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Tips for a Good Strategic Planning

Operating a business with no business plan is like driving a car without knowing a direct of your destination. All the time you business should have comprehensive both short and long-run plans that required to secure right direction of your venture. Before looking characteristics of the good plan, let first explore components of the strategic planning. Some of these components are:

  • business strategy and culture
  • business Internal and external structure
  • The balanced scorecards perspectives
  • business short and long-run Market focus
  • Where the business is now? That comprises Strategic objectives:
    • Goals
    • Priorities
    • Action items
    • Strategies
    • Scorecard
    • Execution
  • Where the business is going? that includes:
    • Mission
    • Values
  • And how the business will get there? that include:
    • Vision
    • Competitive advantage
Therefore, good strategic plan should possess that following characteristics:
  • they should support business visions
  • Establishes unique value proposition compared to your competitors
  • Executed through operations that provide different and tailored value to customers
  • Identifies clear tradeoffs and clarifies what not to do
  • Focuses on activities that fit together and reinforce each other
  •  Drives continual improvement within the organization and moves it toward its vision
What are the big planning pitfalls?
  1. Relying on bad information or no information
  2. Ignoring what your planning process reveals
  3. Being unrealistic about your ability to plan
  4. Planning for planning sake
  5. copy and paste competitors plans
Components of a strategic planning:
  1. Strategy and culture
  2. Internal and external
  3. The balanced scorecards perspectives
  4. Market focus
  5. Where are we now? Where are we going? And how will get there?
Tips for better strategic planning:
  1. Pull together a diverse, yet appropriate, group of people to make up your planning team
  2. Allow time for big picture, strategic thinking
  3. Get full commitment from key people from your organization
  4. Allow for open and free discussion regardless of each person’s position within the organization
  5. Think about execution before your start
  6. Use a facilitator, if budget allows
  7. Make your plan actionable
  8. Do not write your plan on stone
  9. Clearly articulate next steps after every session
  10. Make strategic a habit, not just a retreat
An outline of typical strategic planning
  1. Mission statement
  2. Vision statement
  3. Value statement or guiding principals
  4. SWOT
  5. Competitive advantage
  6. Strategic objectives
  7. Strategies
  8. Short-term goals/priorities/initiatives
  9. Action items/plans
  10. Scorecards
  11. Financial assessment

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