Strategic planning is a vital activity that allows leaders to examine the environment in which their organization functions, identify challenges and opportunities, and make sound choices for the future. A well-considered plan efficiently fosters company growth, goal achievement and employee satisfaction by allowing leaders to set clear objectives and define processes for accomplishing those goals.
Strategic plans are complex in nature and require the use of a variety of skills. Involving everyone in the process allows for a more holistic view of the organizational environment, resulting in an effective and cohesive plan that will be more easily implemented. A key part of the process is the development of a SWOT analysis, which evaluates your organization’s strengths, weaknesses, opportunities and threats. This requires gathering and analyzing a lot of information, which can be done with a mixture of methods, including interviews, focus groups, surveys, internal and external benchmarking, an innovation assessment and sometimes an environmental scan.
Another important component of the strategic planning process is the development of short-term goals and strategies that will help your organization achieve its desired future state. This step is done through creating a visioning session and conducting an environmental scan to identify what you are doing well, what needs to be improved and the potential opportunities for the future. This step may also include identifying and quantifying the current state, which is often accomplished through a business process audit.
Once the goals and strategies are established, it’s time to create a timeline to reach those objectives. This can be done using a number of tools, such as strategy maps, to visualize the timeline and communicate responsibilities. It’s also important to identify who is responsible for each element of the plan, which can be done by implementing an organizational structure that clearly indicates leadership roles and responsibilities.
Implementing the strategic plan is just as important as the planning itself. It’s all too common for organizations to spend a lot of time on a strategic plan, only to have it sit on a shelf. It’s important to make the strategic plan a living document that’s used on a daily basis. This will ensure that day-to-day decisions are made with the bigger vision in mind, and that action is taken before problems reach crisis level.
When everybody is involved in the strategic planning process, they feel empowered and motivated to contribute to the success of their organization. It also gives them a sense of ownership, which helps to reduce turnover and increases morale. It’s important to build in processes, like improved onboarding and feedback, that allow employees to see the impact of their work, as well as ways for them to be recognized for their contribution. This is a great way to keep the momentum going, and maintain the integrity of the strategic plan.