You’ve heard the old adage, “failing to plan is planning to fail,” and when it comes to business, this could not be more true. Strategic planning is an essential part of success in any business endeavor. But what exactly is strategic planning? In the simplest terms, it is the process of creating a long-term plan for the future of an organization. It involves setting goals, determining objectives, and developing strategies to reach them.
I’ve had the opportunity to help some business leaders think into their strategic plans. Since this is the time of year some organizations start thinking into their plans for the upcoming year I thought I’d provide a fundamental structure as you approach your strategic planning whether that is now or closer to the end of the year.
Vision
The first step in any successful strategic planning process is to create a clear vision of the future. This is painting the picture of where you want to be within a specific time period. It provides a singular direction for the organization. For example, do you have a vision to reach a new group of people with your product or service?
The vision should be informed and align with your mission (why you do what you do or your purpose) and your values. Values help determine if this aligns with what is important for the organization. Without a clear vision, the organization will wander aimlessly and never reach its full potential.
Strategies 
Once a vision has been established, the next step is to create strategies to reach the objectives set by the vision. I have helped organizations with this process as we discover what are the internal strengths and weaknesses and the external threats and opportunities. The team evaluates and determines what actions they need to take based on this analysis. This process can be done in-house or with the help of a consultant, depending on the scale of the organization, the complexity of the plan, and the makeup of the team.
Action
“Execution is a specific set of behaviors and techniques that companies need to master in order to have competitive advantage.” Larry Bossidy & Ram Charan
Now that you have clarity of the situation your organization is in, what will you do? This is where specific strategies for implementation are developed. This plan should include the tasks required to achieve the objectives, the resources needed, and the timeline for completion. Track and update the plan regularly to ensure progress is being made.
Scoreboard
Finally, the organization must have a system to measure and monitor progress. This could include benchmarking, surveys, or other methods to assess how well the organization meets its objectives. This will help to identify areas that need improvement and provide feedback for further adjustments to the plan.
Strategic planning is an essential part of any successful business. By having a clear vision, developing strategies, creating an implementation plan, and measuring progress, you can ensure the longevity and success of your organization. As you look at these areas, which do you need to focus on? Do you need help thinking into your strategic plan? Contact me to discover how a facilitated strategic planning session can help you and your leadership team. Lead Well.
© 2023 Wheeler Coaching Systems, All Rights Reserved
