The Complete Guide to Writing a Strategic Plan

By Joe Weller | April 12, 2019 (updated January 31, 2024)

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn

Link copied

Writing a strategic plan can be daunting, as the process includes many steps. In this article, you’ll learn the basics of writing a strategic plan, what to include, common challenges, and more.

Included on this page, you'll find details on what to include in a strategic plan , the importance of an executive summary , how to write a mission statement , how to write a vision statement , and more.

The Basics of Writing a Strategic Plan

The strategic planning process takes time, but the payoff is huge. If done correctly, your strategic plan will engage and align stakeholders around your company’s priorities.

Strategic planning, also called strategy development or analysis and assessment , requires attention to detail and should be performed by someone who can follow through on next steps and regular updates. Strategic plans are not static documents — they change as new circumstances arise, both internally and externally.

Before beginning the strategic planning process, it’s important to make sure you have buy-in from management, a board of directors, or other leaders. Without it, the process cannot succeed.

Next, gather your planning team. The group should include people from various departments at different levels, and the planning process should be an open, free discussion within the group. It’s important for leaders to get input from the group as a whole, but they don’t necessarily need approval from everyone — that will slow down the process.

The plan author is responsible for writing and putting the final plan together and should work with a smaller group of writers to establish and standardize the tone and style of the final document or presentation.

Sometimes, it’s a good idea to hire an external party to help facilitate the strategic planning process.

John Bryson

“It often can be helpful to have a really good facilitator to organize and pursue strategic conversations,” says Professor John M. Bryson, McKnight Presidential Professor of Planning and Public Affairs at the Hubert H. Humphrey School of Public Affairs, University of Minnesota and author of Strategic Planning for Public and Nonprofit Organizations: A Guide to Strengthening and Sustaining Organizational Achievement .

Byson says the facilitator can be in-house or external, but they need experience. “You need to make sure someone is good, so there needs to be a vetting process,” he says.

One way to gauge a facilitator’s experience is by asking how they conduct conversations. “It’s important for facilitators to lead by asking questions,” Bryson says.

Bryson says that strong facilitators often ask the following questions:

What is the situation we find ourselves in?

What do we do?

How do we do it?

How do we link our purposes to our capabilities?

The facilitators also need to be able to handle conflict and diffuse situations by separating idea generation from judgement. “Conflict is part of strategic planning,” Bryson admits. “[Facilitators] need to hold the conversations open long enough to get enough ideas out there to be able to make wise choices.”

These outside helpers are sometimes more effective than internal facilitators since they are not emotionally invested in the outcome of the process. Thus, they can concentrate on the process and ask difficult questions.

A strategic plan is a dynamic document or presentation that details your company’s present situation, outlines your future plans, and shows you how the company can get there. You can take many approaches to the process and consider differing ideas about what needs to go into it, but some general concepts stand.

“Strategic planning is a prompt or a facilitator for fostering strategic thinking, acting, and learning,” says Bryson. He explains that he often begins planning projects with three questions:

What do you want to do?

How are we going to do it?

What would happen if you did what you want to do?

The answers to these questions make up the meat of the planning document.

A strategic plan is only effective when the writing and thinking is clear, since the intent is to help an organization keep to its mission through programs and capacity, while also building stakeholder engagement.

Question 1: Where Are We Now?

The answer (or answers) to the first question — where are we now? — addresses the foundation of your organization, and it can serve as an outline for the following sections of your strategic plan:

Mission statement

Core values and guiding principles

Identification of competing organizations

Industry analysis (this can include a SWOT or PEST analysis)

Question 2: Where Are We Going?

The answers to this question help you identify your goals for the future of the business and assess whether your current trajectory is the future you want. These aspects of the plan outline a strategy for achieving success and can include the following:

Vision statement about what the company will look like in the future

What is happening (both internally and externally) and what needs to change

The factors necessary for success

Question 3: How Do We Get There?

The answers to this question help you outline the many routes you can take to achieve your vision and match your strengths with opportunities in the market. A Gantt chart can help you map out and keep track of these initiatives.

You should include the following sections:

Specific and measurable goals

An execution plan that identifies who manages and monitors the plan

An evaluation plan that shows how you plan to measure the successes and setbacks that come with implementation

What to Include in a Strategic Plan

Strategic planning terminology is not standardized throughout the industry, and this can lead to confusion. Instead, strategic planning experts use many names for the different sections of a strategic plan.

Denise McNerney

“The terms are all over the map. It’s really the concept of what the intention of the terms are [that is important],” says Denise McNerney, President and CEO of iBossWell, Inc. , and incoming president of the Association for Strategic Planning (ASP). She recommends coming up with a kind of glossary that defines the terms for your team. “One of the most important elements when you’re starting the strategic planning process is to get some clarity on the nomenclature. It’s just what works for your organization. Every organization is slightly different.”

No matter what terms you use, the general idea of a strategic plan is the same. “It’s like drawing a map for your company. One of the first steps is committing to a process, then determining how you’re going to do it,” McNerney explains.

She uses a basic diagram that she calls the strategic plan architecture . The areas above the red dotted line are the strategic parts of the plan. Below the red dotted line are the implementation pieces.

Strategic Plan Architecture

While the specific terminology varies, basic sections of a strategic plan include the following in roughly this order:

Executive summary

Elevator pitch or company description

Vision statement

Industry analysis

Marketing plan

Operations plan

Financial projections

Evaluation methods

Signature page

Some plans will contain all the above sections, but others will not — what you include depends on your organization’s structure and culture.

“I want to keep it simple, so organizations can be successful in achieving [the strategic plan],” McNerney explains. “Your plan has to be aligned with your culture and your culture needs to be aligned with your plan if you’re going to be successful in implementing it.”

The following checklist will help you keep track of what you have done and what you still need to do.

Writing A Strategic Plan Section

‌ Download Strategic Plan Sections Checklist

How to Write a Strategic Plan

Once you’ve assembled your team and defined your terms, it’s time to formalize your ideas by writing the strategic plan. The plan may be in the form of a document, a presentation, or another format.

You can use many models and formats to create your strategic plan (read more about them in this article ). However, you will likely need to include some basic sections, regardless of the particular method you choose (even if the order and way you present them vary). In many cases, the sections of a strategic plan build on each other, so you may have to write them in order.

One tip: Try to avoid jargon and generic terms; for example, words like maximize and succeed lose their punch. Additionally, remember that there are many terms for the same object in strategic planning.

The following sections walk you through how to write common sections of a strategic plan.

How to Write an Executive Summary

The key to writing a strong executive summary is being clear and concise. Don’t feel pressured to put anything and everything into this section — executive summaries should only be about one to two pages long and include the main points of the strategic plan.

The idea is to pique the reader’s interest and get them to read the rest of the plan. Because it functions as a review of the entire document, write the executive summary after you complete the rest of your strategic plan.

Jim Stockmal

“If you have a plan that’s really lengthy, you should have a summary,” says Jim Stockmal, President of the Association for Strategic Planning (ASP). He always writes summaries last, after he has all the data and information he needs for the plan. He says it is easier to cut than to create something.

For more information about writing an effective executive summary, a checklist, and free templates, read this article .

If you want a one-page executive summary, this template can help you decide what information to include.

One-page Executive Summary Template

Download One-Page Executive Summary Template

Excel | Word | PDF

How to Write a Company Description

Also called an elevator pitch , the company description is a brief outline of your organization and what it does. It should be short enough that it can be read or heard during the average elevator ride.

The company description should include the history of your company, the major products and services you provide, and any highlights and accomplishments, and it should accomplish the following:

Define what you are as a company.

Describe what the company does.

Identify your ideal client and customer.

Highlight what makes your company unique.

While this may seem basic, the company description changes as your company grows and changes. For example, your ideal customer five years ago might not be the same as the current standard or the one you want in five years.

Share the company description with everyone in your organization. If employees cannot accurately articulate what you do to others, you might miss out on opportunities.

How to Write a Mission Statement

The mission statement explains what your business is trying to achieve. In addition to guiding your entire company, it also helps your employees make decisions that move them toward the company’s overall mission and goals.

“Ideally, [the mission statement is] something that describes what you’re about at the highest level,” McNerney says. “It’s the reason you exist or what you do.”

Strong mission statements can help differentiate your company from your competitors and keep you on track toward your goals. It can also function as a type of tagline for your organization.

Mission statements should do the following:

Define your company’s purpose. Say what you do, who you do it for, and why it is valuable.

Use specific and easy-to-understand language.

Be inspirational while remaining realistic.

Be short and succinct.

This is your chance to define the way your company will make decisions based on goals, culture, and ethics. Mission statements should not be vague or generic, and they should set your business apart from others. If your mission statement could define many companies in your line of work, it is not a good mission statement.

Mission statements don’t have to be only outward-facing for customers or partners. In fact, it is also possible to include what your company does for its employees in your mission statement.

Unlike other parts of your strategic plan that are designed to be reviewed and edited periodically, your company’s mission statement should live as is for a while.

That said, make the effort to edit and refine your mission statement. Take out jargon like world class, best possible, state of the art, maximize, succeed , and so on, and cut vague or unspecific phrasing. Then let your strategic planning committee review it.

How to Write a Vision Statement

Every action your company does contributes to its vision. The vision statement explains what your company wants to achieve in the long term and can help inspire and align your team.

“The vision is the highest-ordered statement of the desired future or state of what you want your business to achieve,” McNerney explains.

A clear vision statement can help all stakeholders understand the meaning and purpose of your company. It should encourage and inspire employees while setting your company’s direction. It also helps you rule out elements that might not align with your vision.

Vision statements should be short (a few sentences). They should also be memorable, specific, and ambitious. But there is a fine line between being ambitious and creating a fantasy. The vision should be clearly attainable if you follow the goals and objectives you outline later in your strategic planning plan.

Because you need to know your company’s goals and objectives to create an accurate vision statement, you might need to wait until you have more information about the company’s direction to write your vision statement.

Below are questions to ask your team as you craft your vision statement:

What impact do we want to have on our community and industry?

How will we interact with others as a company?

What is the culture of the business?

Avoid broad statements that could apply to any company or industry. For example, phrases like “delivering a wonderful experience” could apply to many industries. Write in the present tense, avoid jargon, and be clear and concise.

Vision statements should accomplish the following:

Be inspiring.

Focus on success.

Look at and project about five to 10 years ahead.

Stay in line with the goals and values of your organization.

Once you write your vision statement, communicate it to everyone in your company. Your team should be able to easily understand and repeat the company’s vision statement. Remember, the statements can change as the environment in and around your company changes.

The Difference Between Mission and Vision Statements

Mission and vision statements are both important, but they serve very different purposes.

Mission statements show why a business exists, while vision statements are meant to inspire and provide direction. Mission statements are about the present, and vision statements are about the future. The mission provides items to act upon, and the vision offers goals to aspire to.

For example, if a vision statement is “No child goes to bed hungry,” the accompanying mission would be to provide food banks within the city limits.

While many organizations have both mission and vision statements, it’s not imperative. “Not everyone has a vision statement,” McNerney says. “Some organizations just have one.”

If you choose to have only one statement, McNerney offers some advice: “Any statement you have, if you have just one, needs to include what [you do], how [you do it], why [you do it], and who you do it for.”

During the planning process, these key statements might change. “Early on in the process, you need to talk about what you are doing and why and how you are doing it. Sometimes you think you know where you want to go, but you’re not really sure,” McNerney says. “You need to have flexibility both on the plan content and in the process.”

How to Write Your Company’s Core Values

Company core values , sometimes called organizational values , help you understand what drives the company to do what it does. In this section, you’ll learn a lot about your company and the people who work with you. It should be relatively easy to write.

“The values are the core of how you operate [and] how you treat your people, both internally and externally. Values describe the behaviors you really want to advance,” McNerney says.

There are both internal and external values looking at your employees and coworkers, as well as customers and outside stakeholders. Pinpointing values will help you figure out the traits of the people you want to hire and promote, as well as the qualities you’re looking for in your customers.

Your values should align with your vision statement and highlight your strengths while mitigating weaknesses. McNerney says many organizations do not really consider or are not honest about their company’s values when working on strategic plans, which can lead to failure.

“Your strategies have to align with your values and vice versa,” she explains.

Many companies’ values sound like meaningless jargon, so take the time to figure out what matters to your company and push beyond generic language.

How to Write about Your Industry

When planning ahead for your business, it’s important to look around. How are matters inside your company? What are your competitors doing? Who are your target customers?

“[If you don’t do a thorough industry analysis], you’re doing your planning with your head in the sand. If you’re not looking at the world around you, you’re missing a whole dimension about what should inform your decision making,” McNerney advises.

Writing about your industry helps you identify new opportunities for growth and shows you how you need to change in order to take advantage of those opportunities. Identify your key competitors, and define what you see as their strengths and weaknesses. Performing this analysis will help you figure out what you do best and how you compare to your competition. Once you know what you do well, you can exploit your strengths to your advantage.

In this section, also include your SWOT (strengths, weaknesses, opportunities, and threats) analysis. You can choose from many templates to help you write this section.

Next, identify your target customers. Think about what they want and need, as well as how you can provide it. Do your competitors attract your target customers, or do you have a niche that sets you apart?

The industry analysis carries a price, but also provides many benefits. “It takes some time and money to do [a thorough industry analysis], but the lack of that understanding says a lot about the future of your organization. If you don’t know what is going on around you, how can you stay competitive?” explains McNerney.

How to Write Strategic Plan Goals and Objectives

This section is the bulk of your strategic plan. Many people confuse goals and objectives, thinking the terms are interchangeable, but many argue that the two are distinct. You can think of them this way:

Goals : Goals are broad statements about what you want to achieve as a company, and they’re usually qualitative. They function as a description of where you want to go, and they can address both the short and long term.

Objectives : Objectives support goals, and they’re usually quantitative and measurable. They describe how you will measure the progress needed to arrive at the destination you outlined in the goal. More than one objective can support one goal.

For example, if your goal is to achieve success as a strategic planner, your objective would be to write all sections of the strategic plan in one month.

iBossWell, Inc.’s McNerney reiterates that there are not hard and fast definitions for the terms goals and objectives , as well as many other strategic planning concepts. “I wouldn’t attempt to put a definition to the terms. You hear the terms goals and objectives a lot, but they mean different things to different people. What some people call a goal , others call an objective . What some people call an objective , others would call a KPI. ” They key, she explains, is to decide what the terms mean in your organization, explain the definitions to key stakeholders, and stick to those definitions.

How to Write Goals

Goals form the basis of your strategic plan. They set out your priorities and initiatives, and therefore are critical elements and define what your plan will accomplish. Some planning specialists use the term strategic objectives or strategic priorities when referring to goals, but for clarity, this article will use the term goals.

“[Goals] are the higher level that contain several statements about what your priorities are,” McNerney explains. They are often near the top of your plan’s hierarchy.

Each goal should reflect something you uncovered during the analysis phase of your strategic planning process. Goals should be precise and concise statements, not long narratives. For example, your goals might be the following:

Eliminate case backlog.

Lower production costs.

Increase total revenue.

Each goal should have a stated outcome and a deadline. Think of goal writing as a formula: Action + detail of the action + a measurable metric + a deadline = goal. For example, your goal might be: Increase total revenue by 5 percent in three product areas by the third quarter of 2020.

Another way to look at it: Verb (action) + adjective (description) = noun (result). An example goal: Increase website fundraising.

Your goals should strike a balance between being aspirational and tangible. You want to stretch your limits, but not make them too difficult to reach. Your entire organization and stakeholders should be able to remember and understand your goals.

Think about goals with varying lengths. Some should go out five to 10 years, others will be shorter — some significantly so. Some goals might even be quarterly, monthly, or weekly. But be careful to not create too many goals. Focus on the ones that allow you to zero in on what is critical for your company’s success. Remember, several objectives and action steps will likely come from each goal.

How to Write Objectives

Objectives are the turn-by-turn directions of how to achieve your goals. They are set in statement and purpose with no ambiguity about whether you achieve them or not.

Your goals are where you want to go. Next, you have to determine how to get there, via a few different objectives that support each goal. Note that objectives can cover several areas.

“You need implementation elements of the plan to be successful,” McNerney says, adding that some people refer to objectives as tactics , actions , and many other terms.

Objectives often begin with the words increase or decrease because they are quantifiable and measurable. You will know when you achieve an objective. They are action items, often with start and end dates.

Use the goal example from earlier: Increase total revenue by 5 percent in three product areas by the third quarter of 2020. In this example, your objectives could be:

Approach three new possible clients each month.

Promote the three key product areas on the website and in email newsletters.

Think of the acronym SMART when writing objectives: Make them specific, measurable, achievable, realistic/relevant, and time-bound.

Breaking down the process further, some strategic planners use the terms strategies and tactics to label ways to achieve objectives. Using these terms, strategies describe an approach or method you will use to achieve an objective. A tactic is a specific activity or project that achieves the strategy, which, in turn, helps achieve the objective.

How to Write about Capacity, Operations Plans, Marketing Plans, and Financial Plans

After you come up with your goals and objectives, you need to figure out who will do what, how you will market what they do, and how you will pay for what you need to do.

“If you choose to shortchange the process [and not talk about capacity and finances], you need to know what the consequences will be,” explains McNerney. “If you do not consider the additional costs or revenues your plan is going to drive, you may be creating a plan you cannot implement.”

To achieve all the goals outlined in your strategic plan, you need the right people in place. Include a section in your strategic plan where you talk about the capacity of your organization. Do you have the team members to accomplish the objectives you have outlined in order to reach your goals? If not, you may need to hire personnel.

The operations plan maps out your initiatives and shows you who is going to do what, when, and how. This helps transform your goals and objectives into a reality. A summary of it should go into your strategic plan. If you need assistance writing a comprehensive implementation plan for your organization, this article can guide you through the process.

A marketing plan describes how you attract prospects and convert them into customers. You don’t need to include the entire marketing plan in your strategic plan, but you might want to include a summary. For more information about writing marketing plans, this article can help.

Then there are finances. We would all like to accomplish every goal, but sometimes we do not have enough money to do so. A financial plan can help you set your priorities. Check out these templates to help you get started with a financial plan.

How to Write Performance Indicators

In order to know if you are reaching the goals you outline in your strategic plan, you need performance indicators. These indicators will show you what success looks like and ensure accountability. Sadly, strategic plans have a tendency to fail when nobody periodically assesses progress.

Key performance indicators (KPIs) can show you how your business is progressing. KPIs can be both financial and nonfinancial measures that help you chart your progress and take corrective measures if actions are not unfolding as they should. Other terms similar to KPIs include performance measures and performance indicators .

Performance indicators are not always financial, but they must be quantifiable. For example, tracking visitors to a website, customers completing a contact form, or the number of proposals that close with deals are all performance indicators that keep you on track toward achieving your goals.

When writing your performance indicators, pay attention to the following:

Define how often you need to report results.

Every KPI must have some sort of measure.

List a measure and a time period.

Note the data source where you will get your information to measure and track.

ASP’s Stockmal has some questions for you to ask yourself about picking performance indicators.

Are you in control of the performance measure?

Does the performance measure support the strategic outcomes?

Is it feasible?

Is data available?

Who is collecting that data, and how will they do it?

Is the data timely?

Is it cost-effective to collect that data?

ls the goal quantifiable, and can you measure it over time?

Are your targets realistic and time-bound?

Stockmal also says performance indicators cannot focus on only one thing at the detriment of another. “Don’t lose what makes you good,” he says. He adds that focusing on one KPI can hurt other areas of a company’s performance, so reaching a goal can be short-sided.

Some performance indicators can go into your strategic plan, but you might want to set other goals for your organization. A KPI dashboard can help you set up and track your performance and for more information about setting up a KPI dashboard, this article can help.

Communicating Your Strategic Plan

While writing your strategic plan, you should think about how to share it. A plan is no good if it sits on a shelf and nobody reads it.

Stefan Hofmeyer

“After the meetings are over, you have to turn your strategy into action,” says Stefan Hofmeyer, an experienced strategist and co-founder of Global PMI Partners . “Get in front of employees and present the plan [to get everyone involved].” Hofmeyer explains his research has shown that people stay with companies not always because of money, but often because they buy into the organization’s vision and want to play a part in helping it get where it wants to go. “These are the people you want to keep because they are invested,” he says.

Decide who should get a physical copy of the entire plan. This could include management, the board of directors, owners, and more. Do your best to keep it from your competitors. If you distribute it outside of your company, you might want to attach a confidentiality waiver.

You can communicate your plan to stakeholders in the following ways:

Hold a meeting to present the plan in person.

Highlight the plan in a company newsletter.

Include the plan in new employee onboarding.

Post the plan on the employee intranet, along with key highlights and a way to track progress.

If you hold a meeting, make sure you and other key planners are prepared to handle the feedback and discussion that will arise. You should be able to defend your plan and reinforce its key areas. The goal of the plan’s distribution is to make sure everyone understands their role in making the plan successful.

Remind people of your company’s mission, vision, and values to reinforce their importance. You can use posters or other visual methods to post around the office. The more that people feel they play an important part in the organization’s success, they more successful you will be in reaching your goals of your strategic plan.

Challenges in Writing a Strategic Plan

As mentioned, strategic planning is a process and involves a team. As with any team activity, there will be challenges.

Sometimes the consensus can take priority over what is clear. Peer pressure can be a strong force, especially if a boss or other manager is the one making suggestions and people feel pressured to conform. Some people might feel reluctant to give any input because they do not think it matters to the person who ultimately decides what goes into the plan.

Team troubles can also occur when one or more members does not think the plan is important or does not buy into the process. Team leaders need to take care of these troubles before they get out of hand.

Pay attention to your company culture and the readiness you have as a group, and adapt the planning process to fit accordingly. You need to find the balance between the process and the final product.

The planning process takes time. Many organizations do not give themselves enough time to plan properly, and once you finish planning, writing the document or presentation also takes time, as does implementation. Don’t plan so much that you ignore how you are going to put the plan into action. One symptom of this is not aligning the plan to fit the capacity or finances of the company.

Stockmal explains that many organizations often focus too much on the future and reaching their goals that they forget what made them a strong company in the first place. Business architecture is important, which Stockmal says is “building the capabilities the organization needs to fulfill its strategy.” He adds that nothing happens if there is no budget workers to do the work necessary to drive change.

Be careful with the information you gather. Do not take shortcuts in the research phase — that will lead to bad information coming out further in the process. Also, do not ignore negative information you may learn. Overcoming adversity is one way for companies to grow.

Be wary of cutting and pasting either from plans from past years or from other similar organizations. Every company is unique.

And while this may sound obvious, do not ignore what your planning process tells you. Your research might show you should not go in a direction you might want to.

Writing Different Types of Strategic Plans

The strategic planning process will differ based on your organization, but the basic concepts will stay the same. Whether you are a nonprofit, a school, or a for-profit entity, strategic plans will look at where you are and how you will get to where you want to go.

How to Write a Strategic Plan for a Nonprofit

For a nonprofit, the strategic plan’s purpose is mainly how to best advance the mission. It’s imperative to make sure the mission statement accurately fits the organization.

In addition to a SWOT analysis and other sections that go into any strategic plan, a nonprofit needs to keep an eye on changing factors, such as funding. Some funding sources have finite beginnings and endings. Strategic planning is often continuous for nonprofits.

A nonprofit has to make the community care about its cause. In a for-profit organization, the marketing department works to promote the company’s product or services to bring in new revenue. For a nonprofit, however, conveying that message needs to be part of the strategic plan.

Coming up with an evaluation method and KPIs can sometimes be difficult for a nonprofit, since they are often focused on goals other than financial gain. For example, a substance abuse prevention coalition is trying to keep teens from starting to drink or use drugs, and proving the coalition’s methods work is often difficult to quantify.

This template can help you visually outline your strategic plan for your nonprofit.

Nonprofit Strategic Plan Template

Download Nonprofit Strategic Plan Template

Excel | Smartsheet

How to Write a Strategic Plan for a School

Writing a strategic plan for a school can be difficult because of the variety of stakeholders involved, including students, teachers, other staff, and parents.

Strategic planning in a school is different from others because there are no markets to explore, products to produce, clients to woo, or adjustable timelines. Schools often have set boundaries, missions, and budgets.

Even with the differences, the same planning process and structure should be in place for schools as it is for other types of organizations.

This template can help your university or school outline your strategic plan.

University Strategic Plan Outline Word Template

‌ ‌Download University Strategic Plan Outline – Word

How to Write a 5-Year Strategic Plan

There is no set time period for a strategic plan, but five years can be a sweet spot. In some cases, yearly planning might keep you continually stuck in the planning process, while 10 years might be too far out.

In addition to the basic sections that go into any strategic plan, when forecasting five years into the future, put one- and three-year checkpoints into the plan so you can track progress intermittently.

How to Write a 3-Year Strategic Plan

While five years is often the strategic planning sweet spot, some organizations choose to create three-year plans. Looking too far ahead can be daunting, especially for a new or changing company.

In a three-year plan, the goals and objectives have a shorter timeframe and you need to monitor them more frequently. Build those checkpoints into the plan.

“Most organizations do a three- to five-year plan now because they recognize the technology and the changes in business that are pretty dynamic now,” Stockmal says.

