Strategic Planning Made Simple Part 2
The first two steps in strategic planning involve evaluation of the company's mission
, vision and objectives, followed by environmental scanning. Next, we'll delve into strategy formulation.
Step 3: Strategy Formulation
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.
Each of these steps builds upon the prior step. Therefore, you will use the information gleaned from the environmental scan (as well as the company's objectives) to create an overall strategy for the firm. Ideally, the company will play to the identified strengths and opportunities, proactively address the weaknesses and threats, and take steps to gain a competitive advantage. The next step is strategy implementation.
Step 4: Strategy Implementation
Plan your work and work your plan. Strategy implementation begins with a viable action plan. Whether you use a flowchart, project management software or tool, or a simple spreadsheet, be sure to include all of the following:
Task description
Start date
Any prerequisites that must be completed prior to completion of each task
Deadline
Milestones
Responsible party(-ies)
Necessary resources
Status update
Be sure that all parties involved have access to the document, and can provide regular updates and track progress of the action plan as a whole. Form teams and ad hoc committees as necessary to complete tasks in a collaborative and timely fashion. If you're creating an action plan for a small business, look for tasks that can safely and cost-effectively be delegated, so that you can focus on more critical action items.
Implementation of the strategy would also include:
Budget creation
Policies and procedures
Organizing the company's resources
Keeping staff on task
Step 5: Evaluation and Control
It is shocking how many companies take the time to implement all prior steps, yet drop the ball on this most critical of components. Though it can be a bit tedious, it is positively essential to track progress of the plan - not only its implementation, but also to measure whether or not it is creating the desired affect by accomplishing the firm's goals and objectives. Evaluation and control would include:
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
When you take your plan to the staff or to the board, be sure to put your best foot forward with a slide show rental projector rental. This will allow you to showcase your plan to all parties involved.
by: Andy Grant
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