Strategic Planning is an essential process for any organization seeking long-term success in their business. According to a recent Forbes article, there are seven key steps to effective strategic planning.
- Asses the Market
First perform an industry analysis by assessing the market’s competitive landscape, trends and external forces with reliable data backed by thorough market research.
- SWOT Analysis
Conduct a realistic internal analysis of your company’s strengths, weaknesses, opportunities and threats (SWOT).
- Shared Vision
Involve all levels of your company in active participation of the planning process. From leadership to employees and stakeholders, all members should work towards a shared company vision as a collaborative effort.
- Set Goals
Set specific and measurable goals that align with your organization’s mission.
- Prioritize
Prioritize company objectives and allocate resources according to their order of importance.
- Roles & Responsibilities
Clearly define roles and responsibilities to create an effective system where work is monitored, and every member is accountable for their task.
- Review
Employ metrics to measure the company’s success and regularly review your plan, revising it when necessary to ensure your organization maintains relevance within its industry.
Strategic planning is not a one-time event, but a continuous process. Strategic planning is most effective when conducted annually and reviewed consistently throughout the year to ensure your company stays on track. Employing metrics of success such as Key Performance Indicators (KPIs) is also important to ensure your company is achieving its goals in a measurable way and on schedule.
It’s important to leave room for flexibility in your plan to better adapt to the changing market, rise in competition or any unforeseen obstacles. Utilizing these seven strategic steps will increase your chance of thriving and remaining relevant in a competitive business environment.
