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What is Strategic Planning

Strategic planning is a necessary process that helps organizations set goals, identify priorities, and allocate resources. It is vital for ensuring that an organization can achieve its long-term objectives by creating a credible business plan.

A strategic plan typically covers a period of three to five years, and it should be reviewed and updated regularly. 4 steps in strategic planning that many organizations use are:

1. Conducting a situation analysis: This step involves looking closely at the internal and external factors that could impact the organization’s ability to achieve its goals.

2. Setting long-term strategic objectives and goals: Once the situation analysis is complete, the next step is to get specific and ensure all goals are aligned with the organization’s mission statement and vision.

3. Developing strategies: Once the organizational goals and objectives have been set, the next step is to develop strategies for achieving them. This step involves identifying the resources that will be required and the activities that need to be undertaken.

4. Implementation and monitoring: The final step is implementing the plans and monitoring progress. This step includes putting the plans into action and tracking results. It is essential to make adjustments to ensure the goals are met.

The strategic planning process can be complex, but it is a critical tool for ensuring that an organization can achieve its long-term plan. By taking the time to develop a comprehensive plan, organizations can increase their chances of success.

What is Strategic Planning in Business

Strategic planning is the framework companies use to decide where they want to go and how they want to get there. The process involves setting goals, identifying opportunities and challenges, and developing a plan of action.

One popular methodology for strategic planning is the Scaling Up method developed by Verne Harnish. It focuses on four key areas: people, strategy, execution, and cash. By focusing on these areas, companies can clearly understand where they are today and where they need to be to achieve their goals.

The Scaling Up provides a roadmap for companies to follow as they grow. It helps them to identify bottlenecks and issues that need to be addressed to continue growing. By following this methodology, companies can avoid common mistakes that hamper growth.

The Scaling Up framework is a great place to start if you’re interested in learning more about strategic planning. It can help you to develop a clear picture of where your company is today and where it needs to be to achieve its goals.

What is the Purpose of Strategic Planning

The purpose of strategic planning is to establish a long-term vision and set of goals for an organization. The process also involves developing strategies to achieve those goals and assessing the risks involved in pursuing them.

A well-crafted strategic plan can be a powerful tool for helping organizations achieve their goals. It can help leaders communicate their vision for the future, rally employees around common goals, and make better decisions about allocating resources.

However, strategic planning is not without its challenges. Developing an effective strategic plan requires careful thought and analysis, and getting everyone on board with the resulting plan can be difficult. Additionally, circumstances can change quickly, making even the best-laid plans obsolete.

Despite these challenges, strategic planning can be a valuable exercise for organizations looking to improve their performance and achieve their goals.

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Strategic Planning Process

Verne Harnish’s One Page Strategic Plan (OPSP) is a simple yet effective way to create and communicate your company’s strategy. It is based on the premise that businesses must focus on four critical areas to scale up successfully: People, Strategy, Execution, and Cash.

The OPSP is a strategic planning template that helps you to clarify your company’s purpose, identify your most important goals, and develop actionable plans to achieve them. It also provides a framework for monitoring progress and making necessary course corrections.

While the OPSP is not a magic bullet, it can be a valuable tool for scaling up your business. However once you have created a strategic plan, a planning cycle needs to be established where the strategic plan’s progress is evaluated. With the OPSP the strategic planning cycle tends to be a series of 3 thirteen week spints which end in a quarterly strategic planning day.

This gives business leaders and their senior management team an opportunity to review the strategic plan document, assess the implementation of the strategy and highlight any strategic challenges. This review process is critical as goals need to be measurable with clear metrics in place.

A successful strategic plan is only as good as its execution. Do not fall into the trap that many organisations do where execution is poor so the team responsible for strategic planning and management think the solution is creating a better strategic plan and get stuck in a perpetual cycle of continiuos planning.

If you are looking for a simple yet powerful way to create and communicate your company’s strategy, the OPSP may be just what you need.

What Are Strategic Planning Methods?

When scaling up your business, it’s essential to have a clear plan and goals. One way to ensure this is by using strategic planning methods.

We have already looked at Verne Harnish’s Scaling Up Framework previously. However, there are other methods to choose from.

Two other popular methods are metronome growth systems and Eos traction. Metronome growth systems help businesses maintain a consistent rate of growth. This is done by setting a specific growth target and then dividing it into manageable tasks. Eos traction helps businesses prioritize and focus on the most critical tasks. This is done by identifying which areas are most important for growth and allocating resources accordingly. Whichever method you choose, having a clear plan will help ensure your success.

 Is Strategic Planning Important?

Strategic planning is a process that helps organisations set goals, make decisions, and allocate resources to achieve desired outcomes. The importance of strategic planning has been well-documented; studies have shown that organisations with formal strategic planning processes are more successful than those without them.

