What is the Strategic Planning Process?
The strategic planning process is a series of steps that you go through as an organisation to determine the following:
- The direction you want your organisation to head in, aka the Vision
Watch: How to Start the Vision Planning Process
- What your offerings are and how they will benefit your users and consumers, aka the Mission
- The ways in which you will measure your growth and strategize to make your vision a reality, aka the Goals
The article discusses the steps involved in creating and implementing a robust strategic plan for an organisation. There are different approaches that companies can take to create their strategic plan and some will be more efficient than others.
Overall it has to follow a core structure with a few steps to gain the most valuable insights for the strategic planning process and implement the most thorough solution possible for the company.
It is imperative that organisations understand the importance of strategic planning and why it needs to be done in the first place. It may seem unnecessary to many organisations but it is not. It can help companies be better prepared for the future.
Understanding the why behind any process will also help business leaders understand the how better and they will be able to be more effective with their strategic planning as well.
Some reasons to engage in strategic planning
- Strategic planning can help with the comprehension of the company’s vision, mission and goals across all the employees in the organisation.
- Strategic planning can also help companies optimise their resources so that there is no excess wastage in terms of time and money on unimportant roles, tasks and projects.
- Companies will get a better understanding of the current trends in their industry.
- Organisations will also have a better understanding of any future scenarios that might manifest and have a negative impact on the company.
- After completing the strategic planning process, companies will be able to have a better evaluation of the most effective methods to help them accomplish their business goals.
- Companies can also use the strategic planning process to implement a more structured plan and strategy for all their projects so that they are on track at all times.
- A strategic plan can also act as a guide for all employees, team leaders and managers at your organisation that they can refer to whenever they need additional clarity on where you are headed as a business enterprise and why you are doing what you are doing.
- The information provided to the organisation by following the steps of the strategic planning process has to be regularly updated by the executives of the company so that it stays relevant to the changing markets in the industry.
- Strategic planning is all about enabling organisations and employees to make the most beneficial choice for your business so that you know what the right things to do are to achieve success without taking any missteps.
- Once the strategic plan has been formulated, implemented and communicated correctly, you can reap its benefits in the form of increased productivity, improved work culture and environment, and the empowerment of your teams.