The secret to the success of every business lies in a well-written and well-prepared strategic plan. Just like a battalion of army strategizing their next move to beat and conquer their opponents or a sports team strategizing the way how the players will position and play to win the game, businesses need a lot of strategies to stay afloat in the competitive market and make a name for themselves through brand awareness and earn revenue for their operations to flourish. Strategic planning can be difficult so a team of managers is assigned for this challenging task. Planning for strategies varies from one business to another but making a strategic plan has the same format that anyone can follow, especially if it’s their first time creating one. Read the article to know how to make a printable strategic plan.
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Purpose of a Strategic Plan
Strategic planning is used to identify overarching business goals and design a plan to attain them. It entails stepping back from day-to-day operations and assessing your company’s direction and priorities.
How to Make a Strategic Plan
1. Develop Your Team
Who is going to be on your strategic planning team? You need to assemble a team of essential players and decision-makers. It should be a small group of 12-15 people.
2. Collect All Current Data
Collect the following data needed for your strategic planning:
- Key performance indicators (KPIs): are used to measure the company’s performance
- Internal and external strategic analysis: current organizational structure, goal and purpose statements, and value chain
- SWOT analysis: (strengths, weaknesses, opportunities, and threats)
3. Create Strategies for the Future
The next part should cover the company’s future condition. It should include:
- Vision, mission, and basic values statements
- Expected shifts
- High-level, long-term aims
- Desired future value proposition
- Aspirational statements that support the vision
3. Strategize on How to Work Out Current and Future Strategies
How will your organization bridge the existing and anticipated future states? These should be reduced to three to five initiatives that will help the organization achieve its goals in a sustainable and lucrative manner. Entrepreneur and team work closely with consultant throughout the process. It should include:
- Corporate directions: This should provide you a comprehensive overview of your ambitions
- List of your major projects
- Budgets: Aspects of the market, product, and other
- Activity plan: a one-page spreadsheet describing each action, who is responsible for it, a completion schedule, and a key performance indicator.
4. Write the Executive Summary
The executive summary summarizes the company’s vision and mission, as well as its findings and goals. Describe each of these elements briefly:
What are the different types of plans?
The different types of plans are:
- Operational Plans: It includes rules and regulations, procedures, and the day-to-day running of the company.
- Strategic Plans: It dictates the important decisions made within a business considers things in the long-term and remembers the big picture.
- Tactical Plans: It involves the tactics that will be used to execute the strategic plan. Tactical plans are sometimes flexible and often break the strategy down into several parts and assign actionable tasks to each part.
- Contingency Plans: It is created for when the unexpected occurs or a major change needs to be made to continue towards the goal.
What are the different types of strategy?
The different types of strategies are:
- Business strategy: It is primarily concerned on how a company approach the market by knowing how your customer will experience your business.
- Operational strategy: It is focused on the people and the processes in the company. It involves implementing action plans for your procedures and processes.
- Transformational strategy: It is focused on innovation and upgrades of your company through technology.
Before you finalize your plan, review the data collected in the last action with your team members. Know what trends you find out? Know what weaknesses or strengths you might discover? Make sure your strategic plan has addressed all these questions to ensure that it is efficient enough to use as your basis for coming up with strategies for the different departments of your company or organization. To help you get started making the strategic plan, download our free sample templates above to use as your guide!
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