Strategic planning is the process of defining a company’s goals and objectives and then identifying the steps and resources required to achieve those goals. This is a process that helps a company align its resources and actions with its long-term objectives to maximize its chances of success.
A strategic plan typically focuses on the overall direction of the organization and how it plans to achieve its objectives. In addition, a strategic plan will include the organization’s strengths, weaknesses, opportunities and threats (SWOT analysis) and the strategies and tactics it will use to address them. Strategic plans guide the organization’s decision-making and resource allocation.
This process creates a roadmap that aligns your company’s goals with its resources, capabilities and market opportunities. A successful strategic plan is critical for sustained growth, profitability, and market leadership.
But strategic planning is not a one-time event. Instead, it is an ongoing process that requires continuous review and adjustment. The business world constantly changes, and companies must be agile and adaptable to stay ahead. Therefore, your strategic plan should be a living document that evolves with your business.
We have a dozen podcast episodes addressing Strategic Planning.
No two businesses are the same, so avoid using templates or systems for creating your strategic plan. Best practices and successful case studies can give you ideas and inspiration, but a solid strategy comes from research, introspective questions (answered honestly) and an open mindset. Preconceived notions, inability to consider change and lack of flexibility can end a business before it even gets started.
The Golding Group CEO Kyle Golding presented a three hour Strategic Planning presentation for Vistage OKC 9/21/22. Here’s his slide deck PowerPoint and PDF version along with a simplified handout PDF.