Strategic Planning

When you realize your current business is not growing or is declining fast, the best thing to do, after a sincere prayer to the Almighty God, is Strategic Planning.

In simple words, Strategic Planning is the process of retreating to the drawing board, understanding your mission & vision, assessing the current business situation, and aligning on strategic & tactical course corrections to realize your vision.

Let’s take a deeper look…

Typically, the participants in the process include:

• Leadership team – CEO, Business Unit