There are several reasons why strategic planning is so important. First, a strategic plan helps organisations focus on their goals and what they need to do to achieve them. Second, it forces organisations to think about the future and how they can best position themselves to take advantage of opportunities and avoid threats. Third, it ensures that everyone in the organisation has an action plan and are working towards the same outcomes. Finally, it provides a framework for making resource allocation and prioritisation decisions.

Strategic planning has many benefits, but it is essential to remember that the process is not a panacea. In some organisations, strategic planning may not be the best use of time and resources. In addition, even in organisations where strategic planning is beneficial, the process must be carried out properly to be effective. When done correctly, however, strategic planning can be a powerful tool that helps organisations achieve their goals.

If you’re considering implementing a strategic planning process in your organisation, you should keep a few things in mind. First, make sure you have buy-in from senior leadership. Getting everyone on board with the process will be difficult without buy-in from the top. Second, ensure you have the resources to carry out the process correctly. Strategic planning requires time, effort, and resources, so you must ensure you have what you need before you start. Finally, be realistic about what you can achieve. Strategic planning is a valuable tool, but it’s not a magic bullet. If you set unrealistic goals or expect too much from the process, you’ll likely be disappointed with the results.

Several consultants and firms specialise in this area if you’re looking for help with strategic planning. The best way to find someone to help you is to ask for referrals from people you trust. Once you have a few names, take some time to research each one to make sure they’re a good fit for your organisation. When you find someone you’re comfortable with, work with them to develop a strategic plan to help you achieve your goals.

What is the Point of a Strategic Plan?

Strategic planning is setting goals, identifying and assessing opportunities and risks, and developing a plan of action to achieve the desired results. The point of a strategic plan is to provide direction and guidance for an organization and to ensure that all members of the organization are working towards the same goal.

A strategic plan can be developed for any time frame but is typically created for 3-5 years. The first step in developing a strategic plan is establishing the organisation’s overall mission and vision. From there, specific goals and objectives can be set. Once these have been established, a SWOT analysis (Strengths and Weaknesses, Opportunities and Threats) can be conducted to identify potential risks or opportunities that could impact the organization.

Once the SWOT analysis is complete, a plan of action can be developed. This plan should include specific steps that need to be taken to achieve the desired results. The plan should also identify who is responsible for each task and when it needs to be completed. Regular check-ins should be scheduled to ensure the plan is on track and adjustments can be made as required.

The point of a strategic plan is to provide direction and guidance for an organization. By having a clear mission, vision, and specific objectives and goals, an organization can ensure that all members work towards the same purpose. A strategic plan can help identify potential risks or opportunities and develop a plan of action to achieve the desired results.

Strategic Planning Days

Peter’s Strategic Planning Days will help your business orient and align its strategic goals in an immersive and intensive workshop setting. The benefits of careful strategic planning are clear: you’ll help your team identify and take advantage of the elements of strategic business thinking to realise your company’s long-term goals and aspirations successfully. Furthermore, working as a team in an immersive setting ensures that everyone involved is an active participant and can provide valuable feedback in a productive, facilitated setting.

What is Covered in a Strategic Planning Day?

By participating in Peter’s Strategic Planning Days, management, executives, and other stakeholders (usually 4-20 core staff members) will review the top-level business goals that may be just out of reach and find ways to turn them from abstract to concrete and achievable.

The workshop will take place in a professionally facilitated setting run by Peter Boolkah. This means that everyone involved will be able to discuss amongst themselves productively. Facilitation means Peter actively listens and participates in discussion without directing or commanding how the team should operate. This makes everyone involved accountable and the author of the company’s fortune – a win-win scenario for everyone.

The workshop will cater to the bespoke needs of your organisation, but generally, some of the topics that are commonly discussed include:

  • Sales
  • Marketing
  • Finance
  • Strategy
  • Planning
  • Mergers
  • Team
  • Acquisitions
  • Exiting a business, and more

The workshop can be held at a venue of your choice, along with your preference for food, accommodation, transport, and/or entertainment.

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Continual Learning and Development

One of the long-lasting benefits of Peter’s Strategic Planning Days is that the skills and expertise learnt during the eight-hour day will bear fruit well into the future development of the business. You and your team will be engaged in troubleshooting and discussion regarding the weaknesses and areas due for improvement in your business so that you and your team can continually develop and apply strategies well into the future.

Rather than receive a top-down directive on how you should proceed, Peter will empower you and your team to develop a realistic one-page business plan under his guidance for the coming year. This business plan won’t be written in overly corporate gobbledygook but instead in a plain and easily digestible English that everyone can read and understand.

This makes it universally valid from entry-level employee to senior management, and more importantly, demonstrates that your company vision and mission aren’t empty words but rather a commitment with achievable milestones and measurable progress.

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Peter has been working with us on the Scaling Up project over the last 18 months. We're not always easy to manage as a Senior Team but when we come together we can do great work.
JON GILBERT​Business Development Director, BCA Marketplace plc

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If you’d like to plan for 2021 success now, contact me to see how I can help

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