Strategic Planning Introduction
A company’s true value is largely determined by its long-term performance potential as shaped by management’s decisions made today. These decisions guide the translation of the company’s mission, its purpose for existing, into the products and services it provides and hopefully the market wants.
Strategic planning is an iterative, ongoing process consisting of:
- Analysis: assessment of the internal and external factors effecting the organization’s ability to achieve its mission
- Alternative Development: detailed assessment of the costs, benefits, and risks associated with strategic alternatives including both major, ongoing and newly proposed activities
- Alternative Selection: identification of the current portfolio components and proposed activities that will be pursued and the time frame for execution
- Resource Projections: aggregation of the personnel, financial, physical, and technological needs including an assessment of the ability to acquire these resources within the needed time frame
- Plan Development: final validation of the organization’s mission and compilation and approval of its long-range and annual business plans
Execution of these iterative processes takes place throughout the year with a frequency dictated by the pace of market change.
Posts in this category are dedicated to discussing the leading practices of companies that successfully execute strategic planning processes to define objectives, drive alignment and enhance performance.
Sign up for our Email NewsletterStrategic Planning – Why Do Organizations Need Strategic Planning
Do you know of an organization that performs extremely well during a crisis? Maybe your own?
Organizations do well during times of crisis because executives, managers, and individual contributors all gain clarity of purpose, action, and expectation. Clarity, along with a sense of urgency, breaks down organizational barriers allowing people to work together efficiently towards the singular goal. These factors enable the organization to resolve the crisis quickly and return to normal operations.
StrategyDriven Podcast Episode 26 – Introduction to Strategic Planning
StrategyDriven Podcasts focus on the tools and techniques executives and managers can use to improve their organization’s alignment and accountability to ultimately achieve superior results. These podcasts elaborate on the best practice and warning flag posts on the StrategyDriven website.
Episode 26 – Introduction to Strategic Planning serves as a foundation for the upcoming series of podcasts focused on the best practices and warning flags associated with strategic planning. This discussion…
- defines what strategic planning is
- describes the component activities supporting this business planning process
- identifies the benefits of strategic planning and how it helps an organization become more strategy driven
Final Request…
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Strategic Planning Best Practice 1 – Make the Mission Measurable
An organization’s mission statement defines its purpose, its reason for being. These statements, however, tend to be broad and somewhat vague; making it difficult to identify the specific products, services, initiatives, and people that will most directly enable the organization to achieve its purpose.
StrategyDriven Podcast Episode 27 – Making the Mission Measurable
StrategyDriven Podcasts focus on the tools and techniques executives and managers can use to improve their organization’s alignment and accountability to ultimately achieve superior results. These podcasts elaborate on the best practice and warning flag posts on the StrategyDriven website.
Episode 27 – Making the Mission Measurable elaborates on Strategic Planning Best Practice 1 – Make the Mission Measurable. This discussion…
- defines what a mission statement is
- explores the characteristics of good mission statements
- identifies the benefits of making the mission statement measurable
- highlights the steps involved in making the mission measurable
Additional Information
Insight to the specific steps needed to identify mission measures are discussed in StrategyDriven Podcast Episode 2 – Make the Mission Measurable.
Final Request…
The strength in our community grows with the additional insights brought by our expanding member base. Please consider voting for us on Podcast Alley by clicking here. Casting your vote for the StrategyDriven Podcast improves our ranking and helps us attract new listeners which, in turn, helps us grow our community.
Thank you again for listening to the StrategyDriven Podcast !
Podcast: Play in new window | Download (35.6MB)
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