What is a strategic plan and do I need one?

A strategic plan is a disciplined effort that produces fundamental decisions and actions that shape and guide what an organisation is, who it serves, what it does, and why it does it - with a focus on the future. Effective strategic planning articulates not only where an organisation is going and the actions needed to make progress, but also how it will know if it is successful.

Do I need one?

By creating a strategic plan, you will help your business to set priorities, focus resources, strengthen operations and ensure that employees are working towards the organisation's goals.

You can also use it to develop your intended outcomes / results in your interconnecting plans like your business or annual plans, marketing plans, and business development plans.  It is important to map out what plans you think the business needs.  Strategic Plans are meant to be just that: Strategic!  Ensure that they are high level.  Ignore detail that can be housed elsewhere, or have it as support documentation.

Your strategic plan will then provide you with the perfect starting point to assess and adjust the organisation's direction in response to market changes.

How long will it take to develop a strategic plan?

Strategic Planning can take weeks or hours to complete, because not one solution fits all. It often comes down to the inputs available versus the unknowns, the framework created, and the appropriate people being available.  As it is often easier to critique than create, having a small team create a rough draft will often get the process started.  This can then be morphed into whatever is required. 

Where do I start?

There are a range of frameworks and templates to use as a starting point, both on websites and in apps.  A template is useful to prompt you to consider certain inputs, but be mindful that not all topics will have value to your business, your industry, or your operational model.  Allow the template to morph!

To begin with, analyse your current position including your strengths and weaknesses. Discuss your current customer satisfaction levels and any changes in the market place such as competitor activity. Identify your market opportunities and risks. This will give you a good basis in order to start your strategy.  Consider what success might look like in 5 years.

In many cases, it can be very useful to get someone on the outside of the organisation to sit in on the process to ask the appropriate questions and challenge the thought process in the strategy.  A facilitator or advisor can fulfil this role.

• The biggest risk around Strategic Planning is not starting. 
• The second biggest risk is not implementing. 
• The third is not reviewing. 

Set your strategy, as you tend to get what you set!