How to Write a Departmental Strategic Plan

The first step in writing a strategic plan for your department is to pay attention to your company’s overall strategic plan. You want to make sure the plans align.

The steps in creating a plan for a department are the same as for an overall strategic plan, but the mission statement, vision, SWOT analysis, goals, objectives, and so on are specific to only the people in your department. Look at each person separately and consider their core competencies, strengths, capabilities, and weaknesses. Assign people who will be responsible for certain tasks and tactics necessary to achieve your goals.

If you have access to a plan from a previous year, see how your department did in meeting its goals. Adjust the new plan accordingly.

When you finish your departmental plan, make sure to submit it to whomever is responsible for your company’s overall plan. Expect to make changes.

How to Write a Strategic Plan for a Project

A strategic plan is for the big picture, not for a particular project for an organization. Instead of a strategic plan, this area would fall under project management.

If you have a failing project and need to turn it around, this article might help.

How to Write a Personal Strategic Plan

Creating a strategic plan isn’t only for businesses. You can also create a strategic plan to help guide both your professional and personal life. The key is to include what is important to you. This process takes time and reflection.

Be prepared for what you discover about yourself. Because you will be looking at your strengths and weaknesses, you might see things you do not like. It is important to be honest with yourself. A SWOT analysis on yourself will give you some honest feedback if you let it.

Begin with looking at your life as it is now. Are you satisfied? What do you want to do more or less? What do you value most in your life? Go deeper than saying family, happiness, and health. This exercise will help you clarify your values.

Once you know what is important to you, come up with a personal mission statement that reflects the values you cherish. As it does within a business, this statement will help guide you in making future decisions. If something does not fit within your personal mission, you shouldn’t do it.

Using the information you discovered during your SWOT and mission statement process, come up with goals that align with your values. The goals can be broad, but don’t forget to include action items and timeframes to help you reach your goals.

As for the evaluation portion, identify how you will keep yourself accountable and on track. You might involve a person to remind you about your plan, calendar reminders, small rewards when you achieve a goal, or another method that works for you.

Below is additional advice for personal strategic plans:

There are things you can control and things you cannot. Keep your focus on what you can act on.

Look at the positive instead of what you will give up. For example, instead of focusing on losing weight, concentrate on being healthier.

Do not overcommit, and do not ignore the little details that help you reach your goals.

No matter what, do not dwell on setbacks and remember to celebrate successes.

Improve Strategic Planning with Real-Time Work Management in Smartsheet

Empower your people to go above and beyond with a flexible platform designed to match the needs of your team — and adapt as those needs change. 

The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed. 

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

Discover why over 90% of Fortune 100 companies trust Smartsheet to get work done.

  • Business strategy |
  • What is strategic planning? A 5-step gu ...

What is strategic planning? A 5-step guide

Julia Martins contributor headshot

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. In this article, we'll guide you through the strategic planning process, including why it's important, the benefits and best practices, and five steps to get you from beginning to end.

Strategic planning is a process through which business leaders map out their vision for their organization’s growth and how they’re going to get there. The strategic planning process informs your organization’s decisions, growth, and goals.

Strategic planning helps you clearly define your company’s long-term objectives—and maps how your short-term goals and work will help you achieve them. This, in turn, gives you a clear sense of where your organization is going and allows you to ensure your teams are working on projects that make the most impact. Think of it this way—if your goals and objectives are your destination on a map, your strategic plan is your navigation system.

In this article, we walk you through the 5-step strategic planning process and show you how to get started developing your own strategic plan.

How to build an organizational strategy

Get our free ebook and learn how to bridge the gap between mission, strategic goals, and work at your organization.

What is strategic planning?

Strategic planning is a business process that helps you define and share the direction your company will take in the next three to five years. During the strategic planning process, stakeholders review and define the organization’s mission and goals, conduct competitive assessments, and identify company goals and objectives. The product of the planning cycle is a strategic plan, which is shared throughout the company.

What is a strategic plan?

[inline illustration] Strategic plan elements (infographic)

A strategic plan is the end result of the strategic planning process. At its most basic, it’s a tool used to define your organization’s goals and what actions you’ll take to achieve them.

Typically, your strategic plan should include: 

Your company’s mission statement

Your organizational goals, including your long-term goals and short-term, yearly objectives

Any plan of action, tactics, or approaches you plan to take to meet those goals

What are the benefits of strategic planning?

Strategic planning can help with goal setting and decision-making by allowing you to map out how your company will move toward your organization’s vision and mission statements in the next three to five years. Let’s circle back to our map metaphor. If you think of your company trajectory as a line on a map, a strategic plan can help you better quantify how you’ll get from point A (where you are now) to point B (where you want to be in a few years).

When you create and share a clear strategic plan with your team, you can:

Build a strong organizational culture by clearly defining and aligning on your organization’s mission, vision, and goals.

Align everyone around a shared purpose and ensure all departments and teams are working toward a common objective.

Proactively set objectives to help you get where you want to go and achieve desired outcomes.

Promote a long-term vision for your company rather than focusing primarily on short-term gains.

Ensure resources are allocated around the most high-impact priorities.

Define long-term goals and set shorter-term goals to support them.

Assess your current situation and identify any opportunities—or threats—allowing your organization to mitigate potential risks.

Create a proactive business culture that enables your organization to respond more swiftly to emerging market changes and opportunities.

What are the 5 steps in strategic planning?

The strategic planning process involves a structured methodology that guides the organization from vision to implementation. The strategic planning process starts with assembling a small, dedicated team of key strategic planners—typically five to 10 members—who will form the strategic planning, or management, committee. This team is responsible for gathering crucial information, guiding the development of the plan, and overseeing strategy execution.

Once you’ve established your management committee, you can get to work on the planning process. 

Step 1: Assess your current business strategy and business environment

Before you can define where you’re going, you first need to define where you are. Understanding the external environment, including market trends and competitive landscape, is crucial in the initial assessment phase of strategic planning.

To do this, your management committee should collect a variety of information from additional stakeholders, like employees and customers. In particular, plan to gather:

Relevant industry and market data to inform any market opportunities, as well as any potential upcoming threats in the near future.

Customer insights to understand what your customers want from your company—like product improvements or additional services.

Employee feedback that needs to be addressed—whether about the product, business practices, or the day-to-day company culture.

Consider different types of strategic planning tools and analytical techniques to gather this information, such as:

A balanced scorecard to help you evaluate four major elements of a business: learning and growth, business processes, customer satisfaction, and financial performance.

A SWOT analysis to help you assess both current and future potential for the business (you’ll return to this analysis periodically during the strategic planning process). 

To fill out each letter in the SWOT acronym, your management committee will answer a series of questions:

What does your organization currently do well?

What separates you from your competitors?

What are your most valuable internal resources?

What tangible assets do you have?

What is your biggest strength? 

Weaknesses:

What does your organization do poorly?

What do you currently lack (whether that’s a product, resource, or process)?

What do your competitors do better than you?

What, if any, limitations are holding your organization back?

What processes or products need improvement? 

Opportunities:

What opportunities does your organization have?

How can you leverage your unique company strengths?

Are there any trends that you can take advantage of?

How can you capitalize on marketing or press opportunities?

Is there an emerging need for your product or service? 

What emerging competitors should you keep an eye on?

Are there any weaknesses that expose your organization to risk?

Have you or could you experience negative press that could reduce market share?

Is there a chance of changing customer attitudes towards your company? 

Step 2: Identify your company’s goals and objectives

To begin strategy development, take into account your current position, which is where you are now. Then, draw inspiration from your vision, mission, and current position to identify and define your goals—these are your final destination. 

To develop your strategy, you’re essentially pulling out your compass and asking, “Where are we going next?” “What’s the ideal future state of this company?” This can help you figure out which path you need to take to get there.

During this phase of the planning process, take inspiration from important company documents, such as:

Your mission statement, to understand how you can continue moving towards your organization’s core purpose.

Your vision statement, to clarify how your strategic plan fits into your long-term vision.

Your company values, to guide you towards what matters most towards your company.

Your competitive advantages, to understand what unique benefit you offer to the market.

Your long-term goals, to track where you want to be in five or 10 years.

Your financial forecast and projection, to understand where you expect your financials to be in the next three years, what your expected cash flow is, and what new opportunities you will likely be able to invest in.

Step 3: Develop your strategic plan and determine performance metrics

Now that you understand where you are and where you want to go, it’s time to put pen to paper. Take your current business position and strategy into account, as well as your organization’s goals and objectives, and build out a strategic plan for the next three to five years. Keep in mind that even though you’re creating a long-term plan, parts of your plan should be created or revisited as the quarters and years go on.

As you build your strategic plan, you should define:

Company priorities for the next three to five years, based on your SWOT analysis and strategy.

Yearly objectives for the first year. You don’t need to define your objectives for every year of the strategic plan. As the years go on, create new yearly objectives that connect back to your overall strategic goals . 

Related key results and KPIs. Some of these should be set by the management committee, and some should be set by specific teams that are closer to the work. Make sure your key results and KPIs are measurable and actionable. These KPIs will help you track progress and ensure you’re moving in the right direction.

Budget for the next year or few years. This should be based on your financial forecast as well as your direction. Do you need to spend aggressively to develop your product? Build your team? Make a dent with marketing? Clarify your most important initiatives and how you’ll budget for those.

A high-level project roadmap . A project roadmap is a tool in project management that helps you visualize the timeline of a complex initiative, but you can also create a very high-level project roadmap for your strategic plan. Outline what you expect to be working on in certain quarters or years to make the plan more actionable and understandable.

Step 4: Implement and share your plan

Now it’s time to put your plan into action. Strategy implementation involves clear communication across your entire organization to make sure everyone knows their responsibilities and how to measure the plan’s success. 

Make sure your team (especially senior leadership) has access to the strategic plan, so they can understand how their work contributes to company priorities and the overall strategy map. 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. If you don’t already, consider using a work management platform .  

A few tips to make sure your plan will be executed without a hitch: 

Communicate clearly to your entire organization throughout the implementation process, to ensure all team members understand the strategic plan and how to implement it effectively. 

Define what “success” looks like by mapping your strategic plan to key performance indicators.

Ensure that the actions outlined in the strategic plan are integrated into the daily operations of the organization, so that every team member's daily activities are aligned with the broader strategic objectives.

Utilize tools and software—like a work management platform—that can aid in implementing and tracking the progress of your plan.

Regularly monitor and share the progress of the strategic plan with the entire organization, to keep everyone informed and reinforce the importance of the plan.

Establish regular check-ins to monitor the progress of your strategic plan and make adjustments as needed. 

Step 5: Revise and restructure as needed

Once you’ve created and implemented your new strategic framework, the final step of the planning process is to monitor and manage your plan.

Remember, your strategic plan isn’t set in stone. You’ll need to revisit and update the plan if your company changes directions or makes new investments. As new market opportunities and threats come up, you’ll likely want to tweak your strategic plan. Make sure to review your plan regularly—meaning quarterly and annually—to ensure it’s still aligned with your organization’s vision and goals.

Keep in mind that your plan won’t last forever, even if you do update it frequently. A successful strategic plan evolves with your company’s long-term goals. When you’ve achieved most of your strategic goals, or if your strategy has evolved significantly since you first made your plan, it might be time to create a new one.

Build a smarter strategic plan with a work management platform

To turn your company strategy into a plan—and ultimately, impact—make sure you’re proactively connecting company objectives to daily work. When you can clarify this connection, you’re giving your team members the context they need to get their best work done. 

A work management platform plays a pivotal role in this process. It acts as a central hub for your strategic plan, ensuring that every task and project is directly tied to your broader company goals. This alignment is crucial for visibility and coordination, allowing team members to see how their individual efforts contribute to the company’s success. 

By leveraging such a platform, you not only streamline workflow and enhance team productivity but also align every action with your strategic objectives—allowing teams to drive greater impact and helping your company move toward goals more effectively. 

Strategic planning FAQs

Still have questions about strategic planning? We have answers.

Why 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 that will help your company be successful.

When should I create a strategic plan?

You should aim to create a strategic plan every three to five years, depending on your organization’s growth speed.

Since the point of a strategic plan is to map out your long-term goals and how you’ll get there, you should create a strategic plan when you’ve met most or all of them. You should also create a strategic plan any time you’re going to make a large pivot in your organization’s mission or enter new markets. 

What is a strategic planning template?

A strategic planning template is a tool organizations can use to map out their strategic plan and track progress. Typically, a strategic planning template houses all the components needed to build out a strategic plan, including your company’s vision and mission statements, information from any competitive analyses or SWOT assessments, and relevant KPIs.

What’s the difference between a 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.

You should create a business plan when you’re: 

Just starting your business

Significantly restructuring your business

If your business is already established, you should create a strategic plan instead of a business plan. 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. During the strategic planning process, you’ll draw from a lot of the fundamental business elements you built early on to establish your strategy for the next three to five years.

What’s the difference between a 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.

Simply put: 

A mission statement summarizes your company’s purpose.

A vision statement broadly explains how you’ll reach your company’s purpose.

A strategic plan pulls in inspiration from your mission and vision statements and outlines what actions you’re going to take to move in the right direction. 

For example, if your company produces pet safety equipment, here’s how your mission statement, vision statement, and strategic plan might shake out:

Mission statement: “To ensure the safety of the world’s animals.” 

Vision statement: “To create pet safety and tracking products that are effortless to use.” 

Your strategic plan would outline the steps you’re going to take in the next few years to bring your company closer to your mission and vision. For example, you develop a new pet tracking smart collar or improve the microchipping experience for pet owners. 

What’s the difference between a strategic plan vs. company objectives?

Company objectives are broad goals. You should set these on a yearly or quarterly basis (if your organization 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. Think of it this way: your company objectives will move the needle towards your overall strategy—but your strategic plan should be bigger than company objectives because it spans multiple years.

What’s the difference between a strategic plan vs. a 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. 

You might end up building business cases for things on your strategic plan’s roadmap—but your strategic plan should be bigger than that. This tool should encompass multiple years of your roadmap, across your entire company—not just one initiative.

What’s the difference between a strategic plan vs. a 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. 

What’s the difference between strategic management vs. strategic planning?

A strategic plan is a tool to define where your organization wants to go and what actions you need to take to achieve those goals. Strategic planning is the process of creating a plan in order to hit your strategic objectives.

Strategic management includes the strategic planning process, but also goes beyond it. In addition to planning how you will achieve your big-picture goals, strategic management also helps you organize your resources and figure out the best action plans for success. 

Related resources

steps to create a strategic plan

Business impact analysis: 4 steps to prepare for anything

steps to create a strategic plan

The beginner’s guide to business process management (BPM)

steps to create a strategic plan

Project portfolio management 101

steps to create a strategic plan

Marketing campaign management: 7 steps for success

Cart

  • SUGGESTED TOPICS
  • The Magazine
  • Newsletters
  • Managing Yourself
  • Managing Teams
  • Work-life Balance
  • The Big Idea
  • Data & Visuals
  • Reading Lists
  • Case Selections
  • HBR Learning
  • Topic Feeds
  • Account Settings
  • Email Preferences

6 Steps to Make Your Strategic Plan Really Strategic

  • Graham Kenny

steps to create a strategic plan

You don’t need dozens of strategic goals.

Many strategic plans aren’t strategic, or even plans. To fix that, try a six step process: first, identify key stakeholders. Second, identify a specific, very important key stakeholder: your target customer. Third, figure out what these stakeholders want from you. Fourth, figure out what you want from them. Fifth, design your strategy around these requirements. Sixth, focus on continuously improving this plan.

Why is it that when a group of managers gets together for a strategic planning session they often emerge with a document that’s devoid of “strategy”, and often not even a plan ?

steps to create a strategic plan

  • Graham Kenny is CEO of  Strategic Factors and author of the book Strategy Discovery.   He is a recognized expert in strategy and performance measurement who helps managers, executives, and boards create successful organizations in the private, public, and not-for-profit sectors. He has been a professor of management in universities in the U.S., and Canada.  You can connect to or follow him on  LinkedIn .

Partner Center

Learn more

How it works

Transform your enterprise with the scalable mindsets, skills, & behavior change that drive performance.

Explore how BetterUp connects to your core business systems.

We pair AI with the latest in human-centered coaching to drive powerful, lasting learning and behavior change.

Build leaders that accelerate team performance and engagement.

Unlock performance potential at scale with AI-powered curated growth journeys.

Build resilience, well-being and agility to drive performance across your entire enterprise.

Transform your business, starting with your sales leaders.

Unlock business impact from the top with executive coaching.

Foster a culture of inclusion and belonging.

Accelerate the performance and potential of your agencies and employees.

See how innovative organizations use BetterUp to build a thriving workforce.

Discover how BetterUp measurably impacts key business outcomes for organizations like yours.

A demo is the first step to transforming your business. Meet with us to develop a plan for attaining your goals.

Request a demo

  • For Individuals

Best practices, research, and tools to fuel individual and business growth.

View on-demand BetterUp events and learn about upcoming live discussions.

The latest insights and ideas for building a high-performing workplace.

  • BetterUp Briefing

The online magazine that helps you understand tomorrow's workforce trends, today.

Innovative research featured in peer-reviewed journals, press, and more.

Founded in 2022 to deepen the understanding of the intersection of well-being, purpose, and performance

We're on a mission to help everyone live with clarity, purpose, and passion.

Join us and create impactful change.

Read the buzz about BetterUp.

Meet the leadership that's passionate about empowering your workforce.

For Business

Strategic planning: Read this before it's that time again

Understand Yourself Better:

Big 5 Personality Test

Find my Coach

Jump to section

What is strategic planning?

What is strategic plan management?

Benefits of robust strategic planning and management

10 steps in the strategic planning process.

Plans are worthless, but planning is everything. - Dwight D. Eisenhower

It’s that time again. 

Every three to five years, most larger organizations periodically plan for the future. Many times strategic planning documents are shelved and forgotten until the next cycle begins. On the other hand, many smaller and newer organizations, propelled by urgency, may not devote the necessary time and energy to the strategic planning process. 

Only 63% of businesses plan more than a year out. They fail to see that — contrary to Alice in Wonderland’s Cheshire cat — “any way” does not take you there. 

For all organizations, a more rigorous annual planning process is critical for driving future success, profitability, value, and impact.

John Kotter, a former professor at Harvard Business School and noted expert on innovation says, “ Strategy should be viewed as a dynamic force that constantly seeks opportunities, identifies initiatives that will capitalize on them, and completes those initiatives swiftly and efficiently.”

There’s hardly a better case that can be made for dynamic planning than in the tech industry, where mergers and acquisitions are accelerating exponentially. Companies need to be nimble enough to navigate rapid change . In this case, planning should occur quarterly.

Strategic planning is an ongoing process by which an organization sets its forward course by bringing all of its stakeholders together to examine current realities and define its vision for the future.

It examines its strengths and weaknesses, resources available, and opportunities. Strategic planning seeks to anticipate future industry trends .  During the process, the organization creates a vision, articulates its purpose, and sets strategic goals that are long-term and forward-focused. 

Those strategic goals inform operational goals and incremental milestones that need to be reached. The operational plan has clear objectives and supporting initiatives tied to metrics to which everyone is accountable . The plan should be agile enough to allow for recalibrating when necessary and redistributing resources based on internal and external forces.

The output of the planning process is a document that is shared across the enterprise. 

See how BetterUp Works - Watch Demo

Strategic planning for individuals

Strategic planning isn’t just for companies. At BetterUp, strategic planning is one of the skills that we identify, track, and develop within the Whole Person Model . For individuals, strategic planning is the ability to think through ways to achieve desired outcomes. Just as strategic planning helps organizations realize their goals for the future, it helps individuals grow and achieve goals in a unified direction. 

Working backward from the desired outcome, effective strategic planning consists of coming up with the steps we need to take today in order to get where we want to be tomorrow. 

While no plan is infallible, people who develop this skill are good at checking to make sure that their actions are in alignment with the outcomes that they want to see in the future. Even when things don’t go according to plan, their long-term goals act as a “North star” to get them back on course. In addition, envisioning desired future states and figuring out how to turn them into reality enhances an individual’s sense of personal meaning and motivation. 

Whether we’re talking about strategic planning for the company or the individual, strategic plans can go awry in a variety of ways including: 

  • Unrealistic goals and too many priorities
  • Poor communication
  • Using the wrong measures
  • Lack of leadership

The extent to which that document is shelved until the next planning cycle or becomes a dynamic map of the future depends on the people responsible for overseeing the execution of the plan.

strategic-planning-person-smiling-at-his-computer

What is strategic plan management? 

"Most people think of strategy as an event, but that’s not the way the world works," according to Harvard Business School Professor Clayton Christensen. "When we run into unanticipated opportunities and threats, we have to respond. Sometimes we respond successfully; sometimes we don’t. But most strategies develop through this process. More often than not, the strategy that leads to success emerges through a process that works 24/7 in almost every industry."

Strategic business management is the ongoing process by which an organization creates and sustains a successful roadmap that moves the company in the direction it needs to move, year after year, for long-term success. It spans from research and formulation to execution, evaluation, and adjustment. Given the pace of change, strategic management is more relevant and important than ever for assigning measurable goals and action steps

Many organizations fail because they don’t have the strategic management team at the table right from the beginning of the planning process. A strategic plan is only as good as its ability to be executed and sustained. 

A strategic management initiative might be driven by an internal group — many companies have an internal strategy team — or an outside consulting firm. Ultimately company leaders need to own executing and sustaining the strategy. 

Strategic management teams

In this Harvard Business Review article, Ron Carucci from consulting firm Navalent reports that 61% of executives in a 10-year longitudinal study felt they were not prepared for the strategic challenges they faced upon being appointed to senior leadership roles. Lack of commitment to the plan is also a contributing factor. In addition, leaders attending to quarterly targets, crisis management , and reconciling budgets often consider the execution of a long-term strategy a low priority.

A dedicated strategic management team works with those senior leaders and managers throughout the organization to communicate, coordinate and evaluate progress against goals. They tie strategic objectives to day-to-day operational metrics throughout the enterprise. 

A good strategic management group can assist in creating a culture of empowerment and learning . It holds regular meetings with employees. It sets a clear agenda and expectations to make the strategic plan real and compelling to the organization through concrete objectives, results, and timelines. 

Strategy development is a lot of work, but the benefits are lasting. After all, as the saying goes, "If you fail to plan, you plan to fail." Taking the time for review and planning activities has the following benefits:

  • Organizations and people are set up to succeed
  • Increased likelihood of staying on track
  • Decreased likelihood of being distracted or derailed
  • Progress through the plan is communicated throughout the organization
  • Metrics facilitate course correction
  • Budgets enterprise-wide are based on strategy
  • Cross-organization alignment
  • Robust employee performance and compensation plans
  • Commitment to learning and training
  • A robust strategic planning process gets everyone involved and invested in the organizations
  • Employees inform management about what’s working or not working at the operational level
  • Innovation is encouraged and rewarded
  • Increased productivity

1. Define mission and vision  

Begin by articulating the organization's vision for the future. Ask, "What would success look like in five years?" Create a mission statement describing organizational values and how you intend to reach the vision. What values inform and determine mission, vision, and purpose?

Purpose-driven strategic goals articulate the “why” of what the corporation is doing. It connects the vision statement to specific objectives, drawing a line between the larger goals and the work that teams and individuals do.

2. Conduct a comprehensive assessment  

This stage includes identifying an organization’s strategic position.

Gathering data from internal and external environments and respective stakeholders takes place at this time. Involving employees and customers in the research.

The task is to gather market data through research. One of the most critical components of this stage is a comprehensive SWOT analysis that involves gathering people and bringing perspectives from all stakeholders to determine:

  • W eaknesses
  • O pportunities

Strengths and weaknesses  — In this stage, planners identify the company’s assets that contribute to its current competitive advantage and/or the likelihood of a significant increase in the organization’s market share in the future. It should be an objective assessment rather than an inflated perspective of its strengths. 

An accurate assessment of weaknesses requires looking outward at external forces that can reveal new opportunities as well as threats. Consider the massive shift in multiple industries whose strategy has been disrupted by the COVID-19 pandemic. While it was disastrous to the airline and restaurant industries’ business models , tech companies were able to seize the opportunity and address the demands of remote work. 

Michael Porter’s book Competetive Strategy: Techniques for Analyzing Industries and Competitors claims that there are five forces at work in an industry that influence that industry’s ability to develop a competitive strategy. Since the book was published in 1979, organizations have turned to Porter’s theory to create their strategic framework. 

Here are the 5 forces (and key questions) that determine the competitive strategy for most industries.

  • Competitive rivalry : When considering the strengths of an organization’s competitors it’s important to ask: How do our products/services hold up to our competition? If the rivalry is intense, companies need to consider what capacity they have to gain leverage through price cuts or bold marketing strategies. If there is little competition, the organization has a substantial gain in the market.
  • Supplier power: How might suppliers influence strategy? For example, what if suppliers raised their prices? To what extent would a company need a particular supplier for our product(s)? Is it possible to switch suppliers in a way that is more cost effective and efficient? The number of suppliers that exist will determine your ability to keep costs low.
  • Buyer power: To what extent do buyers have the ability to shop around right into the hands of your competitors? How much power does your customer base have in determining price? A small number of well-informed buyers shifts the power in their direction while a large pool may give you the strategic advantage
  • Threat of substitution:  What is the threat of a company’s buyer substituting your services/products from the competition? What if the buyer figures out another way to access the services/products that it offers?
  • Threat of new entry:  How easy is it for newcomers to enter the organization’s market?

strategic-planning-a-group-talks-in-a-room

3. Forecast  

Considering the factors above, determine the company’s value through financial forecasting . While almost certainly to become a moving target influenced by the five forces, a forecast can assign initial anticipated measurable results expected in the plan or ROI: profits/cost of investment.

