10 Steps Guide Business Strategic Planning 


Updated: 30 December 2023

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Business strategic planning is an ongoing process by which a team sets its next project by discussing all the current realities with stakeholders and defining its future vision.

It examines the project’s strengths and weaknesses points and the available resources and opportunities. Strategy planning also keeps an eye on future trends that will be anticipated in the coming project. 

During this planning process, the specific project team creates a vision, clears business purposes, sets long-term strategic goals, and is also forward-focused. Examine the relevance of strategic planning in adapting to emerging market trends.

Strategy Business Planning for Individuals: 

Strategic business planning is not only for specific companies. It also works for individuals because it is the ability to think through different ways to achieve your desired results and goals. 

Strategy planning helps organizations and companies realize their future goals; it also allows individuals to grow and achieve their future goals in the proper and unified direction. 

Strategic Business Plan Management: 

Most people call the strategy an event, but this method only works in the world. 

The ongoing process in which the team creates and maintains a successful roadmap moves the company in the right direction because, in the management process, it has to advance year after year for long-term success. 

Its period starts from research and formulation to executing the process and then evaluating the process and adjustment with new techniques. 

10 Steps Strategic Business Planning Process: 

1: Define Your Mission and Vision:

Your-Mission-and-Vision

When you are starting to set the vision for that specific project in the coming five years, you have to ask yourself. What would you like to see the success of this project in the coming years? After this, you must create a statement of your vision and thinking. 

What kind of values inform you and determine your mission, purpose, and vision? 

2: Conduct an extensive Assessment: 

Conduct an extensive Assessment

At this stage, you have to identify the organization’s strategic position. The team gathers all internal and external data, and all the stakeholders have a place at the proper discussion points. Employees and customers are busy in the research process at this time.

By doing research, employees gather market data. One of the most critical components of this stage is a comprehensive SWOT analysis that involves a Strength analysis, a Weakness point, and all the available resources and threats we can face. 

3: Forecast Process: 

Forecast Process

Financial forecasting is also a central part of the strategic business planning process. 

When you are making a plan for starting a successful company project, you have to make an ROI plan budget and then make a vision after a year’s working plan.

4: Set the Right Directional of the Organisational Team: 

Right Directional of the Organisational Team

At this point, the research, assessment, and forecast process enables the team to set your main goals and priorities. Sometimes, the plans developed by organizations need to be narrower and more ambitious. As a planner, you need to ask a few questions about the strategy process. 

In which time frame, what kind of impact are we facing? Drill down your main objectives should be your motive. 

5: Create Strategic Objectives: 

Create Strategic Objectives

It is the phase of operational planning, which includes creating strategic initiatives and objectives. Kaplan and Norton considered four perspectives in identifying the success chances. 

Financial 

Customer Satisfaction

Internal Processes

Learning and growth

6: Stakeholders Alignment: 

Stakeholders Alignment

It is the overall effort of a completely dedicated team. The success of this plan is directly proportional to the organization’s commitment to which each team member has to inform and engage the entire team in strategy execution. People will only be committed to the implementation of the strategy planning when they are connected to the organizational goals. When all the intentions and working attention are in the same direction, the cross-functional and decision-making process becomes more aligned and easier. 

7: Start Your Strategy Mapping: 

Start Your Strategy Mapping

A strategy map is a powerful tool for illustrating the cause-effect of those objectives and perspectives and then creating 12 to 18 strategic objectives and connecting them. Most people are virtual learners, and they understand the map diagram easily. In this map diagram, all planning will be shared with comprehensive knowledge. 

8: Strategic Initiatives Determination: 

Strategic-Initiatives-Determination

By following the strategic objectives, the stage was reached at strategic initiatives. Strategic initiatives are the actions that will be taken to fulfill those objectives. You can relate initiatives to some other factors like budget, raising brand awareness, scope, product development, and employee training. 

9: Benchmark Performance Analysis: 

Benchmark Performance Analysis

It is the stage where performance is evaluated by the coworking team according to the assigned matrices. These measures cascade from step-by-step senior management to management and, after this, front-line workers.

At this point, the main task is to create attainable, measurable, relevant, specific, and time-based goals informing operational strategic plans. 

Benchmarks are established against the performance and time frame. According to this, by measuring the performance, a time frame will be created. 

According to the organizational goals, Key Performance indicators are assigned to check and balance. 

This indicator helps the worker’s performance and productivity to remain aligned by following the long-term strategic objectives.

10: Performance Evaluation Process: 

Performance Evaluation Process

It is the assessment stage where you can evaluate whether the plan has been successful or not. It measures the progress and activities towards assigned objectives. It allows them to create new strategies and objectives to improve the overall performance of this business planning.

If we think about this strategic planning process, it looks like a circular process whose starting and ending both points are evaluation. Adjust your plan where it is necessary. A review of the plan happens in different time frames for other organizations. Sometimes, it happens after a year, or sometimes, it may be quarterly in a year in rapidly evolving industries. 


Emma William

Emma William

I'm Emma William, your go-to expert for navigating the business and tech landscape. As a seasoned professional blogger and social media enthusiast, I've mastered the art of building brands.

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