Your strategic plan is an ever-evolving document. Maintain it on a regular basis. Every day, you will receive fresh stats. Include them in your approach. Inform them that the plan has been modified. Don't allow the plan become a theoretical exercise that is then relegated to the digital dustbin. Get feedback from those who will be affected by each change.
The strategic plan is a live document that will evolve over time. It is customary for business owners to draft a strategic plan with their staff and then rarely—if ever—revisit the document. Regularly reviewing and analyzing your strategic plan can help you stay accountable and on track to meet your goals and objectives.
Why should you review your strategy regularly? So you can keep your focus where it needs to be most of the time: where the action is. By keeping an eye on what's working and what's not, you can make necessary adjustments before it's too late. You also want to be sure that your strategy remains relevant, which requires some refinement from time to time. Finally, reviewing your strategy from time to time will help you maintain its overall cohesiveness. If one part of the strategy is feeling a little thin, then it may be time to have a word with the people who are responsible for coming up with new ideas.
When should you update your strategy? Ideally, you should review your strategy at least once a year. This allows it time to marinate and give you fresh perspectives. However, if there have been major changes since you last reviewed the plan (i.e., a new CEO is brought in), then it might make more sense to wait until these issues have been resolved before revisiting your long-term goals.
Strategic planning may be used to create a strategic framework.
Strategic planning provides a framework for a practice to make day-to-day decisions that are guided by a wider goal. This article discusses strategic planning ideas and techniques that your practice might use for short-term or long-term planning.
Short-term planning involves looking ahead over the next few months or years. Long-term planning covers periods beyond one's own lifetime. Short-term goals may include items such as "win new clients" or "reduce our costs". Long-term goals may be more abstract, such as "build a sustainable firm" or "create a climate where people can express themselves". Short-term plans are developed by management at every level of an organization, while long-term plans are usually discussed with the board of directors.
The first step in developing a plan is to identify what needs to be accomplished, who will be responsible for each task, and how much time it will take. For example, if you want to reduce expenses this year, first determine which department is overspending (management may suggest cutting back on staff meetings or reducing benefits for current employees). Then, work with that group to come up with realistic expectations for how much money we can save. Finally, create a timeline for achieving these goals.
After you have created a list of tasks that need to be done, start assigning responsibility.
Step-by-Step Implementation of Your Strategic Plan 1. Obtain agreement on the contents of your strategic plan from all levels of your firm. 2. If you're using the measure-centric method, flesh out the specifics of each metric. 3. Put some "flesh on the bones" of your strategic plan outline if you're pursuing a project-centric approach. 4. Present your final document to your entire firm for feedback.
The first step in developing a successful strategy is to understand what type of strategy will benefit your company the most. This can be done by discussing it with other members of your team and your advisors. They can help you come up with several different strategies based on their experience and knowledge of your industry. From there, you'll need to decide which one you think would best serve your company.
All good strategies must include three elements: vision, goals, and metrics. Without any one of these, your strategy will not be effective.
Your strategy should include a vision that everyone can get behind. It's important that you find something that people want to get involved in or work on within your company. This will give them a reason to stay motivated and continue working towards achieving your company's goals.
Your next step is to set clear, measurable goals. You should be able to describe in detail exactly what you want your company to look like at the end of your planning process.
A solid strategy document should include an explanation from which more comprehensive plans and change programs may be formed. Make it obvious which cohesive activities are in accordance with the plan. Projects and investments should be coordinated. These, however, are NOT strategic plans. They are only tools to help implement strategies.
A strategy document should include the following:
An overview of the company's structure.
An analysis of the industry it operates in.
An identification of future growth markets.
The development of a long-term vision for the company.
The presentation of strategies for different departments within the company. These should include financial, operational, and human resources strategies.
The discussion of possible future course changes when reality differs from expectations.
Finally, a strategy document serves as a reference point for management discussions. The most important decisions about the company's future direction are usually made by groups or committees. It is useful then, if everyone can refer back to the strategy document when discussing different topics related to the business.