Step By Step Strategic Planning Process

planWe are going to discuss about a distinctive strategic planning process in this article. It was used by several industries, and organizations and it has remained highly effective in implementation. This step by step process is approved and recommended by several business tycoons like Scholastic CFO Maureen O’Connell.
Develop and review mission and vision: It is one of the most essential foundations of the company. The organization should know its mission and vision before starting and bringing the business to the public. You have to get information from shareholders, employees, suppliers, customers, communities and other people. In order to get an idea about your business, you can create a template and share with the stakeholders to know about your business. It is necessary to develop the mission and vision of the company with the involvement of stakeholders. You need to consider the new challenges and present business challenges.
SWOT analysis: It is highly important to know about your business better in order to create an effective strategic plan. You need to know the company’s strengths and weakness and other opportunities and threats involved in your business. The four important factors are also called as SWOT analysis.
Select strategic options: You can create and use templates in order to point out the business objectives. It is necessary that the objective should be framed as per inputs of operation and business analysis and stakeholders. Once you have drafted, you will find several strategies, and each has its own importance. It is necessary to sort out and find the key points to tackle. There are several tools you can use to prioritize as per your requirement.
Establish strategic objectives: This is the most important step where you will be able to see an overall picture of your business objectives. Ensure your objectives are measured by the SMART tool. It has to be realistic, achievable, time bound, specific, and measurable.