SMCS-9-17-22 11 Common Strategic Planning

NAME: JOANA ROSE D.
DELA CRUZ
COURSE: BSOA 3RD YEAR - IRREG
ACTIVITY 1
1. 11 Common Strategic Planning Questions
1. What time span ought to be included in our strategic plan?

Your strategic plan should consider the future as far as you feel comfortable. But bear in mind
that you must be certain that the atmosphere of your business will remain stable for the
duration of the timeframe you select. Japanese automakers were planning 40 years in advance
in the 1980s, but this is probably not feasible for your company. As long as they regularly review
their plan, most businesses feel comfortable with a three to five-year strategic planning horizon.
2. Who ought to participate in the process of strategic planning?

The process is normally led by the strategic planner. They will also require the assistance of a
cross-functional team made up of members of the board or the leadership, as well as individuals
from the departments of finance, human resources, operations, and sales, among other crucial
ones.
Having said that, we advise against involving only top management in the planning process.
Everyone must be involved in the strategy to some extent if you want it to succeed. Therefore,
even while the leadership team may have a bigger say in the final choices, those choices should
be based on feedback obtained from managers and their teams. What do they think about the
company's future?
3. How frequently should we assess the status of our strategic plan?

Depending on the review's objective, the frequency of plan reviews varies:
Checking in on major themes or objectives every month.

To evaluate the status of your overall strategic strategy every quarter.
Make sure your strategy plan is still relevant every year (see question #3).
To make sure you adhere to these cadences, we advise scheduling these meetings at the
beginning of the year. Send out invitations while also selecting the proper individuals for each. A
director from each department may attend monthly meetings; quarterly meetings call for a
smaller group of leaders; and annual strategy retreats are often only attended by the top levels
of leadership.
4. When should our strategy plan be revised or updated?

An annual assessment of your strategic plan, as was indicated in #2, can help make sure that its
essential components are still relevant. You might need to rethink your high-level aims and
objectives if there has been a big change in the market, for instance. You could also need to
adjust your KPI targets, update your KPI tracking, or add new projects. You can preserve the
portions of your strategy that are working and change the ones that aren't with regular strategy
refreshes.
5. Is a strategic planning office necessary?

No, not always. Even businesses with only two employees need to devote time to strategy. If
strategic planning is not given top priority by your organization, it may fall behind under
unpredictable economic or environmental conditions. Therefore, even though your firm might
not be big enough to have a whole strategic planning office or department, you still need to
make sure that at least one employee has time set aside on their schedule to work on your
strategic plan.
6. Is the adoption of a balanced scorecard required?

No. Despite this, the Balanced Scorecard has established itself as a potent and established
method of developing and implementing strategy. Understanding the fundamentals of a BSC—
having clear goals, connecting your projects to those goals, and setting up leading and lagging
indicators—could greatly assist your approach, regardless of whether you adhere to the Norton-
Kaplan technique or adopt a version. Additionally, the right goals and the appropriate methods
for measuring and achieving them are required for any strategic planning model to be
successful.
7. Where do we begin when it comes to coming up with a plan?

How do you envision the best course of action moving forward? Many businesses are unsure
about how to start formulating a plan. Here are two crucial inquiries to consider when
strategizing, both of which can provide vital data that might direct your course:
Where do we currently stand and where do we wish to be?
Consider taking the time to comprehend where you are right now—your present business—
before you begin strategic planning. The relative profitability of each of your products and
services, the amount of money you have now and will have/need in the near future, your
position in relation to your competitors, and the sales patterns in each of your product/service
areas are just a few things to be aware of. Additionally, as strategic planning is essentially a road
map for the future, you must express the ideal intended result for your company in detail.
What do you want your company to look like in five years? It will be simpler for you to develop a
solid business plan, or blueprint, that will help you get from where you are now to where you
want to be the more clarity you have about where you want to be at a given point in the future.
What challenges face us and how can we overcome them? There are dangers and potential
pitfalls in every strategic plan. Some of these dangers are preventable (like the internal flaws
you find during a SWOT analysis), but others are not (like the ones). One of the most challenging
phases of creating a strategy plan, but the long-term success of the business justifies the short-
term difficulty of having open discussions. The recognized risks, their potential financial effects,
and the measures for mitigating them should be outlined by management teams. Occasionally,
you can increase your company's profitability by simply identifying and removing one major
barrier.
8. What distinguishes an operational work plan from a strategic work plan?

The foundation of a strategic plan is a long-term vision for the future of your business. It
normally spans three to five years, including your main objectives, and has wide-ranging effects
throughout your entire firm.
A divisional or departmental operational work plan often functions as an annual plan. It is
designed with a budget in mind and includes a list of the major tasks you commit to carrying out
each year.
The ideal situation is to connect your operational work plan to your strategic plan. In this
manner, the topics that your division or department is concentrating on for the year are
consistent with your strategic plan.
9. How many measures should be included in our strategy plan?

We advise having 20–30 measurements at each level of your organization—the enterprise level,
division level, and department level. We've discovered that a number in this range aids each
level in maintaining attention on what matters and reviewing crucial information in meetings
without being distracted or worn out.
Having 20–30 measures in each division as mentioned above may result in hundreds of
measures in your company, but don't worry—the objective is never to analyze every single
measure in the organization at once. Only the data essential to your strategy should be
reviewed in your department or division each quarter, you should prepare. But nonetheless,
exercise common sense. If a divisional measure is higher than you or your team
10. How can we adapt our strategy plan to take into account changes?
Having a firm separation between your goals, metrics, and projects can let you make
modifications, additions, or deletions to your strategic plan more quickly. Measures should be
updated every six to 24 months, whereas goals should be updated every one to five years. On a
quarterly basis, projects can be changed by rolling off completed ones and adding new ones. At
this point, you can also need to amend a project's specifications, such extending the deadline or
lowering the budget.
11. How can we compile and monitor facts and data for strategic planning?
Your strategy plan needs to affect numerous divisions and departments. Even if you are
incredibly organized, it can be very challenging to keep track of all the data coming from various
sources and in various formats. Some businesses try to manage their strategies using Excel or
PowerPoint, but both of these programs fall short. Excel was made to track data, create tables,
and perform calculations; it was not intended to provide qualitative analysis (comments), follow
progress over time, or connect different aspects of a strategy. Although PowerPoint is excellent
for making presentations, you must create a fresh deck for each monthly meeting. You can
expect to spend hundreds of hours per meeting on manual calculations, creating graphs,
changing versions, etc. if you want to use either of these tools.
Automation of the process with tools like ClearPoint is quite helpful and will ultimately save your
business a lot of time and effort. With ClearPoint, tracking and reporting chores that would
typically take days to complete take just minutes. The software's simplicity of use has led many
of our clients to the conclusion that managers are more likely to keep track of their metrics. It's
a win all around when you can produce more educational strategy reports in less time—and, to
boot, get people fired up about metrics.

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NAME: JOANA ROSE D.

COURSE: BSOA 3RD YEAR - IRREG

1. 11 Common Strategic Planning Questions

1. What time span ought to be included in our strategic plan?

2. Who ought to participate in the process of strategic planning?

3. How frequently should we assess the status of our strategic plan?

Checking in on major themes or objectives every month.

4. When should our strategy plan be revised or updated?

5. Is a strategic planning office necessary?

6. Is the adoption of a balanced scorecard required?

7. Where do we begin when it comes to coming up with a plan?

Where do we currently stand and where do we wish to be?

8. What distinguishes an operational work plan from a strategic work plan?

9. How many measures should be included in our strategy plan?

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