Strategic Planning

IMG 422/ BA1306 / HRM 3217 Planning and Controlling
NAME : TELLURU UTTISHT

STUDENT ID : 220607403643
REF : https://asana.com/resources/strategic-planning
Strategic Planning
Summary
A strategic plan helps you define and share the direction your
company will take in the next three to five years. It includes
your company’s vision and mission statements, goals, and the
actions you’ll take to achieve those goals. In this article we
describe how a strategic plan compares to other project and
business tools, plus four steps to create a successful strategic
plan for your company.

What is a strategic plan?
A strategic plan is a tool to define your organisation’s goals
and what actions you will take to achieve them. This level of
clarity isn’t always a given—according to our research, only
16% of knowledge workers say their company is effective at
setting and communicating company goals.
Do I need a strategic plan?
A strategic plan is one of many tools you can use to plan and
hit your goals. It helps map out strategic objectives and growth
metrics. Here’s how a strategic plan compares to other project
management and business tools.
Strategic plan vs. business plan
A business plan can help you document your strategy as
you’re getting started so every team member is on the same
page about your core business priorities and goals. This tool
can help you document and share your strategy with key
investors or stakeholders as you get your business up and
running. Even if you’re working at a relatively young company,
your strategic plan can build on your business plan to help you
move in the right direction.
Strategic plan vs. mission and
vision statements
Your strategic plan, mission statement, and vision statements
are all closely connected. In fact, during the strategic planning
process, you will take inspiration from your mission and vision
statements in order to build out your strategic plan. Ideally, this
is something you created during the business planning phase
or shortly after your company started.
Strategic plan vs. company
objectives
You should set these on a yearly or quarterly basis (if your
organisation moves quickly). These objectives give your team
a clear sense of what you intend to accomplish for a set period
of time. Your strategic plan is more forward-thinking than your
company goals, and it should cover more than one year of
work.
Strategic plan vs. business case
A business case is a document to help you pitch a significant
investment or initiative for your company. When you create a
business case, you’re outlining why this investment is a good
idea, and how this large-scale project will positively impact the
business.
Strategic plan vs. project plan
A strategic plan is a company-wide, multi-year plan of what
you want to accomplish in the next three to five years and how
you plan to accomplish that. A project plan, on the other hand,
outlines how you’re going to accomplish a specific project.
This project could be one of many initiatives that contribute to
a specific company objective which, in turn, is one of many
objectives that contribute to your strategic plan.
When should I create a strategic
plan?
You should aim to create a strategic plan every three to five
years, depending on your organisation’s growth speed. That
being said, if your organisation moves quickly, consider
creating one every two to three years instead. Small
businesses may need to create strategic plans more often, as
their needs change.
What are the 5 steps in strategic
planning?
The strategic planning process should be run by a small team
of key stakeholders who will be in charge of building your
strategic plan. Your group of strategic planners, sometimes
called the management committee, should be a small team of
five to 10 key stakeholders and decision-makers for the
company.
Step 1: Determine where you are
Before you can get started with strategy development and
define where you’re going, you first need to define where you
are. To do this, your management committee should collect a
variety of information from additional stakeholders—like
employees and customers.
Step 2: Identify your goals and
objectives
To develop your strategy, take into account your current
position, which is where you are now.
Step 3: Develop your plan
Your plan will take your position and strategy into account to
define your organisation-wide plan for the next three to five
years.
Step 4: Execute your plan
New strategy execution involves clear communication across
your entire organization to make sure everyone knows their
responsibilities and how to measure the plan’s success.
Step 5: Revise and restructure as
needed
Share your strategic plan—this isn’t a document to hide away.
We recommend sharing your plan in the same tool you use to
manage and track work, so you can more easily connect
high-level objectives to daily work.
The benefits of strategic planning
Strategic planning can help with goal-setting by allowing you
to explain how your company will move towards your mission
and vision statements in the next three to five years.
To turn your company strategy into a plan—and ultimately,
impact—make sure you’re proactively connecting company
objectives to daily work.

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IMG 422/ BA1306 / HRM 3217 Planning and Controlling

NAME : TELLURU UTTISHT

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