Business Strategy Department – Every company should have a strategic plan, but the number of companies that try to operate without a single plan (or at least a clear one) may surprise you. OnStrategy research shows that 86% of executive teams spend less than one hour per month discussing strategy, and 95% of ordinary employees do not understand their organization’s strategy.
Since most companies don’t have these features, you can stay ahead of the game by using a strategic plan. In this article, we will explain what the planning process looks like and what are its steps.
Business Strategy Department
Simply put, strategic planning is the process by which organizations develop plans to achieve their overall, long-term goals.
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This process is different from the work planning process, which is used to define and assign tasks for each individual’s work, or the strategic plan, which helps define the mission, vision, and goals.
The strategic planning process is broad – it helps to create a road map for where to achieve the strategic goals and what strategies will be most beneficial for the company.
Before starting the strategic planning process, it is important to consider a few steps that will help you and your organization succeed.
This preparatory process is the foundation for all other work. You need to know where you are to figure out where you want to go and how to get there.
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Engage the right actors from the start, taking into account both internal and external sources. Identify key issues by talking to your company leaders, gaining customer insights, and collecting industry and market data. This will give you a clear picture of your position in the market and insight into your customers.
It can also help to analyze – or create if you do not have one – your company’s work and vision to give yourself and your team a clear picture of the success of your company. Additionally, review your company’s core values to remind yourself how your company intends to achieve these goals.
To begin, use company and market data including customer insights and current/future trends to identify problems that need to be solved. List your company’s strengths and weaknesses, as well as external opportunities (how your organization can grow to meet current unmet market needs) and threats (your competitors).
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Use the SWOT diagram as a basis for your initial analysis. With input from management, customers, and external market data, you can quickly generate your findings such as Strengths, Weaknesses, Opportunities, and Threats (SWOT) to describe your current situation.
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An alternative to SWOT is the PEST analysis. Standing behind politics, economics, social relations and technology, PEST is a strategic tool used to define threats and opportunities for your business.
As you develop this information, your unique position in the market will become clear and you can begin to develop a few strategic goals. Usually, these goals are set in mind for three to five years.
Once you’ve identified your current position in the market, it’s time to define the goals that will help you achieve them. Your goals should align with your company’s mission and vision.
Goals should be specific and measurable to help you achieve the long-term strategic goals and plans outlined in step one. Goals can be to update your website content, improve your email open rates, and generate new leads.
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Now is the time to create a strategic plan to successfully achieve your goals. This step aims to define the steps necessary to achieve the goal, establish a timeline and deliver the work effectively.
Project planning is an effective tool for visualizing the entire project. Working from top to bottom, strategic maps make it easy to analyze business processes and identify opportunities for improvement.
The choice of course actually involves trade-offs and opportunity costs. For example, your company may decide not to spend a few dollars on customer support so that it can invest more in creating an intelligent user experience.
Be prepared to use your values, your work, and your priorities so that you don’t make plans that won’t improve your long-term strategic position.
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Once you have a plan, you are ready to do it. First, publicize your organization’s strategy by providing relevant documents. Then the work will begin.
Turn your broad plan into a concrete plan by mapping out your process. Use a key performance indicator (KPI) dashboard to communicate team performance. This detailed approach shows the implementation process and responsibilities for each step.
Schedule regular reviews with contributors and their managers, and set checkpoints to ensure you’re on track.
The final phase of the plan, review and re-evaluation, provides an opportunity to review priorities and adjust measures based on past success or failure.
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Identify the KPIs your team has achieved and how you can continue to achieve them, adjusting your strategy as necessary. Every year, it’s important to reassess your priorities and situation to ensure you’re on track for long-term success.
Over time, you will find that your message and vision need to be changed – the annual review is a good time to consider these changes, prepare new plans and revise them.
As you continue to implement the strategic plan, repeating each step regularly, you will begin to make tangible progress toward your company’s vision.
Instead of constantly switching off, reacting to the competition or focusing on the hottest new initiatives, you’ll be able to take a long-term view and make decisions that will allow you to -continue to be successful for many years.
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What Is Strategic Management?
Learn the difference between corporate and business strategies and how they work together to help you achieve your goals. 💼
Strategy development, management and implementation can occur at many levels of the organization. Even in small and medium-sized enterprises, it is often expected that there is a company-wide plan and a departmental plan based on it, which is developed and directed and implemented by the operating manager. and members of the department. In large companies, there is another strategy, that is corporate strategy. In many large companies, you can expect to have a corporate plan, a separate business plan, and a departmental or functional plan.
Corporate strategy is set by the parent company or head office. Subsidiaries or business units will have their own business plan. While each business strategy is about competitive advantage for a particular product or service that the department provides, the corporate strategy is for the company (company, market) the organization wants to it worked.
Therefore, corporate strategy focuses on an organization’s competitive areas, and business-level strategy focuses on that same competitive segment.
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At the highest level of the organization, the corporate plan should define a clear message and vision for the entire company. The big ambition of the whole team and the difference they want to make in the world. A corporate plan is about defining the organization’s ambitions and defining clear, overarching goals for the company.
Based on the company’s vision, the company’s strategy will be about the “business” the company wants to be in – the company it wants to work for. Corporate planning is about getting the right combination of business units to meet all the corporate needs of the entire organization.
A corporate plan should also look at how a business unit is managed. For example, corporate strategy must address team performance and profitability across the organization.
So how can the work of a subsidiary benefit other business units in the company? What resources can be shared and used in different areas of the company? Corporate strategy should seek partnerships across the organization that can improve performance. There is no corporate plan, no such work can be done, each company must implement its own business strategy without accessing or investing resources and opportunities in other areas of the group. There are no corporate plans at the top of the various companies