what are the steps of strategic planning

Strategic planning process steps

• 1. Determine your strategic position This preparation phase sets the foundation for all work going forward. ...
• 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. ...
• 3. Develop a plan ...
• 4. Execute and manage the plan ...
• 5. Review and revise the plan ...

Full Answer

What are the seven steps of strategic planning?

Seven steps of a strategic planning process. Consider the following seven steps to help you create effective, actionable plans: 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.

What are the basic steps in the strategic planning process?

Steps of the Strategic Planning Process: Therefore, a simple strategic plan can be broken down into five simple steps: 1. Determine where you are and get prepared: It is very important for a business to have a pragmatic approach towards doing business; it should draw a line between how it wants to see itself versus people’s perception about it.

What are the steps to develop a strategic plan?

The Strategic Planning Process

• Set a performance objective. ...
• Determine the company’s current position on an internal and external basis.
• Develop the strategy that will take the company where they want to go, after considering alternative approaches to getting there.
• Assemble the plan for carrying out that strategy. ...

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What are the phases of strategic planning process?

The 7 Strategic Phases of the Product Planning Process

• 1. Product Concept Development This initial phase might be the most fun and creative stage in the product lifecycle, and it’s the most critical. ...
• 2. Competitive analysis If a company has stumbled onto a great idea, there’s a high likelihood they’re not the only ones to have this epiphany. ...
• 3. Market Research Still not done with homework! ...
• 4. ...
• 5. ...
• 7. ...

What are the 5 steps in strategic planning?

5 steps of the strategic planning processDetermine your strategic position.Prioritize your objectives.Develop a strategic plan.Execute and manage your plan.Review and revise the plan.

What are the 6 steps of strategic planning?

6 Strategic Planning Steps To FollowConfirm (or create) your mission and vision statements. Mission and vision statements provide important context for your future plans. ... Choose a framework. ... Identify your priorities. ... Develop measures and initiatives. ... Build a rollout plan. ... Review and make changes.

What are the 8 steps of strategic planning?

8 Step strategic planning processGetting prepared. ... Clarify the mission and vision statements. ... Identify your current and future market position. ( ... Agree on priorities. ... Put the plan together. ... Distribute tasks and assign actions. ... Roll-out the plan. ... Hold everyone accountable.

What is strategic planning and its steps?

Strategic planning is a process in which an organization's leaders define their vision for the future and identify their organization's goals and objectives. The process includes establishing the sequence in which those goals should be realized so that the organization can reach its stated vision.

What are the 7 steps of strategic planning?

How to Strategic Plan in 7 StepsStep 1: Environmental Scan. ... Step 2: Internal Analysis. ... Step 3: Strategic Direction. ... Step 4: Develop Goals and Objectives. ... Step 5: Define Metrics, Set Timelines, and Track Progress. ... Step 6: Write and Publish a Strategic Plan. ... Step 7: Plan for Implementation and the Future.

What are the 7 elements of strategy?

Here are the 7 basic elements of a strategic plan: vision, mission, SWOT analysis, core values, goals, objectives, and action plans.

What are the 9 steps of strategic planning?

4 days agoThe 9 Steps of Strategic PlanningStep 1: Situation analysis. ... Step 2: Future state vision. ... Step 3: Prioritize vision elements. ... Step 4: Develop communication objectives. ... Step 5: Develop strategies and tactics. ... Step 6: Prioritize strategies and tactics. ... Step 7: Define metrics, timelines and responsibilities.More items...•

What are the 9 steps in planning?

Steps of Planning ProcessAnalyze opportunities.Set goals or objectives.Determining premises.Identify alternatives.Evaluate alternatives.Select the best course of action.Formulate supportive plan.Implement the plan.More items...

What are the 4 elements of strategic planning?

Continue reading to better understand the process of strategic planning, and learn how business leaders use the four strategic planning process steps to reach their goals.Environmental Scanning. ... Strategy Formulation. ... Strategy Implementation. ... Strategy Evaluation.

What are the types of strategic planning?

Here are some of those:SWOT Analysis. SWOT analysis is a strategic planning tool and acronym for strengths, weaknesses, opportunities, and threats. ... Porter's Five Forces. ... PESTLE Analysis. ... Visioning. ... VRIO Framework.

