Strategic Planning Made Simple

Strategic Planning can be an intimidating process, but let's break it down.

Strategic planning is a systematic process utilized by an organization to define its direction and make thought-out decisions to pursue its long-term objectives.

Here are five important steps and checkpoints to consider when conducting strategic planning.

1. Define Vision and Mission: This step involves defining the organization's purpose (mission) and its long-term aspirations (vision). The mission outlines what the organization does, whom it serves, and why it exists, while the vision provides a clear picture of what the organization aims to achieve in the future.

2. Engage in Discovery: Take a deep dive with your team. Spend time asking questions of your key members in critical departments: sales, customer success, management, HR, and finance. Understanding what the challenges are, what the "wins" have been, and what suggestions there are in these areas of the business will help you shape your overall strategic planning. Do the same with a few customers. You will be amazed at the insights they share.

3. Conduct SWOT Analysis: Strengths, Weaknesses, Opportunities, and Threats. This analysis helps in identifying internal strengths and weaknesses of the organization, as well as external opportunities and threats in the market or industry landscape. Understanding these factors is crucial for making informed strategic decisions.

4. Set Objectives and Goals: Based on the insights gained from the SWOT analysis, the organization sets specific, measurable, achievable, relevant, and time-bound (SMART) objectives and goals. Objectives are broad, qualitative statements that define what the organization wants to achieve, while goals are specific, quantifiable targets that support the objectives.

5. Understand Possible Outcomes: When devising your strategic plan, thoroughly analyze different courses of action for any given obstacle. Consider the potential consequences of each option, which aids in weighing the risks versus the rewards. This approach helps in anticipating both intended and unintended outcomes, enabling a balanced assessment of strategic decisions. Additionally, fostering a culture of scenario planning and flexibility is crucial to adapt to changing circumstances and mitigate potential risks effectively.

Do you have questions about strategic planning or need guidance? Contact us at 813-863-1706, or email us.