To do this, your management committee should collect a variety of information from additional stakeholders, like employees and customers. Understanding the external environment, including market trends and competitive landscape, is crucial in the initial assessment phase of strategic planning. Get the ebook Step 1: Assess your current business strategy and business environmentīefore you can define where you’re going, you first need to define where you are.

Once you’ve established your management committee, you can get to work on the planning process. This team is responsible for gathering crucial information, guiding the development of the plan, and overseeing strategy execution. The strategic planning process starts with assembling a small, dedicated team of key strategic planners-typically five to 10 members-who will form the strategic planning, or management, committee. The strategic planning process involves a structured methodology that guides the organization from vision to implementation. What are the 5 steps in strategic planning? Promote a long-term vision for your company rather than focusing primarily on short-term gains.Įnsure resources are allocated around the most high-impact priorities.ĭefine long-term goals and set shorter-term goals to support them.Īssess your current situation and identify any opportunities-or threats-allowing your organization to mitigate potential risks.Ĭreate a proactive business culture that enables your organization to respond more swiftly to emerging market changes and opportunities. Proactively set objectives to help you get where you want to go and achieve desired outcomes. When you create and share a clear strategic plan with your team, you can:īuild a strong organizational culture by clearly defining and aligning on your organization’s mission, vision, and goals.Īlign everyone around a shared purpose and ensure all departments and teams are working toward a common objective. 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). Strategic planning can help with goal setting and decision-making by allowing you to map out how your company will move toward your organization’s vision and mission statements in the next three to five years. Get the ebook What are the benefits of strategic planning? In this article, we walk you through the 5-step strategic planning process and show you how to get started developing your own strategic plan. Think of it this way-if your goals and objectives are your destination on a map, your strategic plan is your navigation system. This, in turn, gives you a clear sense of where your organization is going and allows you to ensure your teams are working on projects that make the most impact. Strategic planning helps you clearly define your company’s long-term objectives-and maps how your short-term goals and work will help you achieve them. The strategic planning process informs your organization’s decisions, growth, and goals. Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. In this article, we'll guide you through the strategic planning process, including why it's important, the benefits and best practices, and five steps to get you from beginning to end.

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