Set up regular reviews with individual contributors and their managers and determine check-in points to ensure you’re on track. This granular approach illustrates the completion process and ownership for each step of the way. Use key performance indicator (KPI) dashboards to communicate team responsibilities clearly. Turn your broader strategy into a concrete plan by mapping your processes. First, communicate the plan to the organization by sharing relevant documentation. Once you have the plan, you’re ready to implement it. For example, your company may decide not to put as much funding behind customer support, so that it can put more funding into creating an intuitive user experience.īe prepared to use your values, mission statement, and established priorities to say “no” to initiatives that won’t enhance your long-term strategic position. Truly strategic choices usually involve a trade-off in opportunity cost. Strategy map example (click on image to modify online) Working from the top-down, strategy maps make it simple to view business processes and identify gaps for improvement. Strategy mapping is an effective tool to visualize your entire plan. This step requires determining the tactics necessary to attain your objectives and designating a timeline and clearly communicating responsibilities. Now it's time to create a strategic plan to reach your goals successfully. Potential objectives can be updating website content, improving email open rates, and generating new leads in the pipeline. Objectives should be distinct and measurable to help you reach your long-term strategic goals and initiatives outlined in step one. How will we measure our progress and determine whether we achieved our goals?.What will we need to do to accomplish our goals?.What types of impact are most important (e.g.Which of these initiatives will have the greatest impact on achieving our company mission/vision and improving our position in the market?.Prioritize your objectives by asking important questions such as: Your objectives should align with your company mission and vision. Once you have identified your current position in the market, it is time to determine objectives that will help you achieve your goals. SWOT Analysis Example (Click on image to modify online) Document your organization's internal strengths and weaknesses, along with external opportunities (ways your organization can grow in order to fill needs that the market does not currently fill) and threats (your competition).Īs a framework for your initial analysis, use a SWOT diagram. With input from executives, customers, and external market data, you can quickly categorize your findings as Strengths, Weaknesses, Opportunities, and Threats (SWOT) to clarify your current position. To get started, use industry and market data, including customer insights and current/future demands, to identify the issues that need to be addressed. In addition, review your company’s core values to remind yourself about how your company plans to achieve these objectives. It can also be helpful to review-or create if you don’t have them already-your company’s mission and vision statements to give yourself and your team a clear image of what success looks like for your business. This will give you a clear picture of your position in the market and customer insight. Identify key strategic issues by talking with executives at your company, pulling in customer insights, and collecting industry and market data. Involve the right stakeholders from the start, considering both internal and external sources. You need to know where you are to determine where you need to go and how you will get there. This preparation phase sets the foundation for all work going forward. Strategic planning process stepsīefore you begin the strategic planning process, it is important to review some steps to set you and your organization up for success. The strategic planning process is broad-it helps you create a roadmap for which strategic objectives you should put effort into achieving and which initiatives would be less helpful to the business. This process differs from the project planning process, which is used to scope and assign tasks for individual projects, or strategy mapping, which helps you determine your mission, vision, and goals. In the simplest terms, the strategic planning process is the method that organizations use to develop plans to achieve overall, long-term goals.
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