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Strategic Planning Process

See Also:
Product Pricing Strategies
Marketing Mix (4 P’s of Marketing)
Business Plan
How to write an Action Plan
Value Chain

Strategic Planning Process Definition

The strategic planning process involves finding long-term goals, and running through the different steps of the process to achieve those goals. Strategy planning involves finding where the company excels as well as where to allocate resources to maximize the long-term potential or strategy of the company.

Strategic Planning Process Steps

The strategic planning process outline or steps is as follows:

Mission

The mission step for the strategic process involves the creation of a mission statement. This is a big step in that it defines where the company plans on going into the future.

Objectives

After a mission statement has been made, strategy analysis requires that long-term and short-term objectives need to be established. There needs to be a way of monitoring the objectives so that the company has a way to check up on the progress of the company. Monitoring also makes sure it is on the right track to fulfill its mission statement.

Situation Analysis

Once the objectives have been established the strategic process requires that the company begin performing information gathering. Not only does the company need to establish where it is, but it also needs to gather information on its competitors as well as the current economic environment.

Strategy

Once information is gathered for the company on itself and the environment, then the company can begin to establish an overall strategy. The strategy will first incorporate the overall mission statement, objectives, as well as the general environment. Once these have been considered the company needs to decide what it does best in order to maximize the potential of the company.

Plan Execution

After all of the strategy planning is done, a company will gain the financing needed. Then they will begin marketing. They will also be establishing all human and equipment capital needed to best fit the company with the overall strategy.

Controlling Process

As the company moves along towards its objectives and overall mission statement it should establish a monitoring system. In this way the company can regularly check its progress and make sure it is on track to meet all of the goals of the company. If the company is not on track, then it can make adjustments that will put it back on track. To learn more financial leadership skills, download the free 7 Habits of Highly Effective CFOs.

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Have an Audacious Vision! – Part I

Audaciousbold, daring, or fearless, especially in challenging assumptions or conventions.

As the New Year begins, we like to re-focus on our company’s mission and vision.  Recently, I came across the concept of “audacious vision”.  What does that mean?  Put simply, it’s more than a run-of-the-mill mission or vision statement.  It’s a vision that is bold, daring and fearless and it can be a powerful thing.  Here are a couple of observations about audacious vision…

Having an Audacious Vision

An audacious vision has the power to energize and inspire you and your team. 

CEOs, Presidents, Entrepreneurs, Board Members –

Write down your vision… Make it plain on paper.

This allows everyone in your organization to know the company’s direction and head down the same path.

One of our long-term clients sends out a memo once a month to the entire company reiterating the company’s vision.  The CEO goes to each department sharing the company’s progress while inquiring on his role in making them be as successful as possible.  Even though Strategic CFO acts as an outside consultant to the company, he makes sure we receive the memo so that we are all clear on the direction the company is going.

Great leaders rally people to a better future ~ Marcus Buckingham

An audacious vision has the power to unite and focus us.

CFOs and Controllers –

It is important to understand the vision of the CEO/President/Entrepreneur/Board Member.

As an employee on any level, you should ask about the vision. This will help you to maximize your purpose within the organization.

We are only as strong as we are united, as weak as we are divided ~ J.K. Rowling, Harry Potter and the Goblet of Fire

 

Come back next week for Part II to learn more about what an audacious vision can mean for you and your company!

In the meantime, download our three best tools to help you lead your company audaciously.

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