4. Set the organizational direction of the business

The above research and assessment will help an organization to set goals and priorities. Too often an organization’s strategic plan is too broad and over-ambitious. Planners need to ask, ”What kind of impact are we seeking to have, and in what time frame?” They need to drill down to objectives that will have the most impact. 

5. Create strategic objectives

This next phase of operational planning consists of creating strategic objectives and initiatives. Kaplan and Norton posit in their balanced scorecard methodology that there are four perspectives for consideration in identifying the conditions for success. They are interrelated and must be evaluated simultaneously.

  • Financial : Such considerations as growing shareholder value, increasing revenue, managing cost, profitability, or financial stability inform strategic initiatives. 
  • Customer-satisfaction:  Objectives can be determined by identifying targets related to one or some of the following: value for the cost, best service, increased market share, or providing customers with solutions.
  • Internal processes such as operational processes and efficiencies, investment in innovation, investment in total quality and performance management , cost reduction, improvement of workplace safety, or streamlining processes.
  • Learning and growth: Organizations must ask: Are initiatives in place in terms of human capital and learning and growth to sustain change? Objectives may include employee retention, productivity, building high-performing teams, or creating a pipeline for future leaders .

6. Align with key stakeholders

It’s a team effort. The success of the plan is in direct proportion to the organization’s commitment to inform and engage the entire workforce in strategy execution. People will only be committed to strategy implementation when they're connected to the organization's goals. With everyone pulling in the same direction, cross-functional decision-making becomes easier and more aligned.

7. Begin strategy mapping

A strategy map is a powerful tool for illustrating the cause-effect of those perspectives and connecting them to between 12 and 18 strategic objectives. Since most people are visual learners, the map provides an easy-to-understand diagram for everyone in the organization creating shared knowledge at all levels.

8. Determine strategic initiatives

Following the development of strategic objectives, strategic initiatives are determined. These are the actions the organization will take to reach those objectives. They may relate initiatives related to factors such as scope, budget, raising brand awareness, product development, and employee training.

9. Benchmark performance measures and analysis

Strategic initiatives inform SMART goals to which metrics are assigned to evaluate performance. These measures cascade from senior management to management to front-line workers. At this stage, the task is to create goals that are specific, measurable, attainable, relevant, and time-based informing the operational plan.

Benchmarks are established against so that performance can be measures, and a time frame is created. Key performance indicators (KPI’s) are assigned based on organizational goals. These indicators align workers’ performance and productivity with long-term strategic objectives. 

10. Performance evaluation

Assessment of whether the plan has been successful . It measures activities and progress toward objectives and allows for the creation of improved plans and objectives in order to improve overall performance . 

Think of strategic planning as a circular process beginning and ending with evaluation. Adjust a  plan as necessary. The pace at which review of the plan is necessary may be once a year for many organizations or quarterly for organizations in rapidly evolving industries. 

Prioritizing the strategic planning process

The strategic planning meeting may have a reputation for being just another to-do, but it might be time to take a second look. With the right action plan and a little strategic thinking, you can reinvigorate your business environment and start planning for success.

It's that time to get excited about the future again.

New call-to-action

Meredith Betz

Betterup Fellow Coach, M.S.Ed, M.S.O.D.

Contingency planning: 4 steps to prepare for the unexpected

4 reasons why you can't afford to skip out on succession planning, the only guide you’ll ever need for career planning, strategic plan vs. work plan: what's the difference, declining capabilities in productivity and wellness signal a need for worker support, how to excel at life planning (a life planning template), strategy versus tactics: planning and executing on your goals, what is strategic plan management and how does it benefit teams, what is an action plan how to become a real-life action hero, similar articles, everything you need to know about strategic leadership, when you need to set the direction, swot analysis is a classic tool, how organizational effectiveness enhances how you work and grow, strategy vs. tactics: the difference is execution, stay connected with betterup, get our newsletter, event invites, plus product insights and research..

3100 E 5th Street, Suite 350 Austin, TX 78702

  • Platform Overview
  • Integrations
  • Powered by AI
  • BetterUp Lead
  • BetterUp Manage™
  • BetterUp Care™
  • Sales Performance
  • Diversity & Inclusion
  • Case Studies
  • Why BetterUp?
  • Career Coaching
  • Communication Coaching
  • Life Coaching
  • News and Press
  • Leadership Team
  • Become a BetterUp Coach
  • BetterUp Labs
  • Center for Purpose & Performance
  • What is coaching?
  • Leadership Training
  • Business Coaching
  • Contact Support
  • Contact Sales
  • Privacy Policy
  • Acceptable Use Policy
  • Trust & Security
  • Cookie Preferences

Build Your 2024 AI Transformation Roadmap 🚀

The strategic planning process in 4 steps, to help you throughout our strategic planning framework, we have created a how-to guide on the basics of a strategic plan, which we will take you through step-by-step..

Free Strategic Planning Guide

What is Strategic Planning?

Strategic Planning is when organizations define a bold vision and create a plan with objectives and goals to reach that future. A great strategic plan defines where your organization is going, how you’ll win, who must do what, and how you’ll review and adapt your strategy development.

What

Overview of the Strategic Planning Process:

The strategic management process involves taking your organization on a journey from point A (where you are today) to point B (your vision of the future).

Part of that journey is the strategy built during strategic planning, and part of it is execution during the strategic management process. A good strategic plan dictates “how” you travel the selected road.

Effective execution ensures you are reviewing, refreshing, and recalibrating your strategy to reach your destination. The planning process should take no longer than 90 days. But, move at a pace that works best for you and your team and leverage this as a resource.

To kick this process off, we recommend 1-2 weeks (1-hour meeting with the Owner/CEO, Strategy Director, and Facilitator (if necessary) to discuss the information collected and direction for continued planning.)

Strategic Planning Guide and Process

Questions to Ask:

  • Who is on your Planning Team? What senior leadership members and key stakeholders are included? Checkout these links you need help finding a strategic planning consultant , someone to facilitate strategic planning , or expert AI strategy consulting .
  • Who will be the business process owner (Strategy Director) of planning in your organization?
  • Fast forward 12 months from now, what do you want to see differently in your organization as a result of your strategic plan and implementation?
  • Planning team members are informed of their roles and responsibilities.
  • A strategic planning schedule is established.
  • Existing planning information and secondary data collected.

Action Grid:

What

Step 1: Determine Organizational Readiness

Set up your plan for success – questions to ask:

  • Are the conditions and criteria for successful planning in place at the current time? Can certain pitfalls be avoided?
  • Is this the appropriate time for your organization to initiate a planning process? Yes or no? If no, where do you go from here?

Step 2: Develop Your Team & Schedule

Who is going to be on your planning team? You need to choose someone to oversee the strategy implementation (Chief Strategy Officer or Strategy Director) and strategic management of your plan? You need some of the key individuals and decision makers for this team. It should be a small group of approximately 12-15 people.

OnStrategy is the leader in strategic planning and performance management. Our cloud-based software and hands-on services closes the gap between strategy and execution. Learn more about OnStrategy here .

Step 3: Collect Current Data

All strategic plans are developed using the following information:

  • The last strategic plan, even if it is not current
  • Mission statement, vision statement, values statement
  • Past or current Business plan
  • Financial records for the last few years
  • Marketing plan
  • Other information, such as last year’s SWOT, sales figures and projections

Step 4: Review Collected Data

Review the data collected in the last action with your strategy director and facilitator.

  • What trends do you see?
  • Are there areas of obvious weakness or strengths?
  • Have you been following a plan or have you just been going along with the market?

Conclusion: A successful strategic plan must be adaptable to changing conditions. Organizations benefit from having a flexible plan that can evolve, as assumptions and goals may need adjustments. Preparing to adapt or restart the planning process is crucial, so we recommend updating actions quarterly and refreshing your plan annually.

Strategic Planning Pyramid

Strategic Planning Phase 1: Determine Your Strategic Position

Want more? Dive into the “ Evaluate Your Strategic Position ” How-To Guide.

Action Grid

Step 1: identify strategic issues.

Strategic issues are critical unknowns driving you to embark on a robust strategic planning process. These issues can be problems, opportunities, market shifts, or anything else that keeps you awake at night and begging for a solution or decision. The best strategic plans address your strategic issues head-on.

  • How will we grow, stabilize, or retrench in order to sustain our organization into the future?
  • How will we diversify our revenue to reduce our dependence on a major customer?
  • What must we do to improve our cost structure and stay competitive?
  • How and where must we innovate our products and services?

Step 2: Conduct an Environmental Scan

Conducting an environmental scan will help you understand your operating environment. An environmental scan is called a PEST analysis, an acronym for Political, Economic, Social, and Technological trends. Sometimes, it is helpful to include Ecological and Legal trends as well. All of these trends play a part in determining the overall business environment.

Step 3: Conduct a Competitive Analysis

The reason to do a competitive analysis is to assess the opportunities and threats that may occur from those organizations competing for the same business you are. You need to understand what your competitors are or aren’t offering your potential customers. Here are a few other key ways a competitive analysis fits into strategic planning:

  • To help you assess whether your competitive advantage is really an advantage.
  • To understand what your competitors’ current and future strategies are so you can plan accordingly.
  • To provide information that will help you evaluate your strategic decisions against what your competitors may or may not be doing.

Learn more on how to conduct a competitive analysis here .

Step 4: Identify Opportunities and Threats

Opportunities are situations that exist but must be acted on if the business is to benefit from them.

What do you want to capitalize on?

  • What new needs of customers could you meet?
  • What are the economic trends that benefit you?
  • What are the emerging political and social opportunities?
  • What niches have your competitors missed?

Threats refer to external conditions or barriers preventing a company from reaching its objectives.

What do you need to mitigate? What external driving force do you need to anticipate?

Questions to Answer:

  • What are the negative economic trends?
  • What are the negative political and social trends?
  • Where are competitors about to bite you?
  • Where are you vulnerable?

Step 5: Identify Strengths and Weaknesses

Strengths refer to what your company does well.

What do you want to build on?

  • What do you do well (in sales, marketing, operations, management)?
  • What are your core competencies?
  • What differentiates you from your competitors?
  • Why do your customers buy from you?

Weaknesses refer to any limitations a company faces in developing or implementing a strategy.

What do you need to shore up?

  • Where do you lack resources?
  • What can you do better?
  • Where are you losing money?
  • In what areas do your competitors have an edge?

Step 6: Customer Segments

What

Customer segmentation defines the different groups of people or organizations a company aims to reach or serve.

  • What needs or wants define your ideal customer?
  • What characteristics describe your typical customer?
  • Can you sort your customers into different profiles using their needs, wants and characteristics?
  • Can you reach this segment through clear communication channels?

Step 7: Develop Your SWOT

What

A SWOT analysis is a quick way of examining your organization by looking at the internal strengths and weaknesses in relation to the external opportunities and threats. Creating a SWOT analysis lets you see all the important factors affecting your organization together in one place.

It’s easy to read, easy to communicate, and easy to create. Take the Strengths, Weaknesses, Opportunities, and Threats you developed earlier, review, prioritize, and combine like terms. The SWOT analysis helps you ask and answer the following questions: “How do you….”

  • Build on your strengths
  • Shore up your weaknesses
  • Capitalize on your opportunities
  • Manage your threats

What

Strategic Planning Process Phase 2: Developing Strategy

Want More? Deep Dive Into the “Developing Your Strategy” How-To Guide.

Step 1: Develop Your Mission Statement

The mission statement describes an organization’s purpose or reason for existing.

What is our purpose? Why do we exist? What do we do?

  • What are your organization’s goals? What does your organization intend to accomplish?
  • Why do you work here? Why is it special to work here?
  • What would happen if we were not here?

Outcome: A short, concise, concrete statement that clearly defines the scope of the organization.

Step 2: discover your values.

Your values statement clarifies what your organization stands for, believes in and the behaviors you expect to see as a result. Check our the post on great what are core values and examples of core values .

How will we behave?

  • What are the key non-negotiables that are critical to the company’s success?
  • What guiding principles are core to how we operate in this organization?
  • What behaviors do you expect to see?
  • If the circumstances changed and penalized us for holding this core value, would we still keep it?

Outcome: Short list of 5-7 core values.

Step 3: casting your vision statement.

What

A Vision Statement defines your desired future state and directs where we are going as an organization.

Where are we going?

  • What will our organization look like 5–10 years from now?
  • What does success look like?
  • What are we aspiring to achieve?
  • What mountain are you climbing and why?

Outcome: A picture of the future.

Step 4: identify your competitive advantages.

How to Identify Competitive Advantages

A competitive advantage is a characteristic of an organization that allows it to meet its customer’s need(s) better than its competition can. It’s important to consider your competitive advantages when creating your competitive strategy.

What are we best at?

  • What are your unique strengths?
  • What are you best at in your market?
  • Do your customers still value what is being delivered? Ask them.
  • How do your value propositions stack up in the marketplace?

Outcome: A list of 2 or 3 items that honestly express the organization’s foundation for winning.

Step 5: crafting your organization-wide strategies.

What

Your competitive strategy is the general methods you intend to use to reach your vision. Regardless of the level, a strategy answers the question “how.”

How will we succeed?

  • Broad: market scope; a relatively wide market emphasis.
  • Narrow: limited to only one or few segments in the market
  • Does your competitive position focus on lowest total cost or product/service differentiation or both?

Outcome: Establish the general, umbrella methods you intend to use to reach your vision.

What

Phase 3: Strategic Plan Development

Want More? Deep Dive Into the “Build Your Plan” How-To Guide.

Strategic Planning Process Step 1: Use Your SWOT to Set Priorities

If your team wants to take the next step in the SWOT analysis, apply the TOWS Strategic Alternatives Matrix to your strategy map to help you think about the options you could pursue. To do this, match external opportunities and threats with your internal strengths and weaknesses, as illustrated in the matrix below:

TOWS Strategic Alternatives Matrix

Evaluate the options you’ve generated, and identify the ones that give the greatest benefit, and that best achieve the mission and vision of your organization. Add these to the other strategic options that you’re considering.

Step 2: Define Long-Term Strategic Objectives

Long-Term Strategic Objectives are long-term, broad, continuous statements that holistically address all areas of your organization. What must we focus on to achieve our vision? Check out examples of strategic objectives here. What are the “big rocks”?

Questions to ask:

  • What are our shareholders or stakeholders expectations for our financial performance or social outcomes?
  • To reach our outcomes, what value must we provide to our customers? What is our value proposition?
  • To provide value, what process must we excel at to deliver our products and services?
  • To drive our processes, what skills, capabilities and organizational structure must we have?

Outcome: Framework for your plan – no more than 6. You can use the balanced scorecard framework, OKRs, or whatever methodology works best for you. Just don’t exceed 6 long-term objectives.

Strategy Map

Step 3: Setting Organization-Wide Goals and Measures

What

Once you have formulated your strategic objectives, you should translate them into goals and measures that can be communicated to your strategic planning team (team of business leaders and/or team members).

You want to set goals that convert the strategic objectives into specific performance targets. Effective strategic goals clearly state what, when, how, and who, and they are specifically measurable. They should address what you must do in the short term (think 1-3 years) to achieve your strategic objectives.

Organization-wide goals are annual statements that are SMART – specific, measurable, attainable, responsible, and time-bound. These are outcome statements expressing a result to achieve the desired outcomes expected in the organization.

What is most important right now to reach our long-term objectives?

Outcome: clear outcomes for the current year..

Strategic Planning Outcomes Table

Step 4: Select KPIs

What

Key Performance Indicators (KPI) are the key measures that will have the most impact in moving your organization forward. We recommend you guide your organization with measures that matter. See examples of KPIs here.

How will we measure our success?

Outcome: 5-7 measures that help you keep the pulse on your performance. When selecting your Key Performance Indicators (KPIs), ask, “What are the key performance measures we need to track to monitor if we are achieving our goals?” These KPIs include the key goals you want to measure that will have the most impact on moving your organization forward.

Step 5: Cascade Your Strategies to Operations

NPS Step #5

To move from big ideas to action, creating action items and to-dos for short-term goals is crucial. This involves translating strategy from the organizational level to individuals. Functional area managers and contributors play a role in developing short-term goals to support the organization.

Before taking action, decide whether to create plans directly derived from the strategic plan or sync existing operational, business, or account plans with organizational goals. Avoid the pitfall of managing multiple sets of goals and actions, as this shifts from strategic planning to annual planning.

Questions to Ask

  • How are we going to get there at a functional level?
  • Who must do what by when to accomplish and drive the organizational goals?
  • What strategic questions still remain and need to be solved?

Department/functional goals, actions, measures and targets for the next 12-24 months

Step 6: Cascading Goals to Departments and Team Members

Now in your Departments / Teams, you need to create goals to support the organization-wide goals. These goals should still be SMART and are generally (short-term) something to be done in the next 12-18 months. Finally, you should develop an action plan for each goal.

Keep the acronym SMART in mind again when setting action items, and make sure they include start and end dates and have someone assigned their responsibility. Since these action items support your previously established goals, it may be helpful to consider action items your immediate plans on the way to achieving your (short-term) goals. In other words, identify all the actions that need to occur in the next 90 days and continue this same process every 90 days until the goal is achieved.

Examples of Cascading Goals:

What

Phase 4: Executing Strategy and Managing Performance

Want more? Dive Into the “Managing Performance” How-To Guide.

Step 1: Strategic Plan Implementation Schedule

Implementation is the process that turns strategies and plans into actions in order to accomplish strategic objectives and goals.

How will we use the plan as a management tool?

  • Communication Schedule: How and when will you roll-out your plan to your staff? How frequently will you send out updates?
  • Process Leader: Who is your strategy director?
  • Structure: What are the dates for your strategy reviews (we recommend at least quarterly)?
  • System & Reports: What are you expecting each staff member to come prepared with to those strategy review sessions?

Outcome: Syncing your plan into the “rhythm of your business.”

Once your resources are in place, you can set your implementation schedule. Use the following steps as your base implementation plan:

  • Establish your performance management and reward system.
  • Set up monthly and quarterly strategy meetings with established reporting procedures.
  • Set up annual strategic review dates including new assessments and a large group meeting for an annual plan review.

Now you’re ready to start plan roll-out. Below are sample implementation schedules, which double for a full strategic management process timeline.

Strategic Planning Calendar

Step 2: Tracking Goals & Actions

Monthly strategy meetings don’t need to take a lot of time – 30 to 60 minutes should suffice. But it is important that key team members report on their progress toward the goals they are responsible for – including reporting on metrics in the scorecard they have been assigned.

By using the measurements already established, it’s easy to make course corrections if necessary. You should also commit to reviewing your Key Performance Indicators (KPIs) during these regular meetings. Need help comparing strategic planning software ? Check out our guide.

Effective Strategic Planning: Your Bi-Annual Checklist

What

Never lose sight of the fact that strategic plans are guidelines, not rules. Every six months or so, you should evaluate your strategy execution and strategic plan implementation by asking these key questions:

  • Will your goals be achieved within the time frame of the plan? If not, why?
  • Should the deadlines be modified? (Before you modify deadlines, figure out why you’re behind schedule.)
  • Are your goals and action items still realistic?
  • Should the organization’s focus be changed to put more emphasis on achieving your goals?
  • Should your goals be changed? (Be careful about making these changes – know why efforts aren’t achieving the goals before changing the goals.)
  • What can be gathered from an adaptation to improve future planning activities?

Why Track Your Goals?

  • Ownership: Having a stake and responsibility in the plan makes you feel part of it and leads you to drive your goals forward.
  • Culture: Successful plans tie tracking and updating goals into organizational culture.
  • Implementation: If you don’t review and update your strategic goals, they are just good intentions
  • Accountability: Accountability and high visibility help drive change. This means that each measure, objective, data source and initiative must have an owner.
  • Empowerment: Changing goals from In Progress to Complete just feels good!

Step 3: Review & Adapt

Guidelines for your strategy review.

The most important part of this meeting is a 70/30 review. 30% is about reviewing performance, and 70% should be spent on making decisions to move the company’s strategy forward in the next quarter.

The best strategic planners spend about 60-90 minutes in the sessions. Holding meetings helps focus your goals on accomplishing top priorities and accelerating the organization’s growth. Although the meeting structure is relatively simple, it does require a high degree of discipline.

Strategy Review Session Questions:

Strategic planning frequently asked questions, read our frequently asked questions about strategic planning to learn how to build a great strategic plan..

Strategic planning is when organizations define a bold vision and create a plan with objectives and goals to reach that future. A great strategic plan defines where your organization is going, how you’ll win, who must do what, and how you’ll review and adapt your strategy..

Your strategic plan needs to include an assessment of your current state, a SWOT analysis, mission, vision, values, competitive advantages, growth strategy, growth enablers, a 3-year roadmap, and annual plan with strategic goals, OKRs, and KPIs.

A strategic planning process should take no longer than 90 days to complete from start to finish! Any longer could fatigue your organization and team.

There are four overarching phases to the strategic planning process that include: determining position, developing your strategy, building your plan, and managing performance. Each phase plays a unique but distinctly crucial role in the strategic planning process.

Prior to starting your strategic plan, you must go through this pre-planning process to determine your organization’s readiness by following these steps:

Ask yourself these questions: Are the conditions and criteria for successful planning in place now? Can we foresee any pitfalls that we can avoid? Is there an appropriate time for our organization to initiate this process?

Develop your team and schedule. Who will oversee the implementation as Chief Strategy Officer or Director? Do we have at least 12-15 other key individuals on our team?

Research and Collect Current Data. Find the following resources that your organization may have used in the past to assist you with your new plan: last strategic plan, mission, vision, and values statement, business plan, financial records, marketing plan, SWOT, sales figures, or projections.

Finally, review the data with your strategy director and facilitator and ask these questions: What trends do we see? Any obvious strengths or weaknesses? Have we been following a plan or just going along with the market?

Join 60,000 other leaders engaged in transforming their organizations.

Subscribe to get the latest agile strategy best practices, free guides, case studies, and videos in your inbox every week..

Keystone

Leading strategy? Join our FREE community.

Become a member of the chief strategy officer collaborative..

OnStrategy Collaborative

Free monthly sessions and exclusive content.

Do you want to 2x your impact.

steps to create a strategic plan

The 5 steps of the strategic planning process

An illustration of a digital whiteboard with a bullseye diagram and sticky notes

Starting a project without a strategy is like trying to bake a cake without a recipe — you might have all the ingredients you need, but without a plan for how to combine them, or a vision for what the finished product will look like, you’re likely to end up with a mess. This is especially true when working with a team — it’s crucial to have a shared plan that can serve as a map on the pathway to success.

Creating a strategic plan not only provides a useful document for the future, but also helps you define what you have right now, and think through and outline all of the steps and considerations you’ll need to succeed.

What is strategic planning?

While there is no single approach to creating a strategic plan, most approaches can be boiled down to five overarching steps:

  • Define your vision
  • Assess where you are
  • Determine your priorities and objectives
  • Define responsibilities
  • Measure and evaluate results

Each step requires close collaboration as you build a shared vision, strategy for implementation, and system for understanding performance.

Related: Learn how to hold an effective strategic planning meeting

Why do I need a strategic plan?

Building a strategic plan is the best way to ensure that your whole team is on the same page, from the initial vision and the metrics for success to evaluating outcomes and adjusting (if necessary) for the future. Even if you’re an expert baker, working with a team to bake a cake means having a collaborative approach and clearly defined steps so that the result reflects the strategic goals you laid out at the beginning.

The benefits of strategic planning also permeate into the general efficiency and productivity of your organization as a whole. They include: 

  • Greater attention to potential biases or flaws, improving decision-making 
  • Clear direction and focus, motivating and engaging employees
  • Better resource management, improving project outcomes 
  • Improved employee performance, increasing profitability
  • Enhanced communication and collaboration, fostering team efficiency 

Next, let’s dive into how to build and structure your strategic plan, complete with templates and assets to help you along the way.

Before you begin: Pick a brainstorming method

There are many brainstorming methods you can use to come up with, outline, and rank your priorities. When it comes to strategy planning, it’s important to get everyone’s thoughts and ideas out before committing to any one strategy. With the right facilitation , brainstorming helps make this process fair and transparent for everyone involved.  

First, decide if you want to run a real-time rapid ideation session or a structured brainstorming . In a rapid ideation session, you encourage sharing half-baked or silly ideas, typically within a set time frame. The key is to just get out all your ideas quickly and then edit the best ones. Examples of rapid ideation methods include round robin , brainwriting , mind mapping , and crazy eights . 

In a structured brainstorming session, you allow for more time to prepare and edit your thoughts before getting together to share and discuss those more polished ideas. This might involve brainstorming methods that entail unconventional ways of thinking, such as reverse brainstorming or rolestorming . 

