It all starts with an idea
Strategic planning begins with an idea, which eventually becomes the business. It’s a process that is never complete, changing due to several variables. It’s the company’s vision, where it is going over the next one, three, five, and sometimes twenty years.
Strategic planning starts with evaluating the current status and organizational structure of the company. Once it’s determined where the company is starting from, the company starts developing plans for where it will go, and the roads it will take to get there.
Strategic planning is often likened to an x-ray, examining the inside of a company, from the inside out, as well as from the outside in. Ensuring an examination of both paradigms is essential for the success of the company, giving direction on product development or customer service. Staying on course with the goals and mission of the company, as well as adjustments against competition, the state of the economy, technological changes, and other key areas of market development, is extremely important.
Setting company goals is a key to successful planning
Objectives of a company are considered and refined in strategic planning, and prioritized in order of importance. The blending of these goals and determining how well they work together is a key step to the success of the plan. Short, mid-range and long-term goals will also be developed, with a higher likelihood of achieving short term goals, based on more predictable short term variables that would affect the company immediately.
What is the purpose of your company? The mission of a company presents the definition of the company and why it exists. Generally values shared by stakeholders drive the company’s culture and priorities. The company mission, its values and the company vision are integral parts of the plan.