What are the 4 strategic types?

4 levels of strategy are;Corporate level strategy.Business level strategy.Functional level strategy.Operational level strategy.

What are the six 6 attributes of strategic management?

The Characteristics of Strategic Management are as follows:Top management involvement.Requirement of large amounts of resources.Affect the firms long-term prosperity.Future-oriented.Multi-functional or multi-business consequences.Non-self-generative decisions.

What are the 6 P's of planning in management?

It is the first function of management and it comes before organizing. Just like there are four main p's of marketing, there are 6 p's of planning, namely: purpose, philosophy, premise, policies, policies and priorities.

What are the six 6 principal components of business strategies?

6 components in every successful marketing strategyResearch. In order to find the best route to your end goal, you must research where you're starting. ... Buyer Personas. ... Analysis. ... Implementation. ... Post Mortem. ... Continuous Improvement.

How to do strategic planning?

The process of strategic planning is the steps you take as an organization to determine: 1 Your organization's management (Vision) 2 What and for whom are you going to do (Mission) 3 How to measure and guide your strategy towards where you want to be (Objectives)

How many steps are there in strategic planning?

There are mainly 5 steps during the strategic planning in general:

What is strategic assessment?

Strategy assessment and control actions include performance measurements, consistent review of internal and external issues and, where necessary, corrective actions. Any successful strategic evaluation starts with the definition of the parameters to be measured. 3. Examples of Strategic Planning Process.

What is the action stage of a strategic management process?

Effective implementation of the strategy is key to the growth of the business enterprise. This phase is the action stage for the strategic management process. In case the cumulative strategy does not work with the existing operations of the business, a new structure and strategy should be installed at the beginning of this phase.

Why is strategic planning important?

It's important to consider why we primarily do strategic planning: To get your team on the same page and align with the vision, mission, and goals of your organization; It is maximizing your organization's resources to avoid wasting time and money on unimportant projects or activities;

How to use edrawmax?

EdrawMax can be used to create your plan, as it is user-friendly and has multiple templates available. Just try to create your strategic planning in 5 steps - clarifying the strategic position, defining objectives, developing a plan, implementing the plan, and evaluating and measuring the plan.

How to identify competitive issues?

Identify main competitive issues by talking to the company's managers, collecting input from clients, and gathering business and consumer data to get a better view of the market and customer role.

Why is it important to engage an outside business coach or advisor?

Often times, it is helpful to engage an outside business coach or advisor, like Red Rocket, to help facilitate these internal discussions between the managers building the plan. They can help keep the process organized and managers focused on the stuff that really matters.

What are the key components of a strategic plan?

Here are the top six key components for building a killer strategic plan for your business. 1. Assess Industry, Competitor & Customer Trends. The first step of any strategic planning starts with studying the overall market in which you are operating.

What to do if you don't have the financial resources to achieve your plan?

If you don't have the full financial resources you need to achieve the plan, you have one of two choices: (i) lower your targets to a level you can more easily afford; or (ii) raise the capital required for you to achieve your full plan.

Who is George Deeb?

George Deeb is an entrepreneurial CEO, growth expert at Red Rocket Ventures, and author of "101 Startup Lessons--An Entrepreneur's Handbook".

Is Forbes opinion their own?

Opinions expressed by Forbes Contributors are their own.

Do I need a strategic plan?

A strategic plan is one of many tools you can use to plan and hit your goals. Here’s how a strategic plan compares to other project and business tools:

What is strategic planning?

Strategic planning is the process of creating a plan in order to hit your strategic objectives. The strategic planning process has multiple parts—it involves gathering insight, developing strategy, and managing performance once the plan is in place.

How does strategic planning help a company?

Strategic planning can help you create defined goals to explain how your company will move towards your mission and vision statements in the next three to five years. If you think of your company trajectory as a line on a map, a strategic plan can help you better quantify how you’ll get from point A (where you are now) to point B (where you want to be in a few years).

What is the difference between a project and a strategic plan?

