How to Simplify Strategic Planning
Identify Mission and Objectives., Do some Environmental Scanning., Formulate a Strategy., Implement the Strategy., Evaluate and control.
Step-by-Step Guide
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Step 1: Identify Mission and Objectives.
The mission statement should include a founding principle upon which the company was created, and remains the foundation for all that the company does. -
Step 2: Do some Environmental Scanning.
Essentially, the environmental scan includes an internal evaluation of the company, an analysis of the industry (including market trends), and evaluation of the competition.
This step will allow you to see how your company measures up in the marketing place, and where improvement or focus is needed. , There are many factors to consider in the formulation of your strategy, including: competitive position in the market; marketing budget; marketing strategies; public relations strategies (if pertinent for your industry; includes goodwill activities); distribution channels; sales process; brand strategy; pricing strategy; new product rollout; etc. , Plan your work and work your plan.
Strategy implementation begins with a viable action plan.
Implementation of the strategy would also include:
Budget creation; Policies and procedures; Organizing the company’s resources; Keeping staff on task. , This includes:
Measurement – what and how to measure, benchmarks, and tracking; Desired Targets – know what specific targets you are aiming to hit; Comparison – compare your actual results to what was predicted or anticipated in the strategy; Adjustment – adjust your action steps as necessary to ensure that all objectives and targets are met -
Step 3: Formulate a Strategy.
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Step 4: Implement the Strategy.
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Step 5: Evaluate and control.
Detailed Guide
The mission statement should include a founding principle upon which the company was created, and remains the foundation for all that the company does.
Essentially, the environmental scan includes an internal evaluation of the company, an analysis of the industry (including market trends), and evaluation of the competition.
This step will allow you to see how your company measures up in the marketing place, and where improvement or focus is needed. , There are many factors to consider in the formulation of your strategy, including: competitive position in the market; marketing budget; marketing strategies; public relations strategies (if pertinent for your industry; includes goodwill activities); distribution channels; sales process; brand strategy; pricing strategy; new product rollout; etc. , Plan your work and work your plan.
Strategy implementation begins with a viable action plan.
Implementation of the strategy would also include:
Budget creation; Policies and procedures; Organizing the company’s resources; Keeping staff on task. , This includes:
Measurement – what and how to measure, benchmarks, and tracking; Desired Targets – know what specific targets you are aiming to hit; Comparison – compare your actual results to what was predicted or anticipated in the strategy; Adjustment – adjust your action steps as necessary to ensure that all objectives and targets are met
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