If you don't know where you are going, each road will lead you nowhere.
The key to success is to concentrate your mind and your strength on what you want. It would help if you had a clearly defined goal that you will pursue. Turn your desires and visions into specific goals and reach for them! To make this task easier, use the knowledge and practical advice contained in this article.
For you to be successful, you must have a specific action plan. In turn, to create an excellent strategic plan, you need to make the process of its creation as efficient as possible.
In this article, you will learn what strategic planning is and the four steps to effective strategic planning. Let's get to understand the definition of strategic planning now.
What is strategic planning?
According to Simon Charles, marketing specialist at Brill Assignment, strategic planning is how individuals or organisations (through management departments) set their priorities, concentrate energy and resources, improve operations, and ensure that organisational employees and other stakeholders achieve the same goals.
It is a process in which significant decisions are made, and actions are established to shape and set the direction of the individual or organisation and its employees to achieve specific assumptions.
In short, strategic planning helps an individual or company identify where it is going and how it intends to get there.
What is a Strategic Plan?
It is often defined as a document containing the goals of the person or organisation, steps that must be taken to achieve these goals.
It means that an individual or company with no strategic plan is like a driver driving an unknown road without a map. Likewise, without knowing how to deal with obstacles on the way, an individual or organisation will not know how to deal with them at all.
The best thing an individual or organisation can do for itself - especially if its future looks uncertain - is to create a strategic plan.
What should a strategic plan contain?
Essentially, a strategic plan sets out the direction an individual or organisation is headed to help achieve the planned goals. It defines who you are, what and why you are doing to increase your potential.
A good strategic plan should include:
executive summary - created at the last stage, after completing the strategic plan;
a brief description of the individual or organisation;
the mission and its foundation;
analysis of strengths, weaknesses, opportunities and threats (SWOT);
a description of the strategies and techniques;
estimated expenses and operating procedures;
definition of monitoring and evaluation measures
For an individual or small business, a short strategic plan is enough. However, for larger companies, a more detailed program will be better.
Who is responsible for creating the strategic plan?
Most often, the individual who sets goals to achieve it or a team of key players in the company is responsible for creating a strategic plan. As the company owner, you are responsible for overseeing the entire process, while the whole team is responsible for its implementation.