Strategic Planning Flashcards
- General directions
- Flexible and adaptable
- Developed by top-level
- Long-term
Strategy
- Specific actions
- Concrete and specific
- Managed by low-level
- Short-term
Planning
Creates progress and growth
Development
It is the systematic process of
planning specific business strategies,
implementing them, and evaluating the
results of executing the plan, in regard to the
organization’s overall long-term goals.
Strategic Planning
It is identifying threats and
opportunities and making an effort to match
them with organization’s strengths and
weaknesses.
Strategic Planning
It is determining the vision, mission
and goals of an organization and then
mapping out objective ways to accomplish
the identified goals.
Strategic Planning
Features of Strategic Planning
- Process of Questioning
- Pervasive Process
- Time Horizon
- Coordination
- Focus of Attention
- Continuous Process
Importance of Strategic Planning
- Serves as the “roadmap”
- Enables to decide own direction
- Unites the organization
Aids organizations
in figuring out where they are going, how
they are going to get there, and when they
will know once they have arrived.
Strategic Planning
Advantages of Strategic Planning
- Clearly defined goals and objectives
- Alignment of resources
- Improved decision making
- Increased efficiency
- Better communication
- Adaptability
- Competitive advantage
Disadvantages of Strategic Planning
- Time-consuming
- Can be costly
- Too focused
- Unrealistic expectations
- False sense of security
- Disassociation
Strategic Planning Process
- Identify
- Prioritize
- Develop
- Implement
- Update
Needs assessment
/SWOT (Strengths, Weaknesses,
Opportunities and Threats)
Identify
Timeline and Business
metrics
Prioritize
Strategy map and cost
and opportunity tradeoffs
Develop
Strategic management
with strategic reviews
Implement
Balanced scorecard
* Financial
* Customer or stakeholders
* Business process goals
* Organization capacity
Update
Common Problems in Creating Strategic Plan
- No clear purpose
- Opinions rather than based on real
and objective information - Lack of structured and systematic
approach - Not linked to action (Implementation)
- Lack of Leadership
- Poor Communication
- It is a new process
- Creativity appears limited
Ways to Avoid Strategic Planning Problems
- Build and simplify strategies visually
- Create a living, breathing strategy
document - Use resources with scaling in mind
- Design and conduct training
effectively - Do not rush the plan
- Collaborate and communicate
- Follow up and review after executing
a strategy
