Concept: Strategic Planning Process
What is it: A framework for applying strategy tools
Today’s business environment is as challenging and dynamic as ever. Technology is changing the world, and changing business. Primitive methods for planning put businesses at a substantial disadvantage in comparison to those that engage in a more sophisticated strategic planning process which takes into account multiple factors and drives an action oriented strategic vision for the future.
The strategic planning process is a five step process and provides guidance for applying the tools of strategy formulation.
1. Mission and Objectives: What is the vision? The values? Long term oals? Future opportunities? Using this vision you can then make measurable goals and set your objectives.
2. Environmental Scan: Internal analysis and External analysis. How is your company doing on the inside and what forces are presenting threats and opportunities to it from the outside?
3. Strategy Formulation:
a. Competitive Advantage: What area should you seek to be better than everyone else in?
b. How can you leverage your strengths to overcome your businesses weaknesses while taking advantage of outside opportunities and avoiding outside threats?
4. Strategy Implementation: This is where the strategy that you formulated is put into action. New programs, policies, budget planning etc.
5. Evaluation and Control: You must measure the impact your choices are making on the company and make adjustments where necessary.
That’s the strategic planning process. It’s a powerful tool for companies who want to stretch their vision and grow while fending off competitors.
To learn more about our Strategic Planning Workshop's e-mail us at Contact@DiamondHeadStrategies.com
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