the strategic planning process pdf

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How to Create a Strategic Plan

Looking for a way to take your company in a new and profitable direction? It starts with strategic planning. Keep reading to learn what a strategic plan is, why you need it and how you can strategically create one.

What Is a Strategic Plan?

When it comes to business and finance, strategic planning will help you allocate your resources, energy and assets. When implemented, a strategic plan will begin to move your operations in a more profitable direction. The primary goal of the plan is to ensure you and any other stakeholders are on the same page and striving to reach the same goal.

Creating a strategic plan requires a disciplined effort. Once you put the plan into action, it will influence the segment of customers that you target, how you serve those customers and the experience those customers have.

Assess the Current Infrastructure and Operations

The first step in creating a strategic plan is to carefully assess your existing infrastructure and operations. You can do this through a SWOT analysis, which is an analysis of the company’s strengths, weaknesses, opportunities and threats. The goal here is to pinpoint the resources that you use to carry out your day-to-day operations, to look at your monthly revenue patterns, to list any company challenges related to the customer experience and, most importantly, to look at your marketing methods and ways to improve the overall customer experience.

Creation of Mission Statement and Objectives

The next step is to create a mission statement. You may already have one, but it’s important to note your mission at the top of the strategic plan document you create. This ensures everyone is focused on the same goal. Your mission statement should cover why you started the company and what you intend to accomplish through the products and services that you offer.

In addition to the mission statement, make sure to outline both short- and long-term objectives. List the objectives according to their priority and designate certain managers or employees to be responsible for each one. Also, jot down the resources that will be used to achieve each objective.

Measure Performance

Now that you know what you’re trying to achieve and who is responsible for each goal, it’s time to deploy the plan and measure its progress. A weekly meeting is extremely important for all managers and stakeholders provide feedback. Your goal is to determine if the company is headed in the right direction. If not, you’ll need to revise the strategic plan accordingly.

Strategic Plans Are Ongoing

Once your strategic plan helps you achieve several objectives, it’s smart to regroup and set new objectives. As your company grows, you can set new goals to ensure the company keeps moving forward. You can share the success of your strategic plan with potential investors as a way to tap into new capital funding.

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Strategic Planning Process to Company Performance

Strategic planning process is important for strategic management of companies. Organizations from both private and public sector are increasingly embracing the practice of strategic planning process in anticipation that this will translate to improved performance. Past studies have mainly focused on the direct relationship between strategic planning and performance and did not give attention to the specific steps that make up the strategic planning process. The manner and extent to which each of the steps is practiced could have implications on the expected strategic planning results. This study set out to examine strategic planning process to firm performance giving attention to the strategic planning steps. Furthermore, it contributes to understand the nature and practice of strategic planning process in Ethiopian companies. To achieve this objective, descriptive type of research was employed in Dire Dawa National Cement. Descriptive type of research design helps to depict accurately the characteristics of a particular individual, situation and group.

Related Papers

International Journal of Business and Applied Social Science

patrick arkoh

Formulating strategies or preparing a strategic plan in itself is not enough. There is, therefore, the need to measure the total impact of the strategic planning and the planning process on the performance of the organization in question. The study assesses both the qualitative and quantitative impact of strategic planning on a well-defined behaviour based and financial variables. The study explores how rural and community banks in Ghana plans strategically and how such planning impacts on their performance to meet the socioeconomic needs of the people. Quantitative and qualitative data were collected from primary and secondary sources. Data were collected from primary and secondary sources. Respondents made up of staff, management, directors, and customers were interviewed through questionnaire administration. The findings indicated that strategic planning has a significant impact on the performance of rural and community banks in Ghana such as optimization of the strategic perspective of the organizational and enhanced teamwork. It can result in an improved understanding of the organization's objectives and overall direction. It can facilitate the implementation of organizational objectives and goals.

Dr Bongani Ngwenya

PATRICK PHIRI

https://www.ijrrjournal.com/IJRR_Vol.5_Issue.6_June2018/Abstract_IJRR006.html

International Journal of Research & Review (IJRR)

The study examined the influence of Strategic Planning on organizational Performance using Cogebanque as case study. It further explores into how this has an influence on its management. Efficiency and effectiveness as strategic planning is essential in organization"s performance. Primary and secondary data have been used for the study. The study used questionnaire to elicit information from employees of Cogebanque limited. Data collected have been analyzed by using descriptive and inferential statistics. The hypotheses have tested using the Pearson"s Product Moment Correlation Coefficient to establish the significance of relationship between the various variables used in measuring performance. The results of the hypotheses revealed that there is a significant positive correlation between strategic planning and organizational performance. Mission of the organization, training of human resources, right leadership and technology were found are great strategies to good performance of an organization. Researcher recommends that all factors of various dimensions should be put into the right perspective, so as to help the general workforce of the organization to understand the main objectives and the strategic plans in place to achieve them. This will enlighten the employees of the organization to jeer towards delivering services to enhance the general strategy of the organization and to raise its performance. It is also recommended that lines of communication between managerial and non-managerial staff should be improved in order to encourage and support the flow of information and feedback mechanisms.

Yasin A Barre

The study aimed at determining the effect of strategic planning on financial performance of commercial bank in Mogadishu. The study was three objectives to examine the effect of goal setting on financial performance of commercial bank in Mogadishu, to identify the effect of generic strategies on financial performance of commercial bank in Mogadishu, to explain the effect of monitoring and evaluation on financial performance of commercial bank in Mogadishu A comprehensive literature review has been undertaken to understand various aspects of strategic planning as reviewed by other authors and researchers. The chapter has addressed the effects of goal setting on financial performance; effects of Generic strategies implementation on financial performance and effects of strategy monitoring and evaluation on financial performance Descriptive design was employed in the study. The population under study was 80 employees' working at two banks in Mogadishu IBS bank and Premier bank. Sample random sampling was used select the respondents into the study. A sample size of 67 participants was targeted in the study. The collection of primary data was facilitated through the use of questionnaires. The study found out that goal-setting was positive relationship with financial performance in commercial bank. The findings further indicated that there was a low positive correlation between goal-setting and financial performance (r=0.392; p=0.001). Generic strategies were low positive correlation between generic strategies and financial performance rated among the strategic planning of commercial bank (r=0.358; p=0.003). The study further found Strategic monitoring and evaluation was medium positive correlation with financial performance (r=0.608; p=0.000). In conclusion strategic planning have medium positive correlation of financial performance(r = .570; p=0.000) Since respondents agreed that strategic planning is more influenced factor in financial performance, researcher recommended giving them high effort, and Management of the institution is encouraged to enlarge their products and services to whole society.

Strategic Journal of Business & Change Management

Mohamed Abukar Abdi

This study general objective was to establish the role of strategic planning in organization performance with special references to Hormuud telecommunication in Mogadishu Somalia. Many Somali business do not have formal strategic plans in their operations. The study was guided by objective of establishing how strategic planning contributes to an organization’s performance, with special interest on strategy formulation, business operations strategy implementation and strategy evaluation affect. The study used descriptive study design. The target population comprised of 5716 Hormuud telecommunication staff. The sample size was 374 employees from different departments within the organization. The study carried out a pilot study to test the internal consistency of the questionnaire. Data was collected using questionnaire for primary data while secondary data was obtained through journals, books, and any other published works in the area of strategic planning. Data collected was analyzed...

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