Depending on how quickly your business is growing, you should try to make a strategic planning every three to five years. But if your business moves fast, you might want to make one every two to three years. Small businesses may need to make strategic plans more often when their needs change.
Once you’ve reached most or all of your long-term goals, you should make a strategic plan. The point of a strategic plan is to show how you’ll get there. Also, if your business wants to go into new markets or change its goal in a big way, you should come up with a strategic plan.
In which five steps does strategic planning come into play?
A small group of important people should lead the strategic planning process and be in charge of making your strategic plan. The management committee—your strategic planners—should be a small group of the organization’s most significant stakeholders and decision-makers. They won’t be the only ones doing the task, but they will be in charge of it. After you have set up your management committee, you can move on to the strategic planning phase.
List of how to review a strategic plan
- Determine where you are
- Determine your objectives and goals
- Develop your plan
- Execute your plan
- Revise and restructure as needed
Here is the details for how long should a strategic plan be
Determine where you are
Before you can start making a plan and deciding where you want to go, you need to know where you are. To do this, your management committee should get a lot of information from other parties, like employees and clients. Plan to put together in particular:
- With the right market and industry information, you can find potential market opportunities and any dangers that are coming.
- With customer insights, you can find out what your customers want from your business, like new services or better products.
- About what employees have to say, whether it’s about the product, the way business is done, or the company’s culture.
- You can use a SWOT analysis to evaluate the company’s current and future potential (you’ll come back to this analysis a few times during the strategic planning process).
Determine your objectives and goals
Here is where the magic happens. As you plan your approach, think about your current position, which is where you are right now. Then, look at your original business documents for ideas, because you want to end up there. You’re basically taking out your compass to figure out your plan. This can help you figure out exactly which path you should take. During this stage of planning, look at important business papers to make sure your strategy is taking your business in the right direction.
- Your mission statement will help you figure out how to keep working toward your company’s main goal.
- Use your vision statement to explain how your strategic plan fits into your long-term goals.
- The values of your business will help you decide what is most important to the company.
- Your competitive advantages, so they can see what makes you stand out in the market.
- Your long-term goals, which show where you want to be in five or ten years.
- Your financial forecast and projections will help you figure out where you think your finances will be in the next three years, how much cash you expect to come in, and what new investment opportunities may come up.
Develop your plan
Now that you know where you are and where you want to go, it’s time to start writing. Your plan, which takes into account your position and approach, will define your organization’s plan for the next three to five years. Even though you are making a long-term plan, you should remember that different parts of your strategic plan should be made as the months and years go by. As you make your strategic plan, you should be clear about:
- Using your SWOT analysis and business strategy, figure out what your company’s top three to five-year goals are.
- First-year goals. The strategic plan’s years don’t need goals. Set new strategic goals each year.
- First-year KPIs. The management committee and teams that understand the work should set some of these. Measure and implement your key results and KPIs.
Execute your plan
After preparation, execute your plan. To ensure everyone knows their roles and how to evaluate a new strategy, your firm must communicate. These tips will help your plan succeed:
- To equip workers, match tasks to job descriptions.
- Communicate with the entire organization during implementation.
- Execute your plan. To evaluate your plan, match procedures with KPIs. KPIs might help you prioritize and time your plan.
Rewrite and reorganize as needed
Develop and apply your new strategy structure by now. Planning ends with strategy management.
- strategic plan review. Make sure your team can see how their work fits into corporate priorities and your strategic plan, especially senior leadership. We recommend putting your plan on the same tool you use to organize and track your workload to make linking high-level goals to daily tasks easier. If you haven’t, use a work management tool.
- Strategize frequently (quarterly and annually). Your strategic plan should inform your short-term aims. Your strategy is also flexible. If your business changes course or invests more, you may need to alter the plan. To ensure your firm’s long-term success, you may need to change your strategic plan as new market opportunities and threats arise.
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