Using a platform like Mural, you can easily capture and organize your team’s ideas through sticky notes, diagrams, text, or even images and videos. These features allow you to build actionable next steps immediately (and in the same place) through color coding and tagging. 

Whichever method you choose, the ideal outcome is that you avoid groupthink by giving everyone a voice and a say. Once you’ve reached a consensus on your top priorities, add specific objectives tied to each of those priorities.

Related: Brainstorming and ideation template

1. Define your vision

Whether it’s for your business as a whole, or a specific initiative, successful strategic planning involves alignment with a vision for success. You can think of it as a project-specific mission statement or a north star to guide employees toward fulfilling organizational goals. 

To create a vision statement that explicitly states the ideal results of your project or company transformation, follow these four key steps: 

  • Engage and involve the entire team . Inclusivity like this helps bring diverse perspectives to the table. 
  • Align the vision with your core values and purpose . This will make it familiar and easy to follow through. 
  • Stay grounded . The vision should be ambitious enough to motivate and inspire yet grounded enough to be achievable and relevant.
  • Think long-term flexibility . Consider future trends and how your vision can be flexible in the face of challenges or opportunities. 

For example, say your vision is to revolutionize customer success by streamlining and optimizing your process for handling support tickets. It’s important to have a strategy map that allows stakeholders (like the support team, marketing team, and engineering team) to know the overall objective and understand the roles they will play in realizing the goals. 

This can be done in real time or asynchronously , whether in person, hybrid, or remote. By leveraging a shared digital space , everyone has a voice in the process and room to add their thoughts, comments, and feedback. 

Related: Vision board template

2. Assess where you are

The next step in creating a strategic plan is to conduct an assessment of where you stand in terms of your own initiatives, as well as the greater marketplace. Start by conducting a resource assessment. Figure out which financial, human, and/or technological resources you have available and if there are any limitations. You can do this using a SWOT analysis.

What is SWOT analysis?

SWOT analysis is an exercise where you define:

  • Strengths: What are your unique strengths for this initiative or this product? In what ways are you a leader?
  • Weaknesses: What weaknesses can you identify in your offering? How does your product compare to others in the marketplace?
  • Opportunities: Are there areas for improvement that'd help differentiate your business?
  • Threats: Beyond weaknesses, are there existing potential threats to your idea that could limit or prevent its success? How can those be anticipated?

For example, say you have an eco-friendly tech company and your vision is to launch a new service in the next year. Here’s what the SWOT analysis might look like: 

  • Strengths : Strong brand reputation, loyal customer base, and a talented team focused on innovation
  • Weaknesses : Limited bandwidth to work on new projects, which might impact the scope of its strategy formulation 
  • Opportunities : How to leverage and experiment with existing customers when goal-setting
  • Threats : Factors in the external environment out of its control, like the state of the economy and supply chain shortages

This SWOT analysis will guide the company in setting strategic objectives and formulating a robust plan to navigate the challenges it might face. 

Related: SWOT analysis template

3. Determine your priorities and objectives

Once you've identified your organization’s mission and current standing, start a preliminary plan document that outlines your priorities and their corresponding objectives. Priorities and objectives should be set based on what is achievable with your available resources. The SMART framework is a great way to ensure you set effective goals . It looks like this:  

  • Specific: Set clear objectives, leaving no room for ambiguity about the desired outcomes.
  • Measurable : Choose quantifiable criteria to make it easier to track progress.
  • Achievable : Ensure it is realistic and attainable within the constraints of your resources and environment.
  • Relevant : Develop objectives that are relevant to the direction your organization seeks to move.
  • Time-bound : Set a clear timeline for achieving each objective to maintain a sense of urgency and focus.

For instance, going back to the eco-friendly tech company, the SMART goals might be: 

  • Specific : Target residential customers and small businesses to increase the sales of its solar-powered device line by 25%. 
  • Measurable : Track monthly sales and monitor customer feedback and reviews. 
  • Achievable : Allocate more resources to the marketing, sales, and customer service departments. 
  • Relevant : Supports the company's growth goals in a growing market of eco-conscious consumers. 
  • Time-bound : Conduct quarterly reviews and achieve this 25% increase in sales over the next 12 months.

With strategic objectives like this, you’ll be ready to put the work into action. 

Related: Project kickoff template

4. Define tactics and responsibilities

In this stage, individuals or units within your team can get granular about how to achieve your goals and who'll be accountable for each step. For example, the senior leadership team might be in charge of assigning specific tasks to their team members, while human resources works on recruiting new talent. 

It’s important to note that everyone’s responsibilities may shift over time as you launch and gather initial data about your project. For this reason, it’s key to define responsibilities with clear short-term metrics for success. This way, you can make sure that your plan is adaptable to changing circumstances. 

One of the more common ways to define tactics and metrics is to use the OKR (Objectives and Key Results) method. By outlining your OKRs, you’ll know exactly what key performance indicators (KPIs) to track and have a framework for analyzing the results once you begin to accumulate relevant data. 

For instance, if our eco-friendly tech company has a goal of increasing sales, one objective might be to expand market reach for its solar-powered products. The sales team lead would be in charge of developing an outreach strategy. The key result would be to successfully launch its products in two new regions by Q2. The KPI would be a 60% conversation rate in those targeted markets.  

Related: OKR planning template  

5. Manage, measure, and evaluate

Once your plan is set into motion, it’s important to actively manage (and measure) progress. Before launching your plan, settle on a management process that allows you to measure success or failure. In this way, everyone is aligned on progress and can come together to evaluate your strategy execution at regular intervals.

Determine the milestones at which you’ll come together and go over results — this can take place weekly, monthly, or quarterly, depending on the nature of the project.

One of the best ways to evaluate progress is through agile retrospectives (or retros) , which can be done in real time or asynchronously. During this process, gather and organize feedback about the key elements that played a role in your strategy. 

Related: Retrospective radar template

Retrospectives are typically divided into three parts:

  • What went well.
  • What didn’t go well.
  • New opportunities for improvement.

This structure is also sometimes called the “ rose, thorn, bud ” framework. By using this approach, team members can collectively brainstorm and categorize their feedback, making the next steps clear and actionable. Creating an action plan during a post-mortem meeting is a crucial step in ensuring that lessons learned from past projects or events are effectively translated into tangible improvements. 

Another method for reviewing progress is the quarterly business review (QBR). Like the agile retrospective, it allows you to collect feedback and adjust accordingly. In the case of QBRs, however, we recommend dividing your feedback into four categories:

  • Start (what new items should be launched?).
  • Stop (what items need to be paused?).
  • Continue (what is going well?).
  • Change (what could be modified to perform better?).

Strategic planners know that planning activities continue even after a project is complete. There’s always room for improvement and an action plan waiting to be implemented. Using the above approaches, your team can make room for new ideas within the existing strategic framework in order to track better to your long-term goals.

Related: Quarterly business review template

Conclusions

The beauty of the strategic plan is that it can be applied from the campaign level all the way up to organizational vision. Using the strategic planning framework, you build buy-in , trust, and transparency by collaboratively creating a vision for success, and mapping out the steps together on the road to your goals.

Also, in so doing, you build in an ability to adapt effectively on the fly in response to data through measurement and evaluation, making your plan both flexible and resilient.

Related: 5 Tips for Holding Effective Post-mortems

Why Mural for strategic planning

Mural unlocks collaborative strategic planning through a shared digital space with an intuitive interface, a library of pre-fab templates, and methodologies based on design thinking principles.

Outline goals, identify key metrics, and track progress with a platform built for any enterprise.

Learn more about strategic planning with Mural.

About the authors

Bryan Kitch

Bryan Kitch

Tagged Topics

Related blog posts

steps to create a strategic plan

How to hold effective strategic planning meetings

steps to create a strategic plan

Tactical vs. strategic planning: Why you need both

steps to create a strategic plan

5 effective strategic planning models for your business

Related blog posts.

steps to create a strategic plan

Teamwork 2024 Report: This isn't working

steps to create a strategic plan

Collaborative leadership: What it is and why it works so well for distributed teams

steps to create a strategic plan

Trust your people — you hired them for a reason

Get the free 2023 collaboration trends report.

Extraordinary teamwork isn't an accident

Strategic Planning Process: 7 Crucial Steps to Success

a transparent grid illustration connecting a circle and square representing the strategic planning process

What to read next:

Playing chess without a strong opening is a guaranteed way to disadvantage yourself. Just like in chess, organizations without an adequate strategic planning process are unlikely to thrive and adapt long-term. 

The strategic planning process is essential for aligning your organization on key priorities, goals, and initiatives, making it crucial for organizational success.   

This article will empower you to craft and perfect your strategic planning process by exploring the following:  

  • What is strategic planning
  • Why strategic planning is important for your business  
  • The seven steps of the strategic planning process   

Strategic planning frameworks

  • Best practices supporting the strategic planning process  

By the end of this article, you’ll have the knowledge needed to perfect the key elements of strategic planning. Ready? Let’s begin.  

What is strategic planning?

Strategic planning charts your business's course toward success. Using your organization’s vision, mission, and values — with internal and external information — each step of the strategic planning process helps you craft long-term objectives and attain your goals with strategic management.  

The key elements of strategic planning includes a SWOT analysis, goal setting , stakeholder involvement, plus developing actionable strategies, approaches, and tactics aligned with primary objectives.  

In short, the strategic planning process bridges the gap between your organization’s current and desired state, providing a clear and actionable framework that answers:   Where are you now?   Where do you want to be?   How will you get there?

7 key elements of strategic planning 

The following strategic planning components work together to create cohesive strategic plans for your business goals. Let’s take a close look at each of these:  

  • Vision : What your organization wants to achieve in the future, the long-term goal  
  • Mission : The driving force behind why your company exists, who it serves, and how it creates value  
  • Values : Fundamental beliefs guiding your company’s decision-making process  
  • Goals : Measurable objectives in alignment with your business mission, vision, and values  
  • Strategy : A long-term strategy map for achieving your objectives based on both internal and external factors  
  • Approach : How you execute strategy and achieve objectives using actions and initiatives   
  • Tactics : Granular short-term actions, programs, and activities  

Why a concrete strategic planning is important

Just as a chess player needs a gameplan to reach checkmate, a company needs a solid strategic plan to achieve its goals.   

Without a strategic plan, your business will waste precious time, energy, and resources on endeavors that won’t get your company closer to where it needs to be.   

Your ideal plan should cover all key strategic planning areas, while allowing you to stay present by measuring success and course-correcting or redefining the strategic direction when necessary. Ultimately, enabling your company to stay future-proof through the creation of an always-on strategy.   

An always-on strategy involves continuous environmental scanning even after the strategic plan has been devised, ensuring readiness to adapt in response to quick, drastic changes in the environment.

Let’s dive deeper into the steps of the strategic planning process.  

What are the 7 stages of the strategic planning process?

You understand the overall value of implementing a strategic planning process — now let’s put it in practice. Here's our 7-step approach to strategic planning that ensures everyone is on the same page:  

  • Clarify your vision, mission, and values  
  • Conduct an environmental scan  
  • Define strategic priorities  
  • Develop goals and metrics  
  • Derive a strategic plan  
  • Write and communicate your strategic plan  
  • Implement, monitor, and revise   

1. Clarify your vision, mission, and values 

The first step of the strategic planning process is understanding your organization’s core elements: vision, mission, and values. Clarifying these will align your strategic plan with your company’s definition of success. Once established, these are the foundation for the rest of the strategic planning process.   

Questions to ask:

  • What do we aspire to achieve in the long term?
  • What is our purpose or ultimate goal?
  • What do we do to fulfill our vision?
  • What key activities or services do we provide?
  • What are our organization's ethics?
  • What qualities or behaviors do we expect from employees?

Read more: What is Mission vs. Vision  

A green flag with hollow filling placed to the left of an outline of an eye, with the iris also outlined in green, all on a green background, to signal mission vs. vision

2. Conduct an environmental scan

Once everyone on the same page about vision, mission, and values, it's time to scan your internal and external environment. This involves a long-term SWOT analysis, evaluating your organization’s strengths, weaknesses, opportunities, and threats.  

Internal factors 

Internal strengths and weaknesses help you understand where your organization excels and what it could improve. Strengths and weaknesses awareness helps make more informed decisions with your capabilities and resource allocation in mind.  

External factors

Externally, opportunities and threats in the market help you understand the power of your industry’s customers, suppliers, and competitors. Additionally, consider how broader forces like technology, culture, politics, and regulation may impact your organization.   

  • What are our organization's key strengths or competitive advantages?
  • What areas or functions within our organization need improvement?
  • What emerging trends or opportunities can we leverage?
  • How do changes in technology, regulations, or consumer behavior impact us?

3. Define strategic priorities

Prioritization puts the “strategic” in strategic planning process. Your organization’s mission, vision, values, and environmental scan serve as a lens to identify top priorities. Limiting priorities ensures your organization intentionally allocates resources.  

These categories can help you rank your strategic priorities:  

  • Critical : Urgent tasks whose failure to complete will have severe consequences — financial losses, reputation damage, or legal consequences  
  • Important : Significant tasks which support organizational achievements and require timely completion  
  • Desirable : Valuable tasks not essential in the short-term, but can contribute to long-term success and growth  
  • How do these priorities align with our mission, vision, and values?
  • Which tasks need to be completed quickly to ensure effective progress towards our desired outcomes?
  • What resources and capabilities do we need to pursue these priorities effectively?

4. Develop goals and metrics

Next, you establish goals and metrics to reflect your strategic priorities. Purpose-driven, long-term, actionable strategic planning goals should flow down through the organization, with lower-level goals contributing to higher-level ones.  

One approach that can help you set and measure your aligned goals is objectives and key results (OKRs). OKRs consist of objectives, qualitative statements of what you want to achieve, and key results, 3-5 supporting metrics that track progress toward your objective.  

OKRs ensure alignment at every level of the organization, with tracking and accountability built into the framework to keep everyone engaged. With ambitious, intentional goals, OKRs can help you drive the strategic plan forward.  

  • What metrics can we use to track progress toward each objective?
  • How can we ensure that lower-level goals and metrics support and contribute to higher-level ones?
  • How will we track and measure progress towards key results?
  • How will we ensure accountability?

Get an in-depth look at OKRs with our Ultimate OKR Playbook

an illustration of a circle in a shifting square to represent an okr playbook

5. Derive a strategic plan

The next step of the strategic planning process gets down to the nitty-gritty “how” — outlining a clear, practical plan for bridging the gap between now and the future.   

To do this, you’ll need to brainstorm short- and long-term approaches to achieving the goals you’ve set, answering a couple of key questions along the way. You must evaluate ideas based on factors like:  

  • Feasibility : How realistic and achievable is it?  
  • Impact : How conducive is it to goal attainment?  
  • Cost : Can we fund this approach, and is it worth the investment?  
  • Alignment : Does it support our mission, vision, and values?  

From your approaches, you can devise a detailed action plan, which covers things like:  

  • Timelines : When will we take each step, and what are the deadlines?  
  • Milestones : What key achievements will ensure consistent progress?  
  • Resource requirements : What’s needed to achieve each step?  
  • Responsibilities : Who's accountable in each step?  
  • Risks and challenges : What can affect our ability to execute our plan? How will we address these?  

With a detailed action plan like this, you can move from abstract goals to concrete steps, bringing you closer to achieving your strategic objectives.  

6. Write and communicate your strategic plan

Writing and communicating your strategic plan involves everyone, ensuring each team is on the same page. Here’s a clear, concise structure you can use to cover the most important strategic planning components:  

  • Executive summary : Highlights and priorities in your strategic overview   
  • Introduction : Background on your strategic plan  
  • Connection : How your strategic plan aligns with your organization’s mission, vision, and values  
  • Environmental scan : An overview of your SWOT analysis findings  
  • Strategic priorities and goals : Informed short and long-term organizational goals  
  • Strategic approach : An overview of your tactical plan   
  • Resource needs : How you'll deploy technology, funding, and employees  
  • Risk and challenges : How you’ll mitigate the unknowns if and when they arise  
  • Implementation plan : A step-by-step resource deployment plan for achieving your strategy  
  • Monitoring and evaluation : How you’ll keep your plan heading in the right direction  
  • Conclusion : A summary of the strategic plan and everything it entails  
  • What information or context do stakeholders need to understand the strategic plan?
  • How can we emphasize the connection between the strategic plan and the overall purpose and direction of the organization?
  • What initiatives or strategies will we implement to drive progress?
  • How will we mitigate or address risks?
  • What are the specific steps and actions we need to take to implement the strategic plan?
  • Any additional information or next steps we need to communicate?

7. Implement, monitor, and revise performance 

Finally, it’s time to implement your strategic plan, making sure it's up to date, creating a persistent, always-on strategy that doesn't lag behind. As you get the ball rolling, keep a close eye on your timelines, milestones, and performance targets, and whether these align with your internal and external environment.   

Internally, indicators like completions, issues, and delays provide visibility into your process. If any bottlenecks, inefficiencies, or misalignment arises, take corrective action promptly — adjust the plan, reallocate resources, or provide additional training to employees.  

Externally, you should monitor changes such as customer preferences, competitive pressures, economic shifts , and regulatory changes. These impact the success of your strategic action plan and may require tweaks along the way.   

Remember, implementing a strategic plan isn’t a one-time task — continual evaluation is essential for an always-on strategy. It involves extending beyond planning stages and contextualizing the strategy in real-time, allowing for swift adaptations to changing circumstances to ensure your plan remains relevant.

  • Are there any bottlenecks, inefficiencies, or misalignments we need to address?
  • Are we monitoring and analyzing external factors?
  • Are we prepared to make necessary tweaks or adaptations along the way?
  • Are we agile enough to promptly correct deviations from our strategic plan while maintaining an "always-on" strategy for continual adjustments?

You can use several frameworks to guide you through the strategic planning process. Some of the most influential ones include:

  • Balanced scorecard (BSC) : Takes an overarching approach to strategic planning, covering financial, customer, internal processes, and learning and growth, aligning short-term operational tasks with long-term strategic goals.
  • SWOT analysis : Highlights your business's internal strengths and weaknesses alongside external opportunities and threats to enable informed decisions about your strategic direction.
  • OKRs : Structures goals as a set of measurable objectives and key results. They cascade down from top-level organizational objectives to lower-level team goals, ensuring alignment across the entire organization. Get an in-depth look at OKRs here . 
  • Scenario planning : Involves envisioning and planning for various possible future scenarios, allowing you to prepare for a range of potential outcomes. It's particularly useful in volatile environments rife with uncertainties.
  • Porter's five forces : Evaluates the competitive forces within your industry — rivalry among existing competitors, bargaining power of buyers and suppliers, threat of new entrants, and threat of substitutes — to shape strategies that position the organization for success.

Common problems with strategic planning and how to overcome them

While strategic planning provides a roadmap for business success, it's not immune to challenges. Recognizing and addressing these is crucial for effective strategy implementation. Let's explore common issues encountered in strategic planning and strategies to overcome them.

Static nature

Traditional strategic planning models often follow a linear, annual, and inflexible process that doesn't accommodate quick changes in the business landscape. Strategies formulated this way may quickly become outdated in today's fast-paced environment.

To overcome the rigidity of traditional strategic planning, your organization should integrate continuous environmental scanning processes. This includes monitoring market changes, competitor actions, and technological advancements, ensuring real-time insights inform strategic decision-making. Additionally, adopting agile methodologies allows for iterative planning, breaking down strategies into smaller, manageable components reviewed and adjusted regularly, ensuring adaptability in today's fast-paced landscape.

Disconnect between strategic plan and execution

There's often a significant gap between the strategic objectives and their actual implementation, leading to misalignment, confusion, and inefficiency within the organization.

To bridge the gap, ensure accountability, alignment, and feedback-driven processes across the business. Linking team roles and responsibilities to lower-level objectives can fosters alignment and accountability, whereas aligning these with overarching strategic objectives ensure coherence in execution. To ensure goals are optimized on an ongoing basis, implement a feedback mechanism that continuously evaluates progress against goals, enabling regular adjustments based on market feedback and internal insights.

Lack of real-time insights

Traditional planning models rely on historical data and periodic reviews, which might not capture real-time changes or emerging trends accurately. This can result in misaligned strategies unsuitable for the current business landscape.

Leverage advanced analytics tools and AI-driven technologies. Invest in technologies that offer real-time tracking and reporting of key performance indicators, with dashboards and monitoring systems that provide up-to-date insights. These allow you to gather, process, and interpret real-time data for proactive decision-making that aligns with the current business landscape. 

Failure to close the feedback loop

The absence of a feedback loop between strategy formulation, execution, and evaluation can impact learning and improvement. Companies might therefore struggle to refine their strategies based on real-time performance insights.

Establish a structured feedback loop encompassing strategy formulation, execution, and evaluation stages. Encourage employees to actively contribute insights on strategy execution, fostering a culture of continuous improvement and adaptation.

Best practices during the strategic planning process

Navigating strategic planning goes beyond overcoming challenges. A successful strategic plan requires you to embrace a set of guiding best practices, helping you navigate the development and implementation of your strategic planning process.   

1. Keep the planning process flexible

With ever-changing business environments, a one-and-done approach to strategic planning is insufficient. Your strategic plan needs to be adaptable to ensure its relevancy and its ability to weather the effects of changing circumstances.  

2. Pull together a diverse group of stakeholders

By including voices from across the organization, you can account for varying thoughts, perspectives, and experiences at each step of the strategic planning process, ensuring cross-functional alignment .  

3. Document the process

Continuous documentation of the strategic management process is crucial in capturing and communicating the key elements of strategic planning. This keeps everyone on the same page and your strategic plan up-to-date and relevant.  

4. Make data-driven decisions

Root your decisions in evidence and facts rather than assumptions or opinions. This cultivates accurate insights, improves prioritization, and reduces biased (flawed) decisions.  

5. Align your company culture with the strategic plan 

Your strategic plan can only be successful if everyone is on board with it — company culture supports what you’re trying to achieve. Behaviors, rules, and attitudes optimize the execution of your strategic plan.  

6. Leverage AI 

Using AI in strategic planning supports the development of an always-on strategy — amplifying strategic agility, conducting comprehensive environmental scans, and expediting planning phases. It can streamline operations, facilitate data-driven decision-making, and provide transparent insights into progress to drive accountability, engagement, and alignment with the strategic plan.

The strategic planning process in a nutshell

Careful strategy mapping is crucial for any organization looking to achieve its long-term goals while staying true to its mission, vision, and values. The seven steps in the strategic planning process outlined in this article provide a solid framework your organization can follow — from clarifying your organization’s purpose and developing a strategic plan, to implementing, monitoring, and revising performance. These steps will help your company meet goal measurements and create an always-on strategy that's rooted in the present. 

It’s important to remember that strategic planning is not a one-time event. To stay effective and relevant, you must continuously monitor and adapt your strategy in response to changing circumstances. This ongoing process of improvement keeps your organization competitive and demonstrates your commitment to achieving your goals.  

  Quantive is your bridge between strategy and execution. Founded on the objectives and key results (OKR) methodology, our Strategy Execution solution is where businesses plan successful strategy, focus and align teams to it, and stay on the leading edge of progress.  

As your company looks to achieve the best possible results, you need a modern approach to run your business and change your business. The Modern Operating Model brings strategy, teams, and data together to help make decisions faster, optimize operations, and drive better business outcomes.  

Whether you’re a large enterprise facing competitive disruption or a small business leading the innovative charge, Quantive helps get you where you want to go.  

Ready to achieve the best possible? Start your free trial today. 

Additional resources

Strategy execution in 4 steps: keys to successful strategy, how top companies are closing the strategy execution gap, 7 best practices for strategy execution, why your business needs strategy execution software, subscribe for our newsletter.

steps to create a strategic plan

A step-by-step guide to strategic planning (and what makes it unique)

Discover how strategic planning differs from other project management approaches and learn how to draft a strategy that benefits your organization.

steps to create a strategic plan

Webflow Enterprise gives your teams the power to build, ship, and manage sites collaboratively at scale.

steps to create a strategic plan

Capitalize on present opportunities and prepare for the future with strategic planning.

Whether you’re starting a new business or looking to revamp your company’s existing structures, a strategic plan is crucial for success. It complements existing documents, such as mission statements and individualized project plans, and considers future opportunities and potential setbacks.

With a strategic plan suited to your specific goals, you can chart a realistic, sustainable road map that acknowledges your current organizational challenges while unlocking future possibilities. Learn how strategic planning can benefit your organization and set you up for long-term success.

What is strategic planning?

Strategic planning is a continuous, systematic process for organizations to define their short- and long-term direction. It involves comprehensively assessing internal aspects, like employee development, budgets, and timelines, and external elements, such as market trends and competitors, to enable effective resource allocation so your organization can achieve business goals and scale effectively.

The strategic planning process is dynamic and requires adaptability to changing circumstances to establish a structured approach to decision-making and maintain team agility. At its core, strategic planning serves as a road map that steers an organization from its present state toward a well-defined future, ensuring sustainable growth.