A strategic plan is a company-wide, multi-year plan of what you want to accomplish in the next three to five years and how you plan to accomplish that. A project plan, on the other hand, outlines how you’re going to accomplish a specific project.

How many years should a strategic plan cover?

Your strategic plan is more forward-thinking than your company goals, and it should cover more than one year of work. Think of it this way: your company objectives will move the needle towards your overall strategy—but your strategic plan should be bigger than company objectives because it spans multiple years.

How many key stakeholders should be involved in a strategic plan?

This group, which is sometimes called the management committee, should be a small team of five to 10 key stakeholders and decision-makers for the company.

Why do we need a business plan?

A business plan can help you document your strategy as you’re getting started so every team member is on the same page about your core business priorities and goals. This tool can help you document and share your strategy with key investors or stakeholders as you get your business up and running.

Why is it important to allocate time to the strategic planning process?

It is essential to delegate lesser regular day-to-day responsibilities of the staff and Board members who are the key participants in developing the strategic plan.

What is strategic planning committee?

It is a joint attempt between Board and staff, which can be achieved by forming a special strategic planning committee of members from the Board and staff and delegating proper balance of authority and responsibility for the effort. Some of it can be done by the committee, while Board and staff planning retreats are likely to be required, ...

What should be reached in a discussion about strategic planning?

Whatever method is used, the discussion should reach some level of agreement about issues or choices that need to be taken care of and the decisions made under the strategic planning process .

What is a task force for strategic planning?

It’s desirable to set up a committee or task force for strategic planning. The coordinating group or the committee assigned for strategic planning process must consist of Board members, senior & middle managers, a representative of support/technical staff, a member representing stakeholders, and perhaps former leaders of the organization.

How should development towards goals and use of strategies be monitored?

Development towards goals and use of strategies should be monitored regularly, with strategies re-evaluated and annual objectives improved on a yearly basis, based on the progress made, obstacles removed, and the continuously changing environment. Before unexpected changes before-hand, such as favourable appointed officials, development in the economy, changes in local financier’s priorities, or changing demand patterns of the target population.

What is the role of the planning committee in environmental assessment?

The planning committee should determine the strategic issues from the environmental assessment, with individuals identifying issues and indicating why each of them is strategic, including the pros and cons of addressing and not addressing it.

How long does it take to plan a strategic meeting?

The time may range from a few hours to a couple of days, de pending on the members and planning.

How to do a SWOT analysis?

A SWOT analysis is a quick way of examining your organization by looking at the internal strengths and weaknesses in relation to the external opportunities and threats. By creating a SWOT analysis, you can see all the important factors affecting your organization together in one place. It’s easy to read, easy to communicate, and easy to create. Take the Strengths, Weaknesses, Opportunities and Threats you developed earlier, review, prioritize and combine like terms. The SWOT analysis helps you ask, and answer, the following questions: “How do you….”

Why are strategic planning meetings unsuccessful?

That’s why so many strategic planning meetings are unsuccessful. Executing your strategic plan is as important, or even more important, than your strategy. Critical actions move a strategic plan from a document that sits on the shelf to actions that drive organizational growth.

What is a pitfall in management?

A pitfall is to develop multiple sets of goals and actions for directors and staff to manage. Fundamentally, at this point you have moved from planning the strategy to planning the operations; from strategic planning to annual planning.

How long does it take to implement a strategic management plan?

Having a good strategy dictates “how” you travel the road you have selected and effective execution makes sure you are checking in along the way. On average, this process can take between three and four months. However no one organization is alike and you may decide to fast track your process or slow it down. Move at a pace that works best for you and your team and leverage this as a resource. For more of a deep dive look into each part of the planning phase, you will see a link to the detailed How-To Guide at the top of each phase.

What are strategic issues?

Strategic issues are critical unknowns that are driving you to embark on a strategic planning process now. These issues can be problems, opportunities, market shifts or anything else that is keeping you awake at night and begging for a solution or decision.

How many people should be on a strategic planning team?

It should be a small group of approximately 12-15 persons.

How long does it take to get a strategic plan?

1-2 weeks (1 hr meeting with Owner/CEO, Strategy Director and Facilitator (if necessary) to discuss information collected and direction for the continued strategic planning.)