Strategic Planning

What is Strategic Planning? Templates, Steps & Process Guide

What is Strategic Planning?

"Strategy" establishes a shared understanding of what the company wants to accomplish and what it will take to get there. Strategic plans link the overarching strategy and the specific projects carried out daily to achieve the strategy.
 
A strategic plan translates an organization's strategy into concrete activities and practices that serve as a blueprint for implementing and achieving business objectives.
 
Functional leaders may map and express their objectives on a sheet or two using easy tools and templates, allowing everyone to grasp why and how to carry out the strategy.

What Are Steps in the Strategic Planning Process?

Functional leaders should follow the following steps to create an effective strategic plan using a systematic and progressive process:

  • To avoid ambiguity in strategic planning and provide a foundation for interaction, ensure that terminology is used consistently.
  • Establish or pressure-test your mission, vision, and objective declaration to build a solid framework for more thorough planning.
  • Control the stakeholder contribution through limiting vision, mission, and objective setting to top leadership while leaving action-plan, objective, measure, and metric development to execution expertise.

What Are Elements of Strategic Planning?

The following are some of the most critical aspects of an effective strategic plan:

The mission and vision.
The organization's mission explains why it exists, whereas the vision describes where it wants to go. The strategic strategy that connects the two must be adaptable enough to respond if the situation changes while the project is carried out.
Assumptions about the future
To create an effective strategic plan, executives should look for patterns and disturbances and examine how they affect their goals.
Designing a strategic plan.
A well-designed strategic planning process effectively converts the strategy into plans that can and will be implemented. Poor planning inevitably leads to poor implementation.

What is the Importance of Strategic Planning?

A good strategic plan can assist leaders in improving the scope and sensitivity of planning activities that are important for attaining their long-term goals. Leaders in functional strategy can utilize strategic plans to help their staff focus on the most critical issues.

What Are Types and Levels of Strategic Planning?

Strategic planning begins with establishing a corporate strategy, which must then be translated into actions. Corporate, functional, and business-unit strategic planning are the three primary levels of strategic planning. Contingency, strategic, tactical, and operational plans are the most common types of strategic planning.