What is Strategic Planning?
Strategic planning is a systemized process of envisioning a desired future and creating goals and action steps that will enable the organization to achieve the desired outcomes.
It is essential that this process starts with an objective and realistic analysis of the current situation for the company and the industry in which it operates; while identifying challenges and growth opportunities for the future. Reality is your friend.
It can be said that your strategic vision defines the ideal result you want to achieve, and planning creates the steps that will get you there.
There are two aspects in strategic planning that are intrinsically connected: the concrete vision and the abstract vision. Both are necessary to accomplish the goals.
The concrete vision detects the elements that work in each of the stages of the value chain, and the results that can be obtained.
Assessing the vision determines which elements of the value chain are most valuable, and the company uses this information to make better decisions.
How to Conduct Successful Strategic Planning?
Your business strategy must lead to an increase in the competitiveness of your company; this strategy should be carefully elaborated, include all areas and be coherent with your own and external working environment.
You should identify any opportunities and threats your business presents, highlight strengths and weaknesses, include long-term goals, create optional strategies and select concrete tactics to be implemented.
The identification of specific strategies should allow you to come up with the right business model for a successful future
Strategic planning cannot be static; it must constantly adapt to changes in the market. In addition, it must be aimed to obtain specific results.
Finally, it is necessary to include within the strategic plan, detailed goals that describes the necessary activities and the desired results to be obtained. Following these recommendations, the strategic planning of your business will be effective,
At The Angel Advisors, we coach entrepreneurs to create, develop and run exceptional businesses. We become partners with our clients- working with them on the strategy and sound practices that develop a strong culture, exceptional leaders and financially successful companies.
If you want to learn more about how our strategic planning approach works, please contact us here.