Strategic planning is a process that helps companies focus on how to succeed for the future. Every company, large or small, should participate in the strategic planning process at least every three years. This planning will help you, your customers and employees understand what the core business is, what the expectations are, and what measurements are important.
Here are the Strategic Planning Steps and Phases:
- Define where the Company wants to be (i.e. business goals)
- Gather information (internal and external)
- Develop alternative strategies, then select a strategy that will provide the best chances of meeting Company goals
- Implement the plan
- Evaluate and revise when needed
Phase I: Strategy Formulation – vision, mission and values developed.
Phase II: Strategy Development – SWOT Analysis (internal strengths and weaknesses, external opportunities and threats).
Phase III: Strategy Implementation — Short term objectives established, action plans and resources allocation.
Phase IV: Strategy Evaluation – strategy review and measurement (scorecard).
References: SHRM.org
