?

Evaluate where you are right now: This is the information gathering stage of planning; now is the time to compile all of your data. Describe your objectives in response to a common interview question, “Where do you see yourself in five years?”

What are the 6 steps in the strategic planning process?

Identifying your strategic position is the first of the process’s six steps. collecting information and people. executing a SWOT analysis. planning a strategic course of action. putting a strategy into action. constantly keeping an eye on performance

What is the most important part of strategic planning?

The secret to figuring out the most crucial components of a strategic plan is to select goals and objectives that maximize your potential without taxing your resources or posing an excessive amount of risk.

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