The benefits of strategic planning

As a holistic road map, a strategic plan well suited to your organization can propel your productivity. Here are a few benefits that strategic planning brings:

  • Creating a shared purpose. Strategic planning involves team members in setting the organization’s mission, vision, and values. This collaborative process ensures that every team member understands and connects with these fundamental principles — fostering a sense of shared purpose and direction.
  • Proactive planning. The strategic planning process translates abstract ideas into actionable objectives. Setting specific, attainable goals and mapping out strategies to achieve them provides a clear blueprint for the future that’s guided by informed decision-making and deliberate goal-setting.
  • Effective resource allocation. Strategic planning allocates resources such as finances, personnel, and technology based on their potential impact on business goals. This process assesses the resources required to achieve each objective and distributes them to maximize efficiency and effectiveness.
  • Defining long-term and short-term goals. Strategic plans break down long-term, overarching goals into smaller, short-term objectives to create a step-by-step pathway to achieve the larger vision. This makes goals more manageable and actionable and enables regular monitoring and adjustment of these goals.
  • SWOT analysis. Strategic planning provides a clear understanding of your organization’s current status, position in the market, and well-being through a SWOT (strengths, weaknesses, opportunities, threats) analysis. By evaluating both internal and external factors, this process helps identify areas where your organization excels, where it can improve, and external factors that could impact its success, ultimately helping you strategize for future growth and stability.
  • Anticipating market trends. Strategic planning enables organizations to foresee and prepare for future changes by analyzing market data and trends. This proactive approach involves evaluating emerging trends, consumer behavior, and technological advancements to adapt strategies accordingly, ensuring you stay ahead of the curve.

How does a strategic plan differ from other project management and business tools?

When creating a long-term vision, a strategic plan becomes pivotal in steering your organization toward success. However, there are other project management tools and workflows with similar goals. Here’s how strategic plans differ from those processes.

Strategic plans vs. business plans

While a strategic plan outlines the organization’s long-term direction and actions to achieve overarching goals, a business plan focuses more on starting new ventures or restructuring existing ones. The strategic plan is broader in scope and encompasses long-term visions like market expansion, while the business plan might detail the steps to attract new customers and establish brand identity .

For example, a new brick-and-mortar sports apparel store might have a business plan for attracting new customers and establishing a brand identity, with a strategic plan that focuses on expanding into online sales to capture a broader audience over a three-year period.

Strategic plans vs. mission statements

A strategic plan outlines a comprehensive set of strategies to achieve organizational goals, while a mission or vision statement concisely communicates the organization’s core purpose. The mission statement sets the tone and direction, and the strategic plan lays out the specific initiatives, such as research and development investments and partnerships, to realize that vision.

Consider a mission statement for a security camera company — to create seamlessly integrated security systems that protect homes. Meanwhile, their strategic plan details initiatives such as product development, resource allocation, and personnel plans to achieve that mission statement.

Strategic plans vs. company objectives

Company objectives are specific, feasible, and measurable targets. In contrast, a strategic plan provides a broader blueprint for aligning resources and realizing those objectives. The strategic plan incorporates and supports various company objectives through detailed action plans and resource allocation.

For instance, an ecommerce platform aims to increase online sales by 15% in the first quarter. To achieve this, their marketing team creates a strategic plan prioritizing a digital marketing revamp, including optimizing the company website, driving organic traffic, and boosting search engine optimization (SEO).

Strategic plans vs. business cases

Unlike strategic plans, which broadly set the direction for multiple projects and initiatives aligned with a company’s long-term goals, business cases justify individual projects and focus on a specific initiative’s viability and benefits.

For example, a business case might focus on the financial feasibility and expected outcomes of introducing a new analytics feature in a software product. In contrast, the strategic plan of this software company might include goals such as becoming a leader in data-driven solutions, where the analytics function features prominently.

Strategic plans vs. project plans

Project plans are detailed documents that outline specific timelines, tasks, and budgets to complete a project. In contrast, strategic plans incorporate multiple project plans, ensuring they align with the broader goals and vision of the organization, and provide the context and framework for developing and implementing individual project plans.

For a web development team, a project plan could detail the steps for redesigning a client’s website, including milestones, resources, and deadlines. However, the strategic plan for this web development company might aim to become the go-to agency for innovative web solutions. Their strategic plan guides not just this single project but others in terms of technology adoption, client engagement strategies, and market positioning.

steps to create a strategic plan

Discover how the right CMS can allow teams to efficiently scale rich, complex content – all without writing code.

The 5 essential steps to strategic planning

Now that you’re familiar with strategic plans’ benefits and use cases, here are five best practices to create one tailored for your organization.

1. Understand your position

Before drafting the actual plan, it’s essential to understand your position in the market. Conduct a SWOT analysis of your industry that focuses on current market trends, client needs, and the competitive landscape. This comprehensive understanding helps you grasp where your organization stands and what unique opportunities or challenges you might face so you can establish a solid foundation for future strategies.

2. Set clear goals and objectives

After understanding your market position, establish specific, attainable, and measurable objectives that align with your business’s mission and broader goals. Ensure these goals are relevant, time-bound, and fit within your organization’s resources and budget. Doing so effectively guides your efforts and provides a framework for measuring progress.

3. Define the organization-wide plan

After brainstorming broad long- and short-term goals, convert them into a cohesive strategy encompassing all departments. For example, if launching a new website design is your goal, involve developers, designers, and marketers in your planning process. Assess and use each team member’s strengths and encourage cross-departmental collaboration. This step ensures that your strategy is holistic and aligns every department toward common objectives.

4. Establish and meet KPIs

Implement key performance indicators (KPIs) relevant to your project. For a web development agency, these could include metrics such as website loading speed, user engagement rates, or client acquisition. You can also use data visualization tools , like Google Analytics, to gather insights and track objectives and key results.

This phase is where you translate strategy into action by allocating resources according to your pre-established goals and measure the progress against these KPIs.

5. Review and update

Strategic plans in business are flexible. As markets and consumer demands evolve, so must your approach. Regularly review your KPIs, collect customer feedback, study market trends and industry changes, and motivate your team to be flexible when necessary.

A continuous, iterative process ensures your organization remains responsive and aware of ever-changing conditions, allowing you to effectively anticipate new hurdles, improve existing frameworks, and leverage opportunities.

Plan, take action, and scale with Webflow

Success isn’t the result of chance — it happens through careful planning and preparation. With the right tools, you maximize your resources and effectively implement your enterprise’s strategic plan.

From large-scale ecommerce websites to small businesses , Webflow transforms how you scale. Deliver optimized performance through your website, empower marketing teams with SMART goals , and foster collaboration for streamlined workflows .

Whether you’re building from the ground up or adapting to new trends, Webflow helps you manage growth effectively and take your business to the next level. Explore Webflow Enterprise for resources focused on scaling businesses with an optimized digital presence and seamless team collaboration.

Loved by designers. Trusted by enterprises. Bring Webflow in-house at your company with advanced security, custom traffic scaling, guaranteed uptime, and much more.

Subscribe to Webflow Inspo

Get the best, coolest, and latest in design and no-code delivered to your inbox each week.

Related articles

steps to create a strategic plan

How to create a strategy map for project success

If you’ve ever been confused about strategic planning, we’ve got you covered. Discover the benefits of a strategy map and the best ways to make one.

steps to create a strategic plan

The ultimate step-by-step guide to streamlining your business processes

Learn the benefits of streamlining business processes and implement best practices to improve productivity and output at all organizational levels.

steps to create a strategic plan

How to achieve successful enterprise project management (EPM)

Discover how your organization can maximize its productivity and profitability with enterprise project management and take action today.

steps to create a strategic plan

How to scale a business: 4 signs you’re ready (+ 7 tips for scaling effectively)

Discover whether your business is ready to scale and how to harness actionable tips to elevate your brand, increase revenue, and move forward sustainably.

steps to create a strategic plan

Aligning stakeholder interests for business success

Stakeholder interests are important contributors to business success. Learn how to achieve alignment with stakeholder management and engagement strategies.

steps to create a strategic plan

6 website redesign mistakes businesses should avoid

When redesigning your website, here are the mistakes you need to look out for and keep in mind.

Get started for free

Try Webflow for as long as you like with our free Starter plan. Purchase a paid Site plan to publish, host, and unlock additional features.

Transforming the design process at

  • Interactions
  • Localization
  • Figma to Webflow Labs
  • DevLink Labs
  • Feature index
  • Accessibility
  • Webflow vs WordPress
  • Webflow vs Squarespace
  • Webflow vs Shopify
  • Webflow vs Contentful
  • Webflow vs Sitecore
  • Careers We're Hiring
  • Merch store
  • Accessibility statement
  • Terms of Service
  • Privacy policy
  • Cookie policy
  • Cookie preferences
  • Freelancers and agencies
  • Marketplace
  • Libraries Beta
  • Hire an Expert
  • Made in Webflow
  • Become an Expert
  • Become a Template Designer
  • Become an Affiliate

How to write a strategic plan and what it should include

steps to create a strategic plan

As Abraham Lincoln once said, “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.”

Whether you’re a lumberjack or not, there’s a powerful truth to Lincoln’s wise words. And that’s the importance of planning.

Coming up with a solid strategic plan is a crucial aspect of any business. How can you expect to achieve your objectives if you don’t know what you’re aiming for? And how can you efficiently reach your goals without deciding on the appropriate method first?

You need a plan. More specifically, you need a strategic plan.

Sharpen your axes and get comfortable because we’re going to give you a step-by-step guide on how to write a strategic plan like a total boss.

  • What is a strategic plan?

A strategic plan is a document that lays out how an organization plans to realize its long-term ambitions. Think of it as your roadmap. It establishes the direction a company is going to take by considering its goals and objectives. But it also includes the specific actions you are going to take to achieve your goal.

A strategic plan should essentially answer three questions:

  • Where are we now?
  • Where do we want to go?
  • How will we get there?

steps to create a strategic plan

There are a lot of terms around strategic plans that sound similar. But it’s important for your team to understand what each of them means and how they are different. Let’s clarify some common terms:

  • Strategic plan is your roadmap document.
  • Strategic planning is the process of developing your strategic plan.
  • Strategic planning meeting is the session or event during which strategic planning takes place.
  • Strategic planning frameworks are the tools and methodologies to help your team develop different elements of your strategic plan.
  • Strategic planning model is the overarching approach for how you are going to structure your strategic ideas. You should decide on which model you are going to use before you begin the strategic planning process.
  • Why is a strategic plan important?

Now you know what a strategic plan is. But why do you need one? Here are just some of the reasons developing a strategic plan is so important to your organization

Helps you come up with goals that direct your actions

How can you expect to get anywhere if you don’t know where you’re going? A key aspect of the strategic planning process is establishing goals and objectives. These goals will help build momentum within your team and keep them focused on the overarching goal of the business.

Keeps you on track toward achieving your goals

A well-written strategic business plan gives your organization direction. As well as what you want to achieve, strategic plans require you to get specific about how you are going to achieve your goals. Having this plan of action in one consolidated document helps your team stay on track and achieve their goals faster and with more efficiency.

Why creating a strategic plan is important

Focus your resources better

Taking the time to write a well-thought-out strategic plan means carefully considering what actions are going to best serve your company. This prevents wasting time, money, and effort on projects that are not going to take your business to where it wants to go.

The clarity that comes from a strategic plan sets you up for successful resource allocation, which is essential for growing your business.

Aligns team members

A robust strategic plan becomes a source of truth for your team. It keeps all team members on the same page regarding the company’s mission and strategy. When confused about why they are doing something or how they fit into the bigger picture, they can refer to the team’s strategic plan.

As well as team members, a strategic plan keeps stakeholders in the know. They should be involved in the development of the strategic plan so that the goals and strategies are aligned with their expectations.

  • What is included in a strategic plan?

These are the key elements that make up a strategic plan.

Vision statement

The vision statement gives a clear picture of what your organization wants to achieve in the long run. It is an aspirational statement that describes the ideal future state of your business.

Many great vision statements use emotional language to paint a picture of what impact the group hopes to make on the world. For example, IKEA’s vision statement is “To create a better everyday life for the many people.”

Mission statement

While a vision statement looks toward the future, a mission statement considers the present. It should describe the core purpose of the company and why it exists. Your mission statement should provide context for all other goals and actions.

IKEA’s mission statement is “to offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.”

Your objectives are what you plan to achieve. They are the specific results that your organization wants to accomplish within a certain time frame. Strategic objectives aim to bridge the gap between your overall vision and the goals needed to achieve it.

Strategic objectives can be financial, growth-related, or customer-related. An example of a strategic objective is “Enter three new foreign markets in the next five years.”

This section of your strategic plan is where you turn the focus from your vision to execution. Your strategy is the blueprint for how to achieve your goals and objectives.

If your objective is to “Enter three new foreign markets in the next five years,” you need to develop a strategy for how you are going to do this. Which markets are you going to target? What products or services are you going to introduce? What are the current market trends? Asking and answering these questions will help you design a specific market entry strategy.

This is where strategic planning frameworks become so useful. For example, the Ansoff Matrix helps you evaluate opportunities for growth. Also known as the product-market expansion grid, the Ansoff Matrix helps you review the potential risks and opportunities of each growth plan option.

Ansoff Matrix on Miro

By using frameworks like the Ansoff Matrix, you can analyze each strategic option. All the data gathered and your team’s insights on this data will help determine your strategic approach.

After writing a strategic plan and implementing it, you need to track its progress. Metrics are a way for you to measure the success of your actions. If you find that your strategic plan isn’t giving you the results you expected, you can make changes to your strategic approach.

Metrics can be milestones, such as launching a product or completing a certain project. Or your metrics can be quantifiable performance measures, like KPIs.

  • How to write a strategic plan

Now that you know what a strategic plan should include, here’s a step-by-step guide on how to write a strategic plan for your business.

1. Hold a strategic planning meeting

No man is an island, especially in the realm of strategic planning. You want to get your entire team involved in the strategic planning process. To ensure everyone is part of the process, you need to hold a strategic planning meeting . This meeting is about collaboration and openly sharing ideas around your strategic plan.

Start by making an invite list and sending out calendar invites to the people you want to attend the session. This should include people from different departments, executives, and stakeholders.

2. Use a template

To save you time and hassle, use a customizable Strategic Planning Template . Businesses have been writing strategic plans for years and years, so there’s no need to reinvent the wheel. Using a template will also help ensure that you don’t miss out on any important aspects of the strategic planning process.

Strategic Planning Template on Miro

3. Determine your position

Before you look towards the future about where you want to be, you need to understand where you currently stand. This means looking internally at who you are as a company and conducting market and competitor analysis to fully understand your external environment.

A popular method for taking stock of your company’s current position is a SWOT analysis . This framework helps you map out the strengths, weaknesses, opportunities, and threats of your business.

SWOT Analysis on Miro

4. Decide where you want to go

Now it’s time to look toward the future and decide on what you are aiming for. This is where you articulate what you want to achieve. Some examples of thought-provoking questions to ask your team include:

  • What do we want to accomplish?
  • Where do we want to be?
  • How many products would we sell?
  • How many countries will we be based in?
  • Who would our customers be?

This part of writing a strategic plan is where you develop the strategic objectives, goals, and action items. We’re big fans of setting OKRs: Objectives and their related Key Results. This OKR Template will ensure your business goals are structured and clearly defined.

OKR Template on Miro

5. Decide how you are going to get there

Now that you know where you’re going, you need to decide how to get there. This phase involves deciding how you’re going to make your goals a reality. And that means coming up with an action plan.

An action plan is a detailed set of lists outlining the steps you are going to take to complete your objectives. Our Action Plan Template promotes clarity and transparency around assigned tasks. As a team, you need to decide who needs to do what and by when. Everyone should be aware of their role in executing the overall strategic plan.

Action Plan Template on Miro

  • Tips for writing a strategic plan

Keep these tips in mind when writing your strategic plan to make the process more efficient.

Use the right tools

Developing a strategic plan has a lot of moving parts. From running a strategic planning session to capturing your team’s ideas, there’s a lot to stay on top of. But an online collaborative tool like Miro can make the process a whole lot easier.

With Miro, you collaborate with your team from anywhere, at any time. Not to mention safely store all your mindmaps , boards, and diagrams in one consolidated place. To get a real sense of what’s possible, have a look at our list of features .

Be SMART with your goals

Whenever you create goals or objectives, ensure that they are SMART . This means they should be specific, measurable, attainable, relevant, and time-bound. It’s no use coming up with a long list of impressive goals that aren’t realistic or focused.

SMART Goals Framework on Miro

Don’t be afraid to change your plan

Strategic plans aren’t set in stone. They should be used more as a guideline that is adjusted as needed. Your company will no doubt face new challenges or identify new opportunities as time goes on. So it’s important to revisit your strategic plan and make necessary adjustments based on changes in your organization’s environment and situation.

Strategic plans are usually developed for the next two to five-year period. Some companies reconsider their strategic plan every year, while others hold strategic planning sessions every quarter.

It’s up to you and your team how often you revisit your strategic plan, but the key takeaway is that you should be open to changing your plan.

  • Get starting writing your strategic plan

We’re not going to lie to you — creating a strategic plan isn’t the easiest process to execute. From capturing your company’s vision to measuring your strategy’s success, there’s a lot to do. But that shouldn’t deter you.

Knowing how to write a strategic plan is a valuable skill to have, no matter what industry you’re in. And tools like Miro are there to make the process a whole lot easier and more efficient.

Miro is your team's visual platform to connect, collaborate, and create — together.

Join millions of users that collaborate from all over the planet using Miro.

Keep reading

11 must-read books for developing and shipping better products.

steps to create a strategic plan

3 steps to go from customer interviews to a customer journey map

steps to create a strategic plan

4 Business Canvases in one place

steps to create a strategic plan

Advisory boards aren’t only for executives. Join the LogRocket Content Advisory Board today →

LogRocket blog logo

  • Product Management
  • Solve User-Reported Issues
  • Find Issues Faster
  • Optimize Conversion and Adoption

A guide to creating an effective strategic plan

steps to create a strategic plan

Imagine setting off on a prospecting adventure with nothing but a backpack. In the distance are expansive, snow-capped mountains, perhaps full of gold, solitude, or other treasures. It looks promising!

A Guide To Creating An Effective Strategic Plan

But you realize you have no map. How far away are those mountains? What barriers exist between here and there? Are you prepared to survive in extreme weather conditions?

Oh, and by the way, you’re leading a group of people. They want to know where you’re headed, why you’ve set your sights there, what’s required from them, and how you all plan to get there. Soon enough they’ll turn a critical eye your way when something goes wrong.

Being an effective leader is not easy, but it’s possible if you arm yourself with a strategic plan. Taking the time to develop a strategic plan shows you’re serious about pursuing a common goal, you’ve thought about what you’ll need to overcome, and you’ve brought the right people to the table who have a stake in your combined success.

In this article, you will learn what a strategic plan is, why it’s important, and what should go into one.

What is a strategic plan?

Strategic plans can take many forms, but their common goal is to provide a north star , inspiring your team and intriguing investors. Not only do they communicate where you’re going, they break down how you’ll get there.

Strategic plans are needed at different levels of an organization, including:

  • Corporate level (long-term outlooks, 5-10+ years)
  • Business line or program level (mid-term outlooks, 2-3 years)
  • Product or functional level (shorter-term outlooks, quarterly to 18 months)

What are the components of a strategic plan?

There is no single authority defining the absolute components of a strategic plan, so think of it as another tool in your product management toolbox. Understand its purpose, then tune it to meet your team’s specific needs. Some plans might manifest as a five-page presentation; others might be a large, formal document. Either way, strategic plans at all levels generally consist of:

Vision and mission

Operational plan.

  • Defines your high-level purpose
  • Where are we going and why?
  • Where do we see ourselves in a few years?
  • How does our product strategy align with the organization strategy ?
  • Organization-level vision and mission (for reference and alignment)
  • Organization and/or team cultural document citing core values (what do you believe as a team, and why?)
  • SWOT analysis (what are your product’s and/or organization’s strengths, weaknesses, opportunities, and threats?)
  • Market intelligence (what market opportunities exist now and in the future for your product domain, and what are your customers indicating they want and will pay for?)
  • Competitive intelligence (what makes your product or service different from the rest?)
  • McKenzie Horizons Model (typically reserved for corporate strategy, you can also use this to show the short-, mid-, and long-term strategy for your product)
  • Defines your specific goals
  • What kinds of customer problems are we trying to solve?
  • What kinds of solutions can/ should our team deliver?
  • What does success look like?
  • Your vision and mission definitions (so you’re always pointing to the north star)
  • Customer personas (defining your target customers, and why)
  • OKRs (objectives and key results, which break the vision into measurable targets that can later be measured with KPIs — key performance indicators)
  • Balanced scorecard (define your objectives in four key pillars: customers, financial, internal process, and learning and growth)
  • Defines how you will achieve your specific goals and turn your vision into a reality
  • How will we get there?
  • How will we allocate resources and talent?
  • How will we prioritize and coordinate our efforts cross-functionally?
  • When might we deliver certain components, and in what order?
  • What dependencies exist?
  • How will we react to new information that may influence the plan?
  • How will we monitor progress and evaluate iterative goals?
  • Short-, mid-, and long-range roadmaps
  • Staffing and resource plans
  • Release plans showing tasks, dependencies, and milestones (these may be depicted as sprint plans and/or program increment (PI) plans)
  • Weighted Shortest Job First (WSJF) (a way to prioritize features and development activities for your release plans based on cost of delay)

Steps for creating a strategic plan

Before creating a strategic plan, consider why you need one, who else needs it, and what’s in it for them. Your strategic plan is, effectively, a product. Create it the same way you would create a product — bring the right people around the table, including representatives from each of those core areas we just discussed above:

  • Define your audience for the strategic plan. In this case, it’s likely your immediate team, your stakeholders, and your executives
  • For your team , it’s feeling a connection to the vision. That will motivate them to return to work each day, and find ways to collaborate through conflict
  • For your stakeholders , it’s understanding where you’re focusing your resources — time, money, and people — so everyone is aware of your team’s priorities and better understands what to expect, when, and how to work with you to achieve their goals
  • For your executives , it’s knowing about key milestones, and how the plans align with others across the organization
  • Study your org and business-level plans to understand where the organization is headed and how your line of business will contribute to that vision
  • Define a vision and mission for your team and/or product that aligns everyone to a north star
  • Know your customers and how your product will help them solve their problems
  • Work collaboratively to deliver against the org’s broader vision and your product vision
  • Find the best solutions (via a rapid build-measure-learn process)
  • Hold themselves accountable for measurable results
  • Develop a roadmap showing high-level themes each team will pursue towards those common objectives
  • Pause and reflect. If you show a cross-functional group how to work through these steps to achieve your first common objective, they’ll be more prepared to repeat this process in defining the operational components

But your job isn’t done. Next you’ll support the development of the operational plan, including prioritizing features and non-functional requirements, managing and coaching your team, and helping them remove blockers. In turn, they’ll self organize, define the key elements of a release plan, and together, you’ll make incremental progress towards those objectives.

There’s one final element of a strategic plan that shouldn’t be overlooked: communication. Part of your strategic plan should be defining how you’ll communicate frequently with all your stakeholders.

Strategic plan template

You can use the following template to help you get started:

[Product name] strategic plan

*This part may be mental, but is nonetheless a commitment that you make to yourself and your stakeholders to keep everyone informed.

Key takeaways

Developing a strategic plan for your product(s) will help you:

  • Communicate your product vision and mission to internal and external stakeholders
  • Motivate your immediate and cross-functional teams to unite toward common objectives
  • Empower those teams and individuals to achieve key results aligned to those common objectives

Communicate. Motivate. Empower. That is, in essence, the purpose of your strategic plan.

Featured image source: IconScout

LogRocket generates product insights that lead to meaningful action

Get your teams on the same page — try LogRocket today.

steps to create a strategic plan

Over 200k developers and product managers use LogRocket to create better digital experiences

steps to create a strategic plan

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • #prioritization
  • #product strategy

steps to create a strategic plan

Stop guessing about your digital experience with LogRocket

Recent posts:.

Ayan Basu Leader Spotlight

Leader Spotlight: Localizing global products, with Ayan Basu

Ayan Basu talks about what it’s like to work on a product that spans more than 160 countries and differs slightly in various markets.

steps to create a strategic plan

How availability heuristics shape product thinking

Availability heuristics refer to your brain preferring to use information that’s readily available at the expense of being comprehensive.

steps to create a strategic plan

Leader Spotlight: Meeting customers where they are, with Bernadette Fisher

Bernadette Fishertalks about ButcherBox’s product offerings and how they have changed over time to meet customers where they are.

What To Do If Your Customers Dont Want To Talk To You

What if your customers don’t want to talk to you?

Startups with fewer than 500 customers and startups targeting niche target audiences especially have a hard time.

steps to create a strategic plan

Leave a Reply Cancel reply

You are using an outdated browser. Please upgrade your browser to improve your experience.

steps to create a strategic plan

Health & Nursing

Courses and certificates.

