Strategic Plans (2024)

FAQs

Strategic Plans? ›

Strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes/results, and assess and adjust the organization's ...

Types of strategic plans

Strategic planning activities typically focus on three areas: business, corporate or functional. They break out as follows: Business. A business-centric strategic plan focuses on the competitive aspects of the organization -- creating competitive advantages and opportunities for growth.

An example of a strategic plan with a goal, strategy, and tactic: Goal (what the organization wants) - To increase online sales by 20% over the next two quarters. Strategy (how the organization will get it) - Increase online marketing and social media presence by 25% in the two quarters.

A simple model made up of “Four Ps” can help companies create this advantage. These Ps are Perceptions, Performance, Purpose, and Process. There are six different stakeholder groups you should be listening to periodically to determine whether you're moving in the right direction.

The four most widely accepted key components of corporate strategy are visioning, objective setting, resource allocation, and prioritization.

Successful strategic plans require clear, measurable, purpose-driven goals and full team buy-in. That way, individuals can be motivated to embrace their role in reaching larger strategic goals that can make a company thrive.

At its most basic level, a strategy is a hypothesis. To be a good strategy, it must precisely diagnose the problem being solved; set a guiding policy that will address that problem; and propose a set of coherent actions which will deliver that policy.

A strategic planning template is a measurable tool used to map out how you're going to achieve large scale business strategies and goals. It acts as a roadmap between where you are now and where you want to go.

How to create a strategy? ›

An increasing number of companies use strategic planning to formulate and implement effective decisions. While planning requires a significant amount of time, effort, and money, a well-thought-out strategic plan efficiently fosters company growth, goal achievement, and employee satisfaction.

Skipping these important steps can leave your organization without direction. Read ahead to learn more about the six vital elements of strategic planning: vision, mission, objectives, strategy, approach, and tactics.

Skipping these important steps can leave your organization without direction. Read ahead to learn more about the six vital elements of strategic planning: vision, mission, objectives, strategy, approach, and tactics.