What Is Strategic Planning?
A company needs to set a plan for how it will proceed to do business. It needs to survey its competitors and deploy its available resources to maximize opportunity.
- That means considering a number of variables
- Streamline manpower and operations
- Focus resources and finances
- Administer goals for employees
- Satisfy stakeholders
- Set priorities
- Adapt to industry changes
- Establish agreements around outcomes and results
A disciplined effort is required to make the best decisions at any given moment in time. Every director, manager, and employee needs to clearly understand company goals to make the best decisions when required. Understanding the function of every team member comes down to who does what, when, and for what purpose. Effective strategic planning ensures the actions taken to make progress will result in success.
Your strategic plan is similar to a business plan, though your strategic plan changes based on the needs of your company. It outlines key stakeholders, your organization’s goals, and the actions needed to meet those goals within the designated time frame.
What is Strategic Management?
Strategic management is how your strategy is conveyed to the organization and ultimately executed. This is a collection of strategies proceeding at any given moment meant to coordinate efforts at all levels of the organization to ensure proper implementation of resources. Effective strategic management ensures each worker takes action with a common mission to uphold the vision of the company.
The organization’s leaders use strategic management to implement the strategic plan. This is called strategy execution. Executed properly, each system’s process takes your static plan and turns it into a well-oiled machine that provides feedback on what worked and what didn’t so future decisions are better-suited toward the company’s end goals.
The Steps in Strategic Planning
Finding the correct methodologies for your company is based on your organization’s needs, goals, and available resources. However, there are some fundamentals common to each strategic plan:
- Analysis – Understanding your industry and environment.
- Strategic formulation – Your strategy is developed and strategic plan is documented.
- Strategy execution – The plan is translated into action items for key stakeholders and employees.
- Evaluation and management – The strategic plan is refined based on results.
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