  • Bachelor's Degrees
  • View all Business Bachelor's Degrees
  • Business Management – B.S. Business Administration
  • Healthcare Administration – B.S.
  • Human Resource Management – B.S. Business Administration
  • Information Technology Management – B.S. Business Administration
  • Marketing – B.S. Business Administration
  • Accounting – B.S. Business Administration
  • Finance – B.S.
  • Supply Chain and Operations Management – B.S.
  • Accelerated Information Technology Bachelor's and Master's Degree (from the College of IT)
  • Health Information Management – B.S. (from the Leavitt School of Health)

Master's Degrees

  • View all Business Master's Degrees
  • Master of Business Administration (MBA)
  • MBA Information Technology Management
  • MBA Healthcare Management
  • Management and Leadership – M.S.
  • Accounting – M.S.
  • Marketing – M.S.
  • Human Resource Management – M.S.
  • Master of Healthcare Administration (from the Leavitt School of Health)
  • Data Analytics – M.S. (from the College of IT)
  • Information Technology Management – M.S. (from the College of IT)
  • Education Technology and Instructional Design – M.Ed. (from the School of Education)

Certificates

  • View all Business Degrees

Bachelor's Preparing For Licensure

  • View all Education Bachelor's Degrees
  • Elementary Education – B.A.
  • Special Education and Elementary Education (Dual Licensure) – B.A.
  • Special Education (Mild-to-Moderate) – B.A.
  • Mathematics Education (Middle Grades) – B.S.
  • Mathematics Education (Secondary)– B.S.
  • Science Education (Middle Grades) – B.S.
  • Science Education (Secondary Chemistry) – B.S.
  • Science Education (Secondary Physics) – B.S.
  • Science Education (Secondary Biological Sciences) – B.S.
  • Science Education (Secondary Earth Science)– B.S.
  • View all Education Degrees

Bachelor of Arts in Education Degrees

  • Educational Studies – B.A.

Master of Science in Education Degrees

  • View all Education Master's Degrees
  • Curriculum and Instruction – M.S.
  • Educational Leadership – M.S.
  • Education Technology and Instructional Design – M.Ed.

Master's Preparing for Licensure

  • Teaching, Elementary Education – M.A.
  • Teaching, English Education (Secondary) – M.A.
  • Teaching, Mathematics Education (Middle Grades) – M.A.
  • Teaching, Mathematics Education (Secondary) – M.A.
  • Teaching, Science Education (Secondary) – M.A.
  • Teaching, Special Education (K-12) – M.A.

Licensure Information

  • State Teaching Licensure Information

Master's Degrees for Teachers

  • Mathematics Education (K-6) – M.A.
  • Mathematics Education (Middle Grade) – M.A.
  • Mathematics Education (Secondary) – M.A.
  • English Language Learning (PreK-12) – M.A.
  • Endorsement Preparation Program, English Language Learning (PreK-12)
  • Science Education (Middle Grades) – M.A.
  • Science Education (Secondary Chemistry) – M.A.
  • Science Education (Secondary Physics) – M.A.
  • Science Education (Secondary Biological Sciences) – M.A.
  • Science Education (Secondary Earth Science)– M.A.
  • View all IT Bachelor's Degrees
  • Cloud Computing – B.S.
  • Computer Science – B.S.
  • Cybersecurity and Information Assurance – B.S.
  • Data Analytics – B.S.
  • Information Technology – B.S.
  • Network Engineering and Security – B.S.
  • Software Engineering – B.S.
  • Accelerated Information Technology Bachelor's and Master's Degree
  • Information Technology Management – B.S. Business Administration (from the School of Business)
  • View all IT Master's Degrees
  • Cybersecurity and Information Assurance – M.S.
  • Data Analytics – M.S.
  • Information Technology Management – M.S.
  • MBA Information Technology Management (from the School of Business)
  • Full Stack Engineering
  • Web Application Deployment and Support
  • Front End Web Development
  • Back End Web Development

3rd Party Certifications

  • IT Certifications Included in WGU Degrees
  • View all IT Degrees
  • View all Health & Nursing Bachelor's Degrees
  • Nursing (RN-to-BSN online) – B.S.
  • Nursing (Prelicensure) – B.S. (Available in select states)
  • Health Information Management – B.S.
  • Health and Human Services – B.S.
  • Psychology – B.S.
  • Healthcare Administration – B.S. (from the School of Business)
  • View all Nursing Post-Master's Certificates
  • Nursing Education—Post-Master's Certificate
  • Nursing Leadership and Management—Post-Master's Certificate
  • Family Nurse Practitioner—Post-Master's Certificate
  • Psychiatric Mental Health Nurse Practitioner —Post-Master's Certificate
  • View all Health & Nursing Degrees
  • View all Nursing & Health Master's Degrees
  • Nursing – Education (BSN-to-MSN Program) – M.S.
  • Nursing – Leadership and Management (BSN-to-MSN Program) – M.S.
  • Nursing – Nursing Informatics (BSN-to-MSN Program) – M.S.
  • Nursing – Family Nurse Practitioner (BSN-to-MSN Program) – M.S. (Available in select states)
  • Nursing – Psychiatric Mental Health Nurse Practitioner (BSN-to-MSN Program) – M.S. (Available in select states)
  • Nursing – Education (RN-to-MSN Program) – M.S.
  • Nursing – Leadership and Management (RN-to-MSN Program) – M.S.
  • Nursing – Nursing Informatics (RN-to-MSN Program) – M.S.
  • Master of Healthcare Administration
  • MBA Healthcare Management (from the School of Business)

Single Courses

  • American Politics and the U.S. Constitution
  • Applied Algebra
  • CompTIA IT Fundamentals
  • English Composition
  • Ethics in Technology
  • Fundamentals of Information Security
  • PACA: Communication and Reflective Development
  • Precalculus
  • Project Management
  • U.S. History
  • Learn about WGU Academy

Course Bundles

  • Computer Science
  • Data Analytics
  • Healthcare and Nursing
  • Information Technology
  • Business Leadership (with the School of Business)
  • Web Application Deployment and Support (with the College of IT)
  • Front End Web Development (with the College of IT)
  • Back End Web Development (with the College of IT)
  • Full Stack Engineering (with the College of IT)

Apply for Admission

Admission requirements.

  • New Students
  • WGU Returning Graduates
  • WGU Readmission
  • Enrollment Checklist
  • Accessibility
  • Accommodation Request
  • School of Education Admission Requirements
  • School of Business Admission Requirements
  • College of IT Admission Requirements
  • Leavitt School of Health Admission Requirements

Additional Requirements

  • Computer Requirements
  • No Standardized Testing
  • Clinical and Student Teaching Information

Transferring

  • FAQs about Transferring
  • Transfer to WGU
  • Transferrable Certifications
  • Request WGU Transcripts
  • International Transfer Credit
  • Tuition and Fees
  • Financial Aid
  • Scholarships

Other Ways to Pay for School

  • Tuition—School of Business
  • Tuition—School of Education
  • Tuition—College of IT
  • Tuition—Leavitt School of Health
  • Your Financial Obligations
  • Tuition Comparison
  • Applying for Financial Aid
  • State Grants
  • Consumer Information Guide
  • Responsible Borrowing Initiative
  • Higher Education Relief Fund

FAFSA Support

  • Net Price Calculator
  • FAFSA Simplification
  • See All Scholarships
  • Military Scholarships
  • State Scholarships
  • Scholarship FAQs

Payment Options

  • Payment Plans
  • Corporate Reimbursement
  • Current Student Hardship Assistance
  • Military Tuition Assistance

WGU Experience

  • How You'll Learn
  • Scheduling/Assessments
  • Accreditation
  • Student Support/Faculty
  • Military Students
  • Part-Time Options
  • Virtual Veteran Resources
  • Student Outcomes
  • Return on Investment
  • Students and Gradutes
  • Career Growth
  • Student Resources
  • Communities
  • Testimonials
  • Career Guides
  • Skills Guides
  • Online Degrees
  • All Degrees
  • Find Your Future

Admissions & Transfers

  • Admissions Overview

Tuition & Financial Aid

Student Success

  • Prospective Students
  • Current Students
  • Military and Veterans
  • Commencement
  • Careers at WGU
  • Advancement & Giving
  • Partnering with WGU

7 Essential Steps in Strategic Planning

  • See More Tags

steps to create a strategic plan

What is Strategic Planning?

Think of strategic planning as a company’s roadmap for success. It lays out a plan for moving forward, sets milestones to reach along the way, and tracks the progress of those milestones. When done effectively, strategic planning can give your company a sense of direction, reveal ways to improve performance, and rally everyone around a common goal.

As a future leader , learning how to develop a strategic plan can provide lasting value to your organization—and it’s one of the important skills you’ll learn in a business degree program .

What are the Steps of Strategic Planning?

Creating a strategic plan is a multi-step process in which one step builds off the other. Here are seven steps to consider:

1. Establish Your Strategic Position

Positioning is a fundamental step of the strategic planning process. Its purpose is to clearly define what sets your organization—and the product or services it offers—apart from the competition.

Strategic positioning is a team effort that typically involves stakeholders of the organization’s finance, marketing, and sales departments. It requires decision making about priorities, what value your products and services offer customers, and how they'll be made and marketed by your company.

Laying out a strategic position involves two things:

  • Determining the kind of value your product will offer to your consumers
  • Deciding how that value will be created differently from your competition

These decisions help lay the foundation for how your organization will operate and inform the strategic choices that will be made in your planning process.

2. Identify Objectives

Strategic planning is all about establishing a roadmap for success, and objectives are the mileposts that determine whether your organization is on the right path. Objectives are clear, measurable goals that are communicated in terms of quantities and timelines. This can be part of a mission statement, a vision statement, or a business plan.

There are multiple ways to set and measure goals. One popular way is using key performance indicators, also known as KPIs. KPIs are measurable values that set a standard for success and track a company’s effectiveness in achieving its objectives.

An effective KPI should follow the SMART goal-setting framework, which means it needs to be:

  • Specific: An effective KPI should be detailed, simple, and clear. For example, “Improve sales” is too broad.
  • Measurable: KPIs need to be measured quantifiably, whether that’s in dollar amounts, percentages, or raw numbers.
  • Achievable: Ensure your KPI is actually attainable and that your organization has the resources to support it.
  • Relevant: Make sure your KPI aligns with a larger business objective.
  • Time-bound: Good goals have a timeline that’s both ambitious yet realistic.

In addition to being SMART, objectives in a business plan should also:

  • Line up with your company’s overall vision. Any objectives you create should be cross-checked with your mission, vision, and values to confirm they’re all aligned.
  • Consider potential risks. Companies are often exposed to a variety of risks related to the development and implementation of their business strategy. When creating new objectives, it’s important to ensure your company is being as safe as possible and taking into account the likelihood of a financial, physical, or technological problem.

3. Analyze the Industry, Competitor, and Customer Trends

To create the most effective strategic plan for your organization, you need to fully understand the landscape you’re working in. This is known as an industry analysis. A thorough analysis plan helps you take a deep dive into your industry, consumers, competition, and potential trends within your niche. You can analyze your competitive advantage, business model, strategic objectives, and long-term goals. This can empower everyone, from employees to board members, to know the best steps to take in every area of the company. 

The data gained from industry analysis can help identify how your organization measures up against its competition. It can also point out potential threats to your organization, as well as opportunities. Armed with this information, you’ll be better equipped to plan for the future of your business.

But how do you conduct an industry analysis?

There are two common methods to consider:

  • A SWOT Analysis: SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. This method helps you identify your company’s internal weaknesses and strengths and the external forces—like market trends—that could impact your business.
  • A PEST Analysis: An alternative to SWOT is a PEST analysis. This method pinpoints organizational threats and opportunities through the lens of Political, Economic, Social and Technological factors.

Industry analysis isn’t meant to be a one-and-done activity. It’s important to look into the competitive landscape on a regular basis so that your organization can continue to grow, improve, and find new ways to disrupt the market.

steps to create a strategic plan

4. Create a Strategic Planning Team

Strategic planning can’t be done in a silo. Involving the right people in your organization will give you extra sets of eyes and expertise, ensuring that important details don’t slip through the cracks.

So, who should make up a strategic planning team?

Every team will look different based on your organization, but for starters, you can tap into managers from your finance, marketing, or HR departments. A team that has diverse ideas and perspectives will only strengthen yours. In fact, according to an article by Fierce Inc. , “Without diversity of thought, innovation is thwarted, initiatives may stall, and you alone cannot save your organization. You need to approach issues with a number of perspectives to be able to see the whole truth.”

With a diverse group of people on your planning team, you’ll know people from all sides of your organization are working together to push things forward.

5. Create an Actionable Plan

Now that you’ve established your strategic position, objectives, industry analysis, and a team to support it, it’s time to create a plan of action. An action plan is a series of steps that outline how your company will use its strategies to meet its goals.

This plan should clearly outline:

  • What action needs to happen
  • Who will carry it out
  • When it will be executed
  • What resources are needed to make it happen

There are many moving parts to this process, which is why utilizing a visual tool—such as a strategy map, can be beneficial. This map can help your team see the entire strategic planning method laid out in one simple visual.

6. Communicate Your Plan

The quickest way to sabotage your organization’s strategy is failing to communicate it. Research shows that, on average, 95% of a company’s employees don’t understand its strategy. To ensure your plan is successful, everyone in your organization needs to be aware of the how and why of your goals and what they can do to help reach them. This creates a united vision with everyone working together.

Because everyone absorbs information differently, it’s important to communicate your strategic plan in several different ways. For instance, if you only send out an e-newsletter, there’s a good chance some employees might not open it or even read the entire email. Instead, use a multi-channel approach such as:

  • A company-wide meeting
  • An announcement in your company newsletter or blog
  • A video from leadership breaking down the new strategy
  • A detailed handout passed out among employees or posted on a bulletin board

You should continue to communicate your strategy routinely (whether that’s every month or quarter) and keep your people in the know when there are changes or updates to the plan.

7. Assess and Revise the Plan Regularly

Once your strategy is launched, you’ll need to know how it’s working. After all, good planning is just part of the process. The other part is consistently checking in on how your organization is progressing toward its goals. A quarterly or monthly review with your strategy team is a good way to check in on your efforts. As you're reviewing your progress, see what worked and what didn’t. Also, look at whether you hit your numbers and deadlines. It’s common for a strategic plan to need some updates along the way, whether that’s revising the timeline, resources, or people working on the plan.

Remember, the strategic planning process is meant to be a constant work in progress. With a committed and communicative leadership team, your organization has a better chance of seeing its vision come to life.

Ready to Start Your Journey?

HEALTH & NURSING

Recommended Articles

Take a look at other articles from WGU. Our articles feature information on a wide variety of subjects, written with the help of subject matter experts and researchers who are well-versed in their industries. This allows us to provide articles with interesting, relevant, and accurate information. 

{{item.date}}

{{item.preTitleTag}}

{{item.title}}

The university, for students.

  • Student Portal
  • Alumni Services

Most Visited Links

  • Business Programs
  • Student Experience
  • Diversity, Equity, and Inclusion
  • Student Communities
  • Business Essentials
  • Leadership & Management
  • Credential of Leadership, Impact, and Management in Business (CLIMB)
  • Entrepreneurship & Innovation
  • *New* Digital Transformation
  • Finance & Accounting
  • Business in Society
  • For Organizations
  • Support Portal
  • Media Coverage
  • Founding Donors
  • Leadership Team

steps to create a strategic plan

  • Harvard Business School →
  • HBS Online →
  • Business Insights →

Business Insights

Harvard Business School Online's Business Insights Blog provides the career insights you need to achieve your goals and gain confidence in your business skills.

  • Career Development
  • Communication
  • Decision-Making
  • Earning Your MBA
  • Negotiation
  • News & Events
  • Productivity
  • Staff Spotlight
  • Student Profiles
  • Work-Life Balance
  • Alternative Investments
  • Business Analytics
  • Business Strategy
  • Business and Climate Change
  • Design Thinking and Innovation
  • Digital Marketing Strategy
  • Disruptive Strategy
  • Economics for Managers
  • Entrepreneurship Essentials
  • Financial Accounting
  • Global Business
  • Launching Tech Ventures
  • Leadership Principles
  • Leadership, Ethics, and Corporate Accountability
  • Leading with Finance
  • Management Essentials
  • Negotiation Mastery
  • Organizational Leadership
  • Power and Influence for Positive Impact
  • Strategy Execution
  • Sustainable Business Strategy
  • Sustainable Investing
  • Winning with Digital Platforms

How to Develop a Business Strategy: 6 Steps

colleagues developing a business strategy using sticky notes on glass window

  • 25 Oct 2022

Business strategy can seem daunting, and for good reason: It can make or break an organization. Yet, developing a strong strategy doesn’t need to be overwhelming.

In the online course Business Strategy , Harvard Business School Professor Felix Oberholzer-Gee posits that strategy is simple. His secret? Focus on your organization’s value creation.

“Strategy often sounds like a lofty concept that only the most senior executives can develop,” Oberholzer-Gee says. “But actually, anyone can think and act strategically. It doesn’t need to be difficult; all you need is a proven framework.”

Here’s a breakdown of why business strategy is important, the basics of value-based strategy, and six steps for developing your own.

Why Do You Need a Business Strategy?

Business strategy is the development, alignment, and integration of an organization’s strategic initiatives to give it a competitive edge in the market. Devising a business strategy can ensure you have a clear plan for reaching organizational goals and continue to survive and thrive.

According to a study by Bridges Business Consultancy , 48 percent of organizations fail to meet half of their strategic targets and 85 percent fail to meet two-thirds, highlighting why dedication to the business strategy process is crucial.

One type of business strategy is called value-based strategy, which simplifies the process by leveraging the value stick framework to focus on the advantage your business creates.

Access your free e-book today.

What Is Value-Based Strategy?

Value-based strategy , also called value-based pricing, is a pricing method in which an organization relies on the perceived value of its goods and services to determine its pricing structure and resource allocation.

The value stick framework can be used to visualize how various factors impact each other and determine which initiatives to pursue to increase value for all parties.

The value stick framework

The value stick has four factors:

  • Willingness to pay (WTP) : The highest price a customer is willing to pay for your product or service
  • Price : The amount customers have to pay for goods or services
  • Cost : The amount a company spends on producing goods or services
  • Willingness to sell (WTS) : The lowest amount suppliers are willing to accept for the materials required to produce goods or services

To determine how to best create value, you can toggle each factor on the value stick to see how the others are affected. For instance, lowering price increases customer delight.

"As strategists, we really ask three questions,” Oberholzer-Gee says in Business Strategy. “How can my business best create value for customers? How can my business create value for employees? And how can my business create value by collaborating with suppliers? Think of a company's strategy as an answer to these three questions."

Related: 4 Business Strategy Skills Every Business Leader Needs

6 Steps to Develop a Value-Based Business Strategy

1. define your purpose.

When approaching business strategy, defining your organization’s purpose can be a useful starting point.

This is vital in creating customer and employee value, especially if your organization’s purpose is linked to a cause such as environmental protection or alleviating specific social issues.

A recent survey conducted by clean energy company Swytch found that nearly 75 percent of millennials would take a decrease in salary if it meant working for an environmentally responsible company. Nearly 40 percent selected one job over another because of an organization’s sustainability practices.

Additionally, research in the Harvard Business Review shows that consumers’ motivation to buy from sustainable brands is on the rise. Sales of products marked as sustainable grew more than five times faster than those that weren’t.

By starting with purpose, your organization can create more value down the line.

2. Assess Market Opportunity

Next, understand your market’s competitive landscape. Which companies own shares of the market? What differentiates your competitors’ products from yours? Are there any unmet needs your organization could take advantage of?

Conducting this research before planning a strategy is critical in identifying how your organization provides unique customer value and opportunities to create even more.

3. Create Value for Customers

With an understanding of the market and your company’s purpose, you can determine how your organization provides unique or greater value and strategize ways to improve.

On the value stick, the value captured by customers is called “customer delight.” It can be increased by raising their willingness to pay and decreasing the product’s price. If lowering the price isn’t an option, brainstorm how you could make the product more valuable to customers, thus increasing their willingness to pay.

Some ways to create customer value include:

  • Lowering the product’s price
  • Increasing the product’s physical quality and longevity
  • Providing quick, high-quality customer service and a smooth shopping experience
  • Leveraging network effects , if applicable, to create a community of users
  • Incorporating an environmental or social cause into processes, packaging, and branding

4. Create Value for Suppliers

In addition to creating value for customers, you also need to provide value for suppliers. Suppliers can include any company that provides raw materials, labor, and transportation to help your organization produce goods or deliver services.

Supplier surplus, also called supplier delight, is created when the cost of materials increases or their willingness to sell decreases. The relationship between a firm and its suppliers can be contentious, given that both want to increase their margins. Yet, there are ways to create value for both parties.

Some ways to create value for suppliers include:

  • Agreeing to pay more for higher quality materials : While this increases the supplier surplus, it may also increase customer delight by raising willingness to pay, or increase the firm’s margin by allowing you to raise prices.
  • Working with the supplier to increase efficiency : This strategy can increase supplier surplus by lowering the overall cost of the supplier’s labor and their willingness to sell.

Business Strategy | Simplify Strategy to Make the Greatest Business Impact | Learn More

5. Create Value for Employees

Creating value for employees is a critical part of an effective business strategy and can be assessed using the value stick. Think of your employees as the “supplier” of labor and the supplier margin as employee satisfaction.

Employee satisfaction can be increased by raising wages or lowering the minimum salary they’re willing to receive by delivering value in other ways. Satisfied employees may provide a better customer experience, resulting in increased customer delight.

The value you provide employees ensures they’re motivated to do their best work, develop their skills, and stay with your company long-term.

Some examples of ways to create value for your employees include:

  • Offering competitive salaries and bonuses
  • Offering benefits like ample paid vacation and sick days, generous parental leave, and wellness budgets
  • Providing flexibility of work location, whether your team is fully remote or hybrid
  • Aiding in professional development
  • Creating a workplace rich with a diversity of experiences, identities, and ideas
  • Fostering a supportive organizational culture

One example from Business Strategy is that of a call center for a diagnostics company. The employees were being paid minimum wage and expressed that the analytical nature of their phone calls with customers warranted higher pay. They also expressed pain points about cumbersome tasks and work conditions.

When a pay increase was implemented for all employees, along with operational changes to make processes smoother, employee productivity increased to the point that it balanced out the higher cost of salaries.

Because the employees’ satisfaction increased, they also began providing better experiences on the phone with customers. This increased the customers’ willingness to pay, directly impacting customer delight.

6. Map Strategy to Actionable Tasks and KPIs

Amidst creating value for each of the three groups, don’t forget the fourth party that needs value: your company. By creating value for employees, suppliers, and customers, you’re creating value for your firm, too.

To ensure you’re tracking to goals, determine your key performance indicators, what metrics constitute success, and how you’ll report results over time. Then, break each of the above value-creation goals into action items. For instance, what steps can you take to increase your employees’ compensation? Who will be responsible for each task?

Having actionable assignments and clear metrics for success will allow for a smooth transition from strategy formulation to execution.

Which HBS Online Strategy Course is Right for You? | Download Your Free Flowchart

Building Your Strategic Skill Set

By leveraging the value stick, you can create a business strategy that provides value to employees, customers, suppliers, and your firm.

To develop your strategies further and dig deeper into how to navigate value creation, consider taking an online course like Business Strategy . Professor Oberholzer-Gee walks through real-world examples of business challenges, prompts you to consider how you’d create value, and then reveals what those business leaders did and how you can apply the lessons to your organization.

Want to learn more about how to craft a successful strategy for your organization? Explore Business Strategy , one of our online strategy courses , to learn how to create organizational value. Not sure which course is the right fit? Download our free flowchart .

steps to create a strategic plan

About the Author

Logo

How To Create A Strategic Action Plan In 7 Easy Steps

steps to create a strategic plan

Do you have plenty of goals, but struggle to move closer to targets? Without a strategic action plan, many leaders fail to drive progress, and they waste a lot of time and money trying.

The root of this problem lies in fragmented planning and tracking systems, which causes a lack of visibility and accountability across the organization. In this disconnected environment, critical action items fall through the cracks—and business objectives become an impossible quest.

A strategic action plan and centralized tracking system help you foster a culture of accountability and strategic focus within the organization, helping you align short-term operational needs with long-term strategic goals. 

In this guide, we’ll help you ensure the fast and effective execution of your strategic plans by laying out the seven essential steps of strategic action plans—and how you can do it in a strategy execution platform.

#1 Strategy Execution Platform Book a time to see the Cascade platform in action. Book a demo

How Cascade Helps You Build And Execute Strategic Action Plans  

Cascade is a strategy execution software that makes it easy for leaders to bring together planning, execution, and tracking in one place. 

It offers complete visibility into what's happening across disconnected systems, spreadsheets, and project management tools with a clear, central view that unites siloed metrics, initiatives, and investments. 

You won't have to juggle different tools or get lost in details. Instead, you'll see how everyone's work fits into the big picture.

With Cascade, you empower your teams with great focus, visibility, and accountability on all business plans, actions, and objectives. The result? Better decision-making and faster results without wasting resources.  

Businesses like Honeywell, Porsche, and Johnson & Johnson find our platform accelerates results by 30% and saves an average of $20M on previously misaligned projects & resources.

But this success is not by chance. You need a strategic action plan to ensure fast and effective execution of the strategic plan with optimal resource utilization and minimal waste.

Below, we’ll show you how to effectively build, execute, and track your strategic action plans—and how Cascade makes it easier.

7 Critical Steps to Create Successful Strategic Action Plans 

Any Chief Strategy Officer (CSO) worth their salt knows that a strategic plan is just the beginning—you need a strategic action plan to communicate how you will make your plan a reality.

Otherwise, all your best-laid plans will amount to little more than a fancy but soon-forgotten mission statement. 

Let’s dive into the seven key steps to develop, execute, and track strategic action plans:

1. Align your action plan with a strategic plan 

Without clear alignment and relationships , your actions have little impact on the organization’s strategy. In the long run, misaligned efforts in your strategic planning process drain your budget.

Before developing a strategic action plan, CSOs should define strategic objectives and core business metrics . With this foundation, you can build action plans that help teams stay on track toward the organization's strategic goals. 

Most companies struggle with strategic alignment because they rely on disparate systems—like spreadsheets and slide decks. But when you bring everything and everyone together on one platform, you can break down silos between different business units and improve cross-functional collaboration .

👉 Here’s how to do it in Cascade:

You can use Cascade’s Planner to create Focus Areas, strategic objectives, Key Performance Indicators (KPIs), and targets. When you define your strategic objectives, you can start adding actions (action plans) that will directly contribute to the success of those strategic objectives.

planner view in cascade screenshot

📚Want to learn how to write a strategic plan that gets results? Check our guide .

2. Let teams develop feasible action plans 

Many strategies fail because the teams responsible for executing them aren't involved in the planning process. 

Gallup reports that 85% of employees are disengaged, which is sure to dent productivity and company morale. 

On the other hand, McKinsey reports that initiatives in which employees contribute to development are 3.4 times more likely to succeed. They feel ownership of the plan and are more likely to execute the key action steps. 

You must find ways to empower teams so they can build strategic action plans that align with the overarching strategic objectives. 

To do so, ask:

  • Which mediums will you use to communicate strategic objectives and priorities? (e.g., workshops, live Q&As, etc.)  
  • How can you communicate the right amount of information without burdening people with unnecessary details?
  • How much time does each team have available to build plans and carry out action items?

Cross-functional collaboration and clear communication are vital. An open approach is the only way to develop work plans that consider the actual organization’s situation and capabilities. 

When you share strategic plans with your teams, you provide a platform for employees to contribute ideas, provide feedback, and collaborate on driving the outcomes leadership wants to achieve. 

In Cascade, you can assign a team to a plan when you create a plan from scratch or add teams to an existing plan later through the Planning stage. 

Additionally, you can manage team permissions to keep complete control over who can view or edit plans.

3. Allocate resources

Even the best strategic action plan will flounder if you don't have the right resources. Specifically, you must ensure your budget, people, partners, and tools are all in sync and high supply.

Of course, getting your ducks in a row and staying on budget is easier said than done. 

Effective resource management will make or break your efforts—especially when it comes to budget. Even if you have deep pockets, you might meet some resistance from employees or key stakeholders. 

As you allocate resources across projects, take the following steps:

  • Consider your revenue goals to accurately estimate how much you need to sell to hit your targets. SMART goals help guide this stage of your operational planning.
  • Collaborate with department heads to assess resources and confirm whether you have enough workforce, equipment, and time available. 
  • List expenses to get a complete picture of all unit economics, from materials and labor to marketing and new equipment. 

The onus is on CSOs and company leaders to do their due diligence. Only then will you be able to effectively allocate resources and communicate the value of the strategic action plans to your teams.

You can link your resources and objectives by using Cascade for budget allocation and tracking. The budget custom field lets you set your allocated, forecast, and spent values. As your teams take action, you can update the relevant values to capture data and see a progress bar of the allocation vs. actuals.

steps to create a strategic plan

4. Assign owners

Many companies operate with fragmented planning and tracking systems, which poses a significant challenge in monitoring progress—or even keeping tabs on who is responsible for specific action items. 

Without clear accountability in your strategic action plan, progress falls by the wayside, and projects stall. Without ownership, people pass the buck, leaving the whole organization to pay the price when things don’t work out.

Using a strategy execution platform like Cascade introduces a layer of accountability across the organization. As you cultivate an ethos of clear communication and performance tracking, employees understand their roles and impact on business objectives.

You can add owners and collaborators to actions or projects (sets of actions) in Cascade. 

Improve operational clarity by defining one specific owner for every project, KPI, goal, or objective in your plan. This ownership helps you connect people to company goals from the bottom up.

  • The Owners field automatically defaults to the one who creates the action. To change it,  click the owner profile icon, then choose the user from the dropdown list.
  • ‍ From the Collaborator area , you can add or manage collaborators to let them add or edit actions, change owners, due dates and targets, add risks and relationships, etc.

assign owners and collaborators in cascade

5. Set timelines for action

Parkinson’s Law dictates that work will expand in complexity and perceived importance to fill the time allotted for completion. If your strategic action plan doesn’t have a roadmap charted with precise due dates, it's destined for a prolonged, drawn-out failure. 

Without deadlines, your team has little motivation to act and less understanding of how to prioritize critical initiatives. In the long run, a laissez-faire approach to timelines will lead to bloated projects that drain resources. 

As the wheels of progress grind to a halt, company morale can dip. Not great news for your strategy!

Strategic objectives should have a clear deadline, so every team member knows their duties are time-bound. You must carefully consider the details of each project and the resources available to set a realistic time frame. The goal is to create a sense of urgency and prevent procrastination. 

Cascade lets you add a Start date and End date for action items in your plan, which will set a timeline for your action. Based on the due dates, Cascade calculates the expected progress and target completion time for the action, which helps you gauge its health over time.

You can also set Time Horizons , which enable you to create goals and select predefined date periods (time horizons) that reflect your strategy and governance cycle. 

6. Define how you will measure progress

Many strategic action plans dwindle and die in spreadsheets. While Excel is a familiar tool for many companies, it is inefficient for tracking progress .

The faster you move, the harder it will be to maintain an accurate view of your real-time data. And despite your best efforts, this cumbersome approach is inevitably time-consuming and error-prone. Soon enough, you’ll miss warning signs or opportunities for improvement.

Let’s be blunt—your strategy won’t survive if you aren’t measuring progress with reliable tracking tools. Get these key aspects in place from day one:

  • Clear targets. Each team must have milestones that have concrete numbers. All initiatives, projects, and actions must link so teams can see how they drive progress. 
  • Key Performance Indicators (KPIs) . These measurable values track your progress toward achieving business objectives.
  • Dashboards and reports . A simple way to measure and visualize the results of your actions and correlate those results to the strategy's overall success (or failure). 

This data-centric approach gives you a clear lens to assess performance. Better yet, you can base your decisions on hard evidence, not just guesswork or gut feeling.

In Cascade, you can track action in several ways—either manually, via milestones, checklists, or by integrating with other business tools. 

Cascade gives you the freedom and flexibility to connect 1000+ business tools, including Jira , HubSpot , Salesforce , and more. Our smart integrations allow you to bring your data together from other apps and plan, manage, and track all your goals in one place.

7. Monitor and review performance  

Gartner reports that 58% of businesses operate with subpar performance monitoring systems. Without adequate systems to analyze the impact of your strategy, it will be impossible to improve it. 

And right here is where many organizations falter. It could be misplaced faith in static reporting tools like Excel or disconnected systems that complicate the real-time collection and data analysis.

The truth is that strategy succeeds through an iterative approach that thrives on continuous monitoring and corrective action. By closely monitoring key performance metrics , you can catch red flags before they become roaring fires. 

Through regular strategy reviews , companies can also identify patterns and trends to equip leaders with the data to make confident decisions.

This ongoing feedback loop allows you to respond to market changes or internal shifts, ensuring the organization remains on track toward its strategic goals.

Once teams start executing action plans, you can track and review progress in Cascade in three ways:

  • By creating custom update templates for teams. Gather quality strategic context by defining the type of information to collect. For example, you can create templates linked to specific updates, goals, or teams. 
  • By monitoring progress using Dashboards . These visualizations help you (and your stakeholders) gauge an accurate picture of your strategic performance by tracking key metrics and critical business information live. 

Example of a dashboard in Cascade.

  • By reviewing progress with Reports . You can select a data set based on the context and narrative you're trying to communicate and present it in an easily shareable format. For instance, you could use Performance reports to communicate with partners about your projects.

example of a report in cascade

Use Cascade To Execute Your Strategic Action Plans Faster 

Strategic action plans help you direct all efforts to stay on track toward your business objectives.

Of course, it’s still a challenge to manage strategy if you have scattered business metrics and siloed teams—unless you use a centralized strategy execution platform.

Cascade brings your operating and financial business-level goals together with your strategy under one roof. As the only platform that spans the entirety of your ecosystem, it makes it easy to understand the relationships between your business inputs and outcomes. 

As you centralize strategy this way, your teams will have better visibility, accountability, and focus—everything your strategy needs to succeed.

Ready to build, execute, and track strategies the smart way? Book a live demo to see how Cascade can accelerate success for your company.

Popular articles

steps to create a strategic plan

How To Implement The Balanced Scorecard Framework (With Examples)

steps to create a strategic plan

The Best Management Reporting Software For Strategy Officers (2024 Guide)

steps to create a strategic plan

How To Set And Execute Strategic Priorities

steps to create a strategic plan

How To Implement Effective Strategic Planning In Healthcare

Your toolkit for strategy success.

steps to create a strategic plan

linkedin

Official website of the U.S. government

  • Priority 1: Workforce
  • Priority 2: Customer Experience
  • Priority 3: Business of Government
  • PMA Learning Agenda

How to Strategic Plan in 7 Steps

By Avery Collins, GSA

April 26, 2022

This is the second post in a series highlighting different aspects of strategic planning in the Federal Government. Today, we will meet Agency Alpha, a fictional agency that will help us learn more about the strategic planning process.

L ast week, we met Carson and learned how she used strategic planning to land a new job . We talked about how this same process applies to government agencies and leaders, who use strategic planning to determine their vision for the future and create a strategic plan to serve as their roadmap.

The strategic planning process that agencies follow is more in-depth than most of us use for our personal goals. Today we will be following Agency Alpha, a fictional federal agency that will help illustrate the strategic planning process. While each federal agency approaches strategic planning a little differently and there is not a single best approach, a sound strategic planning process includes the following 7 key steps.

Step 1: Environmental Scan

The first step of any strategic planning process starts with research. Agency Alpha conducts an environmental scan , a process where they identify and monitor factors that may impact the long-term direction of the agency. Agency Alpha starts by looking at the incoming administration’s priorities and potential new regulations. They identify climate change, customer experience, and equity as a few Administration priorities that they would need to incorporate into their future vision.

Step 2: Internal Analysis

Research doesn’t stop after assessing the environment outside of an agency. Agency Alpha also needs to complete an internal analysis , including a strengths, weaknesses, opportunities, and threats (SWOT) assessment. They utilize their annual review process to evaluate performance across the agency and engage with staff and senior leadership. They compare their operations with the Administration priorities they identified in step 1, and in this instance they focus specifically on climate.

Step 3: Strategic Direction

Agency Alpha uses what they learned from their environmental scan and internal analysis to create a strategic direction . They meet with staff and stakeholders and use that input to build a vision for the future that is both idealistic and high-impact. They theorize how to align Administration priorities like equity, customer experience, and climate with agency operations. They determine what is actually achievable and what the agency should strive for. Climate is important to the agency employees and those they serve. They see it as a big part of the future, and thus a big part of the vision for Agency Alpha.

Step 4: Develop Goals and Objectives

After determining their strategic direction and vision, Agency Alpha engages with internal stakeholders and senior leadership to create a focused set of goals and objectives . They facilitate focus groups and meet with subject matter experts to come up with strategies, indicators, and desired outcomes for each goal. They use existing processes like staff engagement, communities of practice, and quarterly reviews to get buy-in from across the agency.

Step 5: Define Metrics, Set Timelines, and Track Progress

After the goals and objectives are set, Agency Alpha adds details to their plan. They determine the responsible offices and bureaus for each goal. They identify the necessary resource allocations, create actionable timeframes, and define metrics that best measure success. Agency Alpha appoints Team Beta to lead clean energy initiatives and Team Cobra to lead climate literacy initiatives. They set milestones and timelines to ensure they stay on track.

Step 6: Write and Publish a Strategic Plan

Once Agency Alpha gathers the information in step 5, they write an informed strategic plan that captures the voice and purpose of the agency. Their engagement with staff and stakeholders in steps 2 through 5 gained agency-wide support for the plan to help ensure that the strategic plan does not end up as a stand-alone document.

Step 7: Plan for Implementation and the Future

While drafting their plan, Agency Alpha begins to prepare for how to implement it after publication. They include performance measures that track progress and create a formal system for leadership and staff to annually review the plan and update goals and objectives as needed. Every agency follows a slightly different process, but most have gone through these 7 steps over the last year and a half. Last month, federal agencies published their strategic plans for 2022 to 2026 on performance.gov .

Stay tuned as we explore the importance of strategy and performance in the Federal Government and share agency success stories. The next post in this series will feature the National Endowment for the Arts and look at how staff and external engagement shaped their overall vision for the next four years.

Back to top

steps to create a strategic plan

  • CLIENT LOGIN
  • Agribusiness Construction Dealerships Distribution Education Financial Institutions Financial Services Fintech Governments Healthcare Hospitality Accommodations Insurance Manufacturing Nonprofits Private Equity Real Estate Technology Tribal Gaming and Government
  • Assurance Accounting services Audit and assurance Tax Business Transition Strategy Credits and Incentives Energy Individual Tax SafeSend Tax Returns TaxCaddy International tax State and Local Tax Services Tax services for businesses Consulting Business Valuation ESG services Fraud and Forensic Services International expansion services Governance, risk and compliance Enterprise Risk Management Internal Audit Outsourcing & Consulting Services SOC Examinations Investment Banking Litigation Support Consulting M&A and transaction advisory services Organizational performance consulting Wipfli Digital Custom software & apps Cybersecurity Data & analytics Digital strategy E-commerce Enterprise solutions Managed services Outsourcing Finance and accounting Human resources Technology Operations C-suite Private client services Estate and tax planning Wealth management and investment advisory services
  • Business Intelligence Microsoft Power BI Planful Qlik Snowflake CRM Microsoft D365 Salesforce ERP business software Complete Solution for Job Shops and Contract Manufacturers Microsoft Dynamics 365 Business Central Microsoft Dynamics 365 Project Service Automation Microsoft Dynamics GP Oracle NetSuite Sage Intacct Financial solutions Microsoft Dynamics 365 Business Central Microsoft Dynamics GP Microsoft Dynamics SL Oracle NetSuite Procore QuickBooks Sage Intacct Technology management Microsoft Azure Microsoft Office 365 Wipfli Marketplace Wipfli Connect Industry CRM Solutions Wipfli Connect for Banking Wipfli Connect for Contractors Wipfli Connect for Manufacturing Wipfli Connect for Nonprofits Wipfli Connect for Real Estate Integrated Products for Sage Intacct AssetEdge CFO Connect for Sage Intacct Concur Connectors for Sage Intacct EMRConnect for Sage Intacct LM-2 on Sage Intacct PositivePay for Sage Intacct Integrate invoice processing & AP automation with Concur Connectors Connectors for Dynamics 365 Business Central Connectors for Dynamics GP Connectors for Dynamics SL Connectors for Finance and Operations Connectors for NetSuite Connectors for Sage Intacct
  • About us Awards and accolades Community involvement Corporate development Diversity, equity and inclusion Leadership Team Living our values Locations Logo and trademark Media Center Partners, principals and associates Success stories The Wipfli Foundation The Wipfli Way Window into Wipfli Wipfli Annual Report
  • All openings Careers at Wipfli Diversity, equity and inclusion Experienced professionals How we invest in your growth Student opportunities

Insights - Articles, Blogs and on-demand webcasts

  • Articles & E-Books

After the planning: Implementing your strategic plan

Tags: Financial Institutions, Organizational performance consulting

Financial institutions continue to adopt agile strategic planning methods to help ensure that their teams can meet the ever-changing needs of their customers. However, once a strategic plan is created, many teams struggle with the implementation of the plan.

Here are five ways your team can maintain agility and improve your strategic plan implementation:

1. Ensure your plan is easy to understand

Part of strategic planning is making the complicated easy to understand. Is your plan a large document that most employees never read? Is it unclear, or does it contain complicated theories, actions and strategies?

A living strategic plan means that any team member picking up your plan should know where the organization is headed and what the strategic priorities are.

2. Understand the role of executive leadership

The role of executive leadership is to identify champions who can execute on the plan tactics, as well as help ensure that the plan has actionable tactics to support each strategic priority. Additionally, executive leadership should ensure that the strategic plan has metrics that help determine when and if strategic priorities are being achieved.

3. Appoint plan champions

Champions are leaders who introduce, promote, shepherd and guide the specific strategic priorities within the organization.

Every organization will have a different definition of champion based on its culture and structure. However, most champions will be focused on removing hurdles and barriers that are impeding projects, ensuring necessary resources are obtained, and fostering communication across teams and departments.

4. Develop a strategic plan cadence

Most plans fail to launch because executive management does not set a regular cadence of strategic planning within their organizational structure. At the start of the plan cycle, a cadence should be set as to how often executive management will meet to review plan metrics, what obstacles are being faced and how champions are shepherding each priority.

The cadence also helps support accountability by giving your people time to review how progress is being made on your goals and objectives.

5. Don’t be afraid to change what’s on paper

Agile means the ability to change as needed. If a strategic priority, tactic or metric is no longer relevant or valid, or if market or financial conditions have changed, it’s acceptable to change the strategic plan accordingly.

Often, plans aren’t implemented because they quickly become irrelevant. The plan document, and the strategic plan itself, is a tool in achievement of your organizational goals. As the industry changes and your institution’s objectives adapt, your plan should be easy to adapt, too.

How Wipfli can help

Wipfli is ready to help you take your plan from paper to action.

Our strategic planning services focus on giving you actionable steps that are customized to your vision of success. We can also help provide you with the tools and strategies you need to align your people, processes and technology in achieving your organization’s objectives.

Contact us today to learn more about how we can help your strategic plan become a reality.

Sign up to get more financial institutions content in your inbox, or continue reading:  

  • Compliance items for financial institutions in 2024
  • What to know about the new beneficial ownership registry
  • Cloud computing arrangement accounting

Robert Zondag

Article Download

Please register, contact information.

* = required fields

First Name *

Last Name *

Phone number *

steps to create a strategic plan

A Nonprofit Strategic Plan in 3 Simple Steps

The power of three: crafting a strategic plan your nonprofit will love.

For many nonprofits, strategic plans are dusty documents gathering cobwebs in a drawer. But what if I told you that a successful strategic plan doesn’t need to be complicated? In fact, it can be boiled down to just three simple, yet powerful components:

1. Vision with Heart

At the core of any great plan lies a clear vision. This isn’t just about setting goals; it’s about painting a picture of the future you aspire to create. Think big, bold, and impactful. Imagine ending homelessness in your city, revolutionizing environmental education, or fostering a community brimming with opportunity. Let your vision ignite passion and inspire action.

The Power of Three: Crafting a Strategic Plan Your Nonprofit Will Love

2. Goals that Guide

With your vision guiding the way, it’s time to define concrete goals. These are the stepping stones leading towards your ultimate dream. Make sure your goals are SMART: Specific, Measurable, Achievable, Relevant, and Time-bound . They should be challenging yet attainable, providing a roadmap for progress and a yardstick for success.

3. Action in Motion

A vision and goals without a plan are just beautiful daydreams. That’s where the action plan comes in. This is the nitty-gritty, rubber-meets-the-road, details of how you will achieve your goals. Break down your goals into quarterly or monthly milestones, assigning tasks and responsibilities to individuals or teams. Regularly review your action plan, adapting it and course-correcting as needed to overcome obstacles and ensure you’re staying on track.

The Secret Sauce: Keeping it Alive

The magic truly happens when you don’t just create a plan, but actively manage it. Embed your strategic plan into the fabric of your organization. Discuss progress in board meetings and staff gatherings. Celebrate achievements and openly address roadblocks. Most importantly, foster a culture of accountability and transparency, where everyone feels invested in the journey towards your shared vision.

By focusing on these three core elements and keeping your plan alive, you’ll transform your strategic plan from a dusty document to a powerful tool for change. Remember, it’s not about the length or complexity of your plan, but the clarity, commitment, and collaborative spirit that breathes life into it. So, gather your team, unleash your vision, and watch your nonprofit blossom into a force for good in the world.

Bonus Tip : Leverage technology! Project management tools, communication platforms, and data analytics software can streamline your action plan, track progress, and keep everyone on the same page.

The future of your community awaits. Don’t let it get lost in a mountain of paperwork. Embrace the power of three and embark on a journey of transformative change, one well-defined goal at a time.

Brady Ware Nonprofit Advisors want to help you fulfill your mission with financial health and compliance services and a network of nonprofit consultants who specialize in strategic decision-making.

Libby Villavicencio

Libby Villavicencio

Nonprofit Champion Libby V & Associates

About the Author

Libby V knows strong communities and great organizations don’t happen by chance. They have strong leadership in place, a definition of the impact they want to have, a clear path for achieving their impact and the right people on the bus and in the right seats.

She helps communities and organizations line up everything they need to achieve stronger results than ever before. She is nationally respected for her work with communities, government, higher education, nonprofit and philanthropic organizations.

With many years of leadership experience, Libby fully understands communities, government, higher education, nonprofit and philanthropic sectors. She is also experienced in public-private partnerships through consulting roles with initiatives in Atlanta, Baton Rouge, New Jersey, Raleigh-Durham, Massachusetts, Chicago, California, Seattle, and Ohio.

For more information, visit  Libby V & Associates .

Related Insights

Gain deeper insight from our articles, white papers, and videos.

Explore All

Nonprofit Fundraising Trends in 2022

Nonprofit Fundraising Trends in 2022 By Bob Reynolds, CPA I believe the pandemic brought about the greatest change to daily …

Client Spotlight: Special Olympics Ohio

Client Spotlight: Special Olympics Ohio Jessica Stewart, CEO of Special Olympics Ohio, shares insights on the organization’s athletes and the …

2022 Nonprofit Tax Filing Obligations

Irs rules for natural disaster aid organizations.

IRS Rules for Natural Disaster Aid Organizations So far, 2021 has been a busy and challenging year for not-for-profits that …

Corporate Transparency Act: What Businesses are Affected?

Building donor relationships.

Building Donor Relationships By Bob Reynolds, CPA, CGMA I have served as a volunteer and Board member for several organizations …

Get in Touch

We’d love to know more about your business and how we can help..

More From Forbes

A roadmap to creating and launching a health conversion foundation.

  • Share to Facebook
  • Share to Twitter
  • Share to Linkedin

Building Foundations for Lasting Community Health

Health conversion foundations have emerged as pivotal players in the public health landscape, bridging gaps in healthcare funding and policy advocacy to meet the evolving needs of underserved communities. These entities not only channel significant financial resources into public health initiatives but also embody a strategic approach to tackling the root causes of health disparities. By focusing on the social determinants of health and fostering broad-based partnerships, health conversion foundations are uniquely positioned to drive systemic change, making them an indispensable asset in the quest for equitable health outcomes.

A health conversion foundation (also known as a health legacy foundation) is a type of charitable organization that is created when a nonprofit healthcare entity, such as a hospital or health plan, is sold or transitions to a for-profit business. The proceeds from this conversion are used to establish a foundation that continues the original mission of improving community health. These foundations have grown dramatically since the first was established in 1973.

However, creating one from scratch can be daunting. This Roadmap outlines the essential steps to create and launch a health conversion foundation, providing practical advice and strategies for each phase of the process.

Step 1: Establish a Community Advisory Panel

The establishment of a community advisory panel is a foundational step for any health conversion foundation. After all, the assets from the sale of the nonprofit health entity, in the form of this new foundation, belong to the community. This panel, comprising diverse local experts and community leaders, ensures the foundation's initiatives are aligned with genuine community needs. It acts as a vital link between the foundation and the community, fostering trust and collaboration from the outset. The advisory panel's diverse perspectives and expertise can guide the foundation's strategic direction, ensuring initiatives are based on the community's articulated needs. Additionally, it can help embed community engagement as a perpetual core aspect of the foundation's operations.

Step 2: Understand Legal and Regulatory Requirements

Understanding the complex legal and regulatory landscape is crucial for the successful establishment of a health conversion foundation. Foundations must navigate state-specific laws governing the conversion process, which typically require approval from state attorney generals or other regulatory bodies and may impose specific requirements on the conversion process, including the valuation of assets and the structure of the resulting foundation. Further, they must comply with IRS regulations to maintain tax-exempt status. This step involves consulting with legal experts specializing in nonprofit and health law to ensure compliance and safeguard the foundation's charitable assets. A thorough understanding of these requirements ensures the foundation's operations are transparent, accountable, and aligned with the public good, laying a solid legal foundation for all future activities.

As The Ukrainians Fling 50,000 Drones A Month, The Russians Can’t Get Their Drone-Jammers To Work

Google reveals much needed google photos upgrade but there s a catch, taylor swift fans reportedly forced travis kelce to move out of his brand new house, step 3: formally establish the foundation.

The formal establishment of the foundation involves selecting an appropriate legal structure, registering with state authorities, and complying with IRS requirements. This process lays the legal groundwork for the foundation's operations and governance, involving drafting articles of incorporation, developing bylaws, and obtaining necessary licenses. Establishing a solid legal foundation is essential for operational integrity, regulatory compliance, and the establishment of governance practices that promote transparency, accountability, and ethical governance.

Step 4: Ensure Strong Governance

Establishing strong governance is critical for supporting the foundation's mission and ensuring accountability. The board of directors should be diverse, reflecting the community's diversity and bringing together expertise in relevant fields. This governance structure is essential for informed decision-making, strategic oversight, and ensuring the foundation's efforts are ethical, transparent, and aligned with community needs. A committed and knowledgeable board is crucial for guiding the foundation's strategic direction, overseeing financial and operational management, and fostering a culture of integrity and accountability. Term limits are important to foster a dynamic governance structure, welcoming fresh perspectives and preventing stagnation.

Step 5: Create a Solid Infrastructure

Achieving operational excellence is crucial for the foundation's success and involves hiring a strategic CEO and key staff early, developing robust internal systems and processes, and ensuring the foundation's infrastructure supports its strategic plan and community engagement efforts. This includes establishing efficient grantmaking systems, financial management practices, and evaluation mechanisms. Operational excellence enables the foundation to manage resources effectively, engage with grantees and partners efficiently, and measure the impact of its programs accurately. The foundation's commitment to operational excellence ensures it can fulfill its mission, respond to community needs, and achieve its vision for healthier communities.

Step 6: Conduct a Comprehensive Community Health Needs Assessment

A comprehensive community health needs assessment is critical for understanding the specific health challenges and resources within the community. Start by reviewing existing data and assessments that may have recently been completed by other local organizations, such as community and private foundations, hospitals, health departments, universities, and nonprofits. Fill in gaps by engaging directly with community members and experts to gather additional data and personal insights. This assessment will inform the foundation’s strategic direction and funding priorities. Additionally, it will establish a baseline to measure impact. Engage health departments, community organizations, and residents to ensure a holistic view. This early engagement fosters trust and collaboration, setting the stage for effective community-focused initiatives.

Step 7: Define the Foundation’s Mission and Vision

Defining the foundation's mission and vision is a critical step that sets the tone for all future activities. These statements should be developed with insights from the community health needs assessment, reflecting the foundation's commitment to addressing identified health challenges and disparities. A clear mission and vision not only provide direction but also inspires stakeholders and ensures that the foundation's efforts are aligned with its overarching goals. They serve as the foundation's north star, guiding strategic planning, daily operations, and decision-making processes, ensuring that every initiative undertaken advances the foundation's mission to improve community health.

Step 8: Develop a Strategic Plan

Developing a strategic plan is essential for outlining the foundation's goals, strategies, and metrics for success. Informed by the initial community health needs assessment, the strategic plan acts as a roadmap for the foundation's priorities and activities, ensuring efforts are focused and aligned with achieving measurable health improvements. The plan should be adaptable, allowing for adjustments based on new insights and changing community needs. It serves as a living document that guides the foundation's decision-making, program development, and resource allocation, ensuring that all efforts contribute to the foundation's mission and vision.

Step 9: Advance Equity and Address Social Determinants of Health

Embedding diversity, equity, and inclusion (DEI) principles into every aspect of the foundation's work is crucial for ensuring initiatives are accessible to all community members, especially those historically underserved. Focusing on programs that address social determinants of health enhances the foundation's impact, contributing to more equitable health outcomes. Integrating DEI principles requires a commitment to understanding and addressing the root causes of health disparities, fostering inclusive engagement strategies, and supporting initiatives that promote health equity and access. To effectively advance DEI, foundations must also look inward, ensuring that their internal policies, practices, and culture reflect these values.

Step 10: Launch Grantmaking Programs and Foster Partnerships

Launching grantmaking programs that align with the foundation's strategic goals and fostering partnerships with other organizations are essential for amplifying the foundation's impact. To fully realize their strategic goals, foundations should consider a broad spectrum of grantmaking approaches, including offering general operating support, making muti-year grants, advocating for systems and policy change, and building nonprofit and community capacity. Collaborative grantmaking and strategic partnerships enable the foundation to leverage resources, expertise, and networks to address complex health issues more effectively. These efforts should be guided by a commitment to collaborative, community-based solutions and evidence-based approaches ensuring that the foundation's resources are used to support innovative and sustainable health improvements.

Step 11: Implement Monitoring, Evaluation, and Adaptation Processes

Implementing robust monitoring and evaluation frameworks is key to assessing the impact of the foundation's programs and initiatives. This step involves using data and feedback to inform continuous learning, strategic adjustments, and program improvements. An adaptive approach allows the foundation to refine its strategies, enhance program effectiveness, and share learnings with the community and stakeholders. Commitment to ongoing evaluation and adaptation is crucial for maximizing the foundation's impact on community health.

Step 12: Foster Transparency and Communication

Effective communication and transparency are foundational for health conversion foundations, underpinning trust and accountability with stakeholders and the public. An ongoing commitment to openness, through regular updates and open dialogues, ensures that the foundation's activities, achievements, and challenges are transparent. By establishing diverse communication channels, such as digital platforms and public forums, foundations can engage in meaningful exchanges about their work and impact. This approach not only highlights successes but also openly addresses setbacks, fostering a culture of honesty and continuous improvement.

Step 13: Effectively Manage Financial Resources

Securing and managing financial resources involves developing a sustainable financial model that includes diversified funding sources and prudent endowment management practices. Establishing financial policies that promote transparency and accountability is crucial for the foundation's long-term ability to support community health initiatives. Investments should align with mission and values. Sound financial management ensures the foundation's resilience in the face of economic fluctuations, enabling it to invest in impactful health programs, respond to emerging community needs, and pursue opportunities for growth and innovation.

Creating and launching a health conversion foundation is a comprehensive and multifaceted process that requires careful planning, community engagement, and adherence to legal and regulatory standards. By following these detailed steps and maintaining a commitment to principles of equity, transparency, and community partnership, founders can establish foundations that make a lasting impact on community health.

Kris Putnam-Walkerly

  • Editorial Standards
  • Reprints & Permissions
  • Visit the University of Nebraska–Lincoln
  • Apply to the University of Nebraska–Lincoln
  • Give to the University of Nebraska–Lincoln

Search Form

The importance of strategic planning for farmers and ranchers.

Men look at phone in front of grain silos

“God will not suffer man to have a knowledge of things to come; for if man had a foresight of his prosperity, he would be careless; and if he had an understanding of his adversity he would be despairing.”  This quote by St. Augustine contains the essence of why managers plan. The future is uncertain, and planning is a process for developing a stratagem for taking an offensive position regarding the future.

Planning, or more specifically, strategic planning, is a process of defining long-term goals and objectives of an organization and determining the best course of action to achieve them. It involves such steps as defining the current situation, identifying strengths, weaknesses, opportunities, and threats, and developing a plan of action to take advantage of opportunities and overcome challenges. Parsons (2018) outlined six key components of a business plan and why a farm or ranch should make the effort to develop a business plan (Parsons, 2015).

In this Center for Agricultural Profitability article , CAP Director Larry Van Tassell discusses two steps that make planning strategic: defining the mission of the business, and assessing the external environment and its implications for the farm business.

Read the full article

Online Master of Science in Agronomy

With a focus on industry applications and research, the online program is designed with maximum flexibility for today's working professionals.

A field of corn.

Russia-Ukraine latest: Alexei Navalny's death confirmed as spokeswoman demands body be handed over to family immediately; over 340 people detained at rallies in Russia

Alexei Navalny's spokeswoman has confirmed his death and demanded that his body is immediately handed over to his family. Meanwhile, over 340 people have now been detained in Russia at memorials and rallies held for Mr Navalny.

Sunday 18 February 2024 07:36, UK

Please use Chrome browser for a more accessible video player

  • Russian forces have complete control of Avdiivka, defence ministry claims
  • Navalny ally confirms death and demands his body is returned
  • Hundreds detained in Russia at Navalny rallies 
  • Kremlin did 'everything to ensure' Navalny died in prison
  • James Matthews: Navalny's death may refocus Trump-wing Republicans on danger of Putin
  • Obituary: The man Putin refused to name
  • Explained: What's happened to Putin's other opponents?

Welcome back to our live coverage of the war in Ukraine. It's been a busy weekend as the world continues to react to the death of Russian opposition leader Alexei Navalny in prison.

Here is a recap of yesterday's key developments.

Allies of Alexei Navalny accused Russian authorities of "doing everything they can" to "avoid" handing his body over to his family;

Addressing the death of Navalny, Ukrainian president Volodymyr Zelenskyy said "Vladimir Putin kills whoever he wants";

Russia's defence ministry claimed its forces have taken complete control of the eastern Ukrainian city of Avdiivka, with Putin congratulating his troops;

UK foreign secretary Lord Cameron said Russia is 'outmatched' by Ukraine's allies - and again urged the US to approve more aid for Ukraine as a proposed $61bn (£49bn) funding package struggles to make its way through Congress;

Kyiv's air force chief said Ukrainian forces shot down three Russian warplanes over eastern Ukraine yesterday morning.

Vladimir Putin has congratulated troops who captured the eastern Ukrainian city of Avdiivka, the Kremlin's website has said.

The Russian president was reportedly presented with a report on the capture of the city from defence minister Sergei Shoigu.

"The head of state congratulated Russian soldiers on this success, an important victory," the Kremlin said.

Russian news agencies quoted a telegram that Mr Putin sent to the commander of the "centre" group of forces in Ukraine, Colonel-General Andrei Mordvichev. 

"For outstanding military activity, I express my gratitude to all troops under your direction who took part in battles for Avdiivka," the agencies quoted Mr Putin as saying. 

Russia's defence ministry has claimed its forces have taken complete control of the eastern Ukrainian city of Avdiivka.

Sergei Shoigu, the defence minister, told the Kremlin that Russian forces were now working to clear the final pockets of resistance at the Avdiivka coke and chemical plant, officials said in a statement.

Earlier, we reported that Ukraine's military chief said he was withdrawing troops from the eastern city they defended for four months. 

He said the decision was made to leave in order to save soldiers' lives, which Volodymyr Zelenskyy said was the "correct decision".

Russian troops were then filmed raising their country's flag in the city, videos on social media appeared to show.

As we report below, the US has described the development as Russia's "first notable gains in months".

Ukraine was "forced to withdraw" from the eastern city of Avdiivka after soldiers "had to ration ammunition", the US has said.

That was because of "congressional inaction", it added, "resulting in Russia's first notable gains in months".

Joe Biden has called Volodymyr Zelenskyy ahead of the two-year anniversary of Russia's invasion of Ukraine, on 24 February.

The intention was to "underscore the United States' commitment to continue supporting Ukraine", the White House said.

Extra American funding for Kyiv is facing a difficult passage through the House of Representatives.

While the latest package has cleared the Senate, hardline Republicans in the House oppose the legislation, calling for extra provisions to stem a record flow of migrants across the US-Mexico border.

During the phone call, Mr Biden "emphasised the need for Congress to urgently pass the national security supplemental funding bill to resupply Ukrainian forces", the White House said.

It added: "President Biden reaffirmed the strong bipartisan support in the US government and among the American people for Ukraine's sovereignty and territorial integrity, and to imposing costs on the Russian government to hold it accountable for its actions."

Volodymyr Zelenskyy has urged allies to plug an "artificial" shortage of weapons which is giving Russian forces the upper hand.

He also said more aid from the US - currently stalled - is vital. 

Addressing politicians, diplomats and military officials at the Munich Security Conference - who gave him a standing ovation - he thanked them for their support and asked for more.

He told them: "Unfortunately, keeping Ukraine in an artificial deficit of weapons, particularly in artillery and long-range capabilities, allows Putin to adapt to the current intensity of the war. 

"If your artillery (range) is 20 km (12 miles), but Russia's is 40 km, there is your answer."

Danish Prime Minister Mette Frederiksen said: "We should have supported you much more from the very beginning of this war.

"Ukraine cannot win a war without weapons. Words are simply not enough." 

There is "no doubt about culpability" over Alexei Navalny's death, an expert on Russia has said.

"There is no sense in which the Kremlin is not responsible for Mr Navalny's death," added Sam Greene, professor in Russian politics at King's College London.

"It certainly didn't do anything to keep him alive, and in fact did everything to ensure he would die in prison."

What is less clear, Prof Greene said, is whether the Kremlin intended Mr Navalny to die at a "specific moment in time, ahead of the presidential elections next month".

He added: "We will have to wait and see - if we are ever given the evidence that would allow us to make a judgement about this."

Prof Greene said it was clear the Kremlin "wants to control the narrative", which is why, he thinks, that "no one's being given access to his body at the moment".

The death of Mr Navalny was the "most likely outcome by a long shot", Prof Greene said.

"Navalny knew that going in [to prison]. He [told his supporters] that if he died, they shouldn't surrender, they should keep on fighting.

"I think he decided that a world in which he compromised and decided to give up the fight was not really a life he wanted to live - that this was the only way he was going to get Russia closer to achieving the change he felt it needed."

Foreign ministers from the G7 group of nations are calling on Russia to clarify the circumstances of Alexei Navalny's death.

"They expressed their outrage at the death in detention of Alexei Navalny, unjustly sentenced for legitimate political activities and his fight against corruption," according to a statement released by Italy, which is currently chairing the G7. 

The foreign ministers of Britain, Canada, France, Germany, Italy, Japan and the United States met in Munich on Saturday.

Earlier (13.36) we reported that Alexei Navalny's mother and lawyer were told he died of "sudden death syndrome".

That was according to prominent Navalny ally Ivan Zhdanov, posting on X.

Mr Navalny's spokeswoman, Kira Yarmysh, said his lawyer was told the cause of the Russian opposition leader's death is yet to be determined.

The death of Russian opposition leader Alexei Navalny is a "very visible and very sad reminder of what a dictator can do", the former president of Estonia has told Sky News.

Kersti Kaljulaid, speaking from the Munich Security Conference, also alleged that Vladimir Putin had been behaving in such a way for "a long time now".

She said "this is Putin", adding that she hopes no one "has any doubts about that".

Earlier (14.17 post) the president of Lithuania, Gitanas Nausda, told Sky News it was "pretty obvious" that Mr Navalny did not die of natural causes but was "brutally killed by the Kremlin's regime". 

Ms Kaljulaid said there is a "weird feeling" in Munich.

That is partly because at the same event last year, the West was "proud" of the way in which it was rallying behind Ukraine, she said. 

But, a year on, she said there is an awareness that compared to many countries' gross domestic product, they are spending a "pittance" and "you cannot win a war on a pittance".

She added: "We should actually do much more."

Ukrainians are not asking for favours, Ms Kaljulaid said.

"They are fighting for the free world, for the rules-based world order."

German defence company Rheinmetall has announced it intends to open an ammunition factory in Ukraine.

It will be a joint venture with a Ukrainian partner.

Rheinmetall signed a memorandum of understanding at the Munich Security Conference on Saturday to build and jointly operate the new facility.

It did not name its Ukrainian partner.

The factory will produce a six-digit number of 155mm calibre bullets per year, Rheinmetall said.

It is not clear when production will begin or where the facility will be located.

Rheinmetall also plans to build armoured vehicles in Ukraine.

Kyiv is facing an acute shortage of ammunition.

As we reported earlier, Ukrainian troops have withdrawn from the eastern city of Avdiivka.

Some of those soldiers were captured by Russian forces during that process, a Ukrainian official has said.

In Russia, authorities moved swiftly to crush any possible resistance in Alexei Navalny's name, detaining supporters at memorials and trying to sweep away the flowers they had left, writes our Europe correspondent, Siobhan Robbins .

But beyond their borders, they cannot stop the crowds.

From Georgia to Germany, thousands have gathered for Mr Navalny.

In the shadow of the Russian embassy in Berlin, a steady stream of people arrived to lay flowers below a picture of the 47-year-old activist.

I watched as a group of three Russian friends huddled together to light a candle in the wind. 

They were acutely aware their actions were being punished back home, they told me.

"A lot of my friends want to take flowers for Navalny in Moscow but they can't do that," Polina said.

"I want to do this for my friends and for me."

Also among those grieving was Elena, who stood quietly as tears rolled down her face.

"He was the last hope of freedom, of peace in Russia," she explained. 

"I guess there is no hope anymore."

Like Elena, many said they are not just mourning a man, but what he represented to Russia: hope of resistance and change.

Be the first to get Breaking News

Install the Sky News app for free

steps to create a strategic plan

IMAGES

  1. The Strategic Planning Process in 4 Steps

    steps to create a strategic plan

  2. What Is Strategic Planning And How To Do It Right In 5 Key Steps

    steps to create a strategic plan

  3. The 4 Steps of the Strategic Planning Process

    steps to create a strategic plan

  4. Value-Based Strategy Decomposition

    steps to create a strategic plan

  5. The Ultimate Strategic Planning Framework Tool: Introduction

    steps to create a strategic plan

  6. College Strategic Plan

    steps to create a strategic plan

VIDEO

  1. Strategic Planning

  2. How to set strategic goals in 2 steps

  3. Introduction to Strategic Planning

  4. The Achievant Minute: Strategic Planning Phase 2 _#2

  5. What is and how to make a "STRATEGIC PLAN" ? Season 27

  6. How Couples Can Have Business Conversations with 1 Powerful Strategy!

COMMENTS

  1. PDF How to write a strategic plan

    Strategy Development process, not simply a product Dynamic, not static Engages board, staff, funders, clients, community Helps organization align mission, programs, capacity Key Components Executive Summary Mission and Vision Environmental Analysis / SWOT

  2. Quick Guide: How to Write a Strategic Plan

    Strategic planning The Complete Guide to Writing a Strategic Plan Get free Smartsheet templates By Joe Weller | April 12, 2019 (updated January 31, 2024) Writing a strategic plan can be daunting, as the process includes many steps. In this article, you'll learn the basics of writing a strategic plan, what to include, common challenges, and more.

  3. What is strategic planning? A 5-step guide

    Typically, your strategic plan should include: Your company's vision statement Your company's mission statement Your organizational goals, including your long-term goals and short-term, yearly objectives Any plan of action, tactics, or approaches you plan to take to meet those goals How to build an organizational strategy

  4. 6 Steps to Make Your Strategic Plan Really Strategic

    6 Steps to Make Your Strategic Plan Really Strategic by Graham Kenny August 07, 2018 Alicia Llop/Getty Images Summary. Many strategic plans aren't strategic, or even plans. To fix...

  5. Strategic Planning: A Guide to Develop a Strategic Plan

    Step 1: Gather your team, set up meetings, and create a timeline. Get the right people involved. Let's get one thing straight right now: If your organization has turned to you (or your department, a colleague, etc.) and requested that you "make a strategic plan and then report back to the leadership team when you're done"—stop right where you are.

  6. Strategic Planning: A 10-Step Planning Process

    Take quiz What is strategic planning? Strategic planning is an ongoing process by which an organization sets its forward course by bringing all of its stakeholders together to examine current realities and define its vision for the future. It examines its strengths and weaknesses, resources available, and opportunities.

  7. The Strategic Planning Process in 4 Steps

    Step 1: Determine Organizational Readiness Set up your plan for success - questions to ask: Are the conditions and criteria for successful planning in place at the current time? Can certain pitfalls be avoided? Is this the appropriate time for your organization to initiate a planning process? Yes or no? If no, where do you go from here?

  8. How to Create a Strategic Plan for Your Business in 5 Steps

    How to Create a Strategic Plan for Your Business in 5 Steps Written by MasterClass Last updated: Jun 7, 2021 • 3 min read The most successful small businesses, corporations, and organizations never remain static for long.

  9. How To Write A Strategic Plan That Gets Results + Examples

    ‍ Follow this guide step-by-step or skip to the part you're most interested in: Pre-Planning Phase: Build The Foundation Cascade Model For Strategic Planning: What You Need To Know Key Elements of a Strategic Plan How To Write A Strategic Plan In 6 Simple Steps 3 Strategic Plan Examples To Get You Started

  10. The 5 steps of the strategic planning process

    While there is no single approach to creating a strategic plan, most approaches can be boiled down to five overarching steps: Define your vision Assess where you are Determine your priorities and objectives Define responsibilities Measure and evaluate results

  11. Strategic Planning Process: 7 Crucial Steps to Success

    Strategic Planning Process: 7 Crucial Steps to Success Playing chess without a strong opening is a guaranteed way to disadvantage yourself. Just like in chess, organizations without an adequate strategic planning process are unlikely to thrive and adapt long-term.

  12. A step-by-step guide to strategic planning (and what makes it unique

    Strategy → A step-by-step guide to strategic planning (and what makes it unique) A step-by-step guide to strategic planning (and what makes it unique) Discover how strategic planning differs from other project management approaches and learn how to draft a strategy that benefits your organization. Build with Webflow

  13. How to write a strategic plan and what it should include

    Now that you know what a strategic plan should include, here's a step-by-step guide on how to write a strategic plan for your business. 1. Hold a strategic planning meeting. No man is an island, especially in the realm of strategic planning. You want to get your entire team involved in the strategic planning process.

  14. A guide to creating an effective strategic plan

    Steps for creating a strategic plan. Before creating a strategic plan, consider why you need one, who else needs it, and what's in it for them. Your strategic plan is, effectively, a product. Create it the same way you would create a product — bring the right people around the table, including representatives from each of those core areas ...

  15. 7 Essential Steps in Strategic Planning

    1. Establish Your Strategic Position Positioning is a fundamental step of the strategic planning process. Its purpose is to clearly define what sets your organization—and the product or services it offers—apart from the competition.

  16. Strategic Planning

    1. Strategy Formulation In the process of formulating a strategy, a company will first assess its current situation by performing an internal and external audit. The purpose of this is to help identify the organization's strengths and weaknesses, as well as opportunities and threats ( SWOT Analysis ).

  17. How to write a strategic plan

    Strategic planning is about finding a short list of the highest-impact projects. It's a filter.". The section is generally 10 to 15 pages long and includes these elements: Corporate directions — a broad overview of what you need to do to achieve your goals. Strategic priorities — a list of your main projects.

  18. How to Set Strategic Planning Goals

    The ROI formula is typically written as: ROI = (Net Profit / Cost of Investment) x 100. In project management, the formula uses slightly different terms: ROI = [ (Financial Value - Project Cost) / Project Cost] x 100. An estimate can be a valuable piece of information when deciding which goals to pursue.

  19. How to Write a Strategic Plan (Step-by-Step)

    Follow these steps to write a strategic plan: 1. Identify Strategic Position and Goals. You first need to identify what your strategic position and goals are. This information guides your strategic plan. Work with leaders and key decision-makers to determine and understand your organization's position in its industry and what you hope to ...

  20. How to Develop a Business Strategy: 6 Steps

    3. Create Value for Customers. With an understanding of the market and your company's purpose, you can determine how your organization provides unique or greater value and strategize ways to improve. On the value stick, the value captured by customers is called "customer delight.".

  21. How To Create A Strategic Action Plan In 7 Easy Steps

    Let's dive into the seven key steps to develop, execute, and track strategic action plans: 1. Align your action plan with a strategic plan. Without clear alignment and relationships, your actions have little impact on the organization's strategy. In the long run, misaligned efforts in your strategic planning process drain your budget.

  22. How to Strategic Plan in 7 Steps

    Step 1: Environmental Scan The first step of any strategic planning process starts with research. Agency Alpha conducts an environmental scan, a process where they identify and monitor factors that may impact the long-term direction of the agency.

  23. The Top 6 Steps Of Strategic Planning

    1. Assess Industry, Competitor & Customer Trends The first step of any strategic planning starts with studying the overall market in which you are operating. How big is the industry? How...

  24. 5 ways to improve your strategic plan implementation

    However, once a strategic plan is created, many teams struggle with the implementation of the plan. Here are five ways your team can maintain agility and improve your strategic plan implementation: 1. Ensure your plan is easy to understand. Part of strategic planning is making the complicated easy to understand.

  25. 3 Simple Steps to a Powerful Nonprofit Strategic Plan

    Regularly review your action plan, adapting it and course-correcting as needed to overcome obstacles and ensure you're staying on track. The Secret Sauce: Keeping it Alive. The magic truly happens when you don't just create a plan, but actively manage it. Embed your strategic plan into the fabric of your organization.

  26. A Roadmap To Creating And Launching A Health Conversion Foundation

    Step 8: Develop a Strategic Plan. Developing a strategic plan is essential for outlining the foundation's goals, strategies, and metrics for success. Informed by the initial community health needs ...

  27. The Importance of Strategic Planning for Farmers and Ranchers

    Parsons (2018) outlined six key components of a business plan and why a farm or ranch should make the effort to develop a business plan (Parsons, 2015). In this Center for Agricultural Profitability article , CAP Director Larry Van Tassell discusses two steps that make planning strategic: defining the mission of the business and assessing the ...

  28. Russia-Ukraine latest: Alexei Navalny's death confirmed as spokeswoman

    Alexei Navalny's spokeswoman has confirmed his death and demanded that his body is immediately handed over to his family. Meanwhile, over 340 people have now been detained in Russia at memorials ...