In simple terms, strategic planning is the process of developing an organization-wide strategy that can be executed over the course of a long period of time (usually between one and five years). A strategic plan reaches much further than a business or marketing plan; a business plan may focus only on a particular product or service, while a marketing plan may only focus on the promotion and sales of a business or product.
Popular Methodologies for Strategic Planning
While there are dozens of strategic planning methodologies and philosophies, the following are the most common and general:
1. Goals-Based Strategic Planning
Defines goals that the organization will work to achieve, the strategies for achieving them, and who at the company is responsible for driving results.
2. Issues-Based Strategic Planning
Defines issues the company is facing (or is projected to face) and how the company will effectively address them.
3. Organic Strategic Planning
First determines the organization's core values, then defines an action plan for promoting them and developing a culture, products, and services around them.
Strategic Plan Implementation
Regardless of the strategic planning philosophy or methodology, execution is typically where many plans fall apart. Because a strategic plan is an inherently long-term exercise, it often takes a backseat to more immediate problems, projects, or tasks facing the organization.
RapidInfluence, a company that specializes in strategic plan implementation, recommends three steps to quickly implement a strategic plan:
1. Define an Initiative
Decide on an initiative (product launch, market exit strategy), describe it, add key start and completion dates, and define financial measures and expectations.
2. Group Key Elements
Group action items together so they can be easily shared and reviewed. Assign key items to particular teams or individuals.
3. Add the Action Items
Create a detailed list of the action items and tasks it will take to achieve the goals of the plan. Assign items to relevant people or teams, and measure progress at regularly scheduled intervals.
Strategic plan development and implementation are core competencies of our team at 829 Studios. Whether it's business planning, marketing, or online initiatives, please send us a message if we can help your organization effectively implement a strategic plan.