Why Strategic Planning Is Imperative to Your Organization’s Success
Strategic planning or knowing the current state of your business and where you want it to go is important to keep your business from failure. A strategic plan shows you what is important, how to get there, pitfalls to avoid, and noise to ignore. It’s crucial as it creates a map for your business to follow and course-correct when needed. If you don’t already have one in place, we highly recommend you take some time to create one.
We’ve broken down the process into four simple steps for you to follow.
4 Key Steps to Establishing a Strategic Planning Program
- Establish a baseline. Your baseline defines your current state of the business and should characterize the enterprise across the dimensions outlined in the organization’s vision. It should also characterize the internal people, process, and technology used to deliver values to the organization’s stakeholder community.
- Compare the baseline to the vision. This comparison is essential because it will determine any gaps that exist between where the corporation is today and where it is heading. Each gap that is identified should then be translated into a plan or project.
- Create a strategic plan that bridges the gaps. Now it’s time to create a well-documented project and program that bridges the gap between the baseline and the target.
- Institute a plan administration process. This involves the coordination, review, and resetting of the firm’s projects and programs.
Your strategic plan should help define the direction in which your organization must travel, and aid in establishing realistic objectives and goals that are in line with the vision and mission charted out for it. Ultimately, it should provide management with the roadmap to align the organization’s functional activities to achieve goals that have been set.
If you’d like to learn more about strategic planning or how Vayability can help you develop the emerging talent in your organization, book a call with a representative.
Vayability is a leadership development platform built from the ground up to accelerate the development and business impact of emerging talent. Combining more than 20 years of executive learning, Vayability focuses on impactful leadership skills, personalized learning, live coaching, and measurable growth. Find out how top companies embrace success at vayability.net.
Written by Rachel Strysik