- Mission and Objectives - describes the company's vision including the unchanging values and purpose of the organization.
“Strategic planning is worthless -- unless there is first a strategic vision.” ~ John Naisbitt
- Environment Scan
- Internal analysis of the firm
- Analysis of the firm's industry
- External macro environment (PEST analysis)
- Political Factors
- Environmental Factors
- Social Factors
- Technological Factors
- SWOT Analysis (strengths, weaknesses, opportunities, threats) generates a profile.
- Strategy Formulation - Company matches its strengths to the opportunities while addressing weaknesses and threats. To obtain superior profitability develop a competitive advantage based on cost or differentiation.
- Strategy Implementation - involves resources of the organization and motivation of the staff to achieve objectives.
- Evaluation & Control
- Define parameters to be measured
- Define target values of parameters
- Perform measurements
- Compare measured results to the predefined standard
- Make necessary changes
“A goal without a plan is just a wish.” ~ Larry Elder
Getting Started - An Introduction to the Strategic Planning Process
High Impact Tools and Activities for Strategic Planning: Creative Techniques for Facilitating Your Organization's Planning Process