"Strategic planning is vital for the long-term health of any organization. It helps companies stay relevant and competitive, and it ensures that all employees are working towards a common goal." - Mark Zuckerberg, CEO of Facebook.
A Strategic Plan is a comprehensive document that outlines a company's long-term goals and the steps it intends to take to achieve them. A well-structured plan is essential for any company to stay on track, achieve its objectives, and remain competitive. The team can use a strategic plan checklist to ensure that the plan covers all the essential elements and is structured in a way that allows it to be effectively executed.
Here is a checklist of key elements that should be included in a Business Strategic Plan:
Mission Statement: A mission statement is a brief, concise statement that defines a company's values, purpose, and what it stands for. It should be clear, concise, and aligned with the company's values and culture.
Goals and Objectives: A strategic plan should outline the company's goals and objectives in a clear, measurable, and achievable manner. The goals should be specific, time-bound, and aligned with the company's mission statement.
SWOT Analysis: A SWOT analysis is a tool used to evaluate a company's strengths, weaknesses, opportunities, and threats. It is essential to understand the company's internal and external environment and can help identify areas for improvement.
Market Analysis: A market analysis should provide an overview of the company's target market, the competition, and the company's position within the market. This information can be used to develop a marketing strategy to help the company achieve its goals.
Marketing Strategy: A marketing strategy should outline the company's plan for promoting its products or services and reaching its target market. The marketing strategy should align with the company's goals and objectives and include a plan for measuring its effectiveness.
Financial Plan: A financial plan should outline the company's financial objectives and projections, including its revenue and expenses. The financial plan should include a budget, cash flow projections, and a plan for managing risk.
Operations Plan: An operations plan should outline the company's plan for managing its day-to-day operations and ensuring that it operates efficiently and effectively. The operations plan should include managing resources, such as employees, technology, and equipment.
Risk Management Plan: A risk management plan should outline the company's plan for identifying, assessing, and mitigating risks. The risk management plan should include a plan for managing risk in all business areas, including financial, operational, and legal risks.
Implementation Plan: An implementation plan should outline the company's steps to implement its strategic plan. The implementation plan should include a timeline, a budget, and a plan for measuring the success of the implementation.
Performance Metrics: Define how progress will be tracked and measured.
Budget: Allocate resources and create a financial plan to support the strategic plan.
Implementation: Assign responsibilities and establish a timeline for implementing the plan.
Review and Evaluation: A strategic plan should include a plan for regularly reviewing and evaluating the plan's effectiveness. The review and evaluation process should consist of a review of the company's goals and objectives, its financial performance, and the success of its marketing and operations strategies.
It is important to note that this checklist is a general guide, and the specific elements of a strategic plan will vary depending on the company and industry. It's always best to consult with a business strategist or professional such as MSS Business Transformation Advisory, for industry-specific guidance.
Download a copy of The Key Element Strategic Plan Checklist
References:
Strategic Planning: A Ten-Step Guide, Harvard Business Review, https://hbr.org/2017/01/strategic-planning-a-ten-step-guide
The Importance of Strategic Planning, Forbes, https://www.forbes.com/sites/forbesbusinesscouncil/2018/08/27/the-importance-of-strategic-planning/?sh=5d5d5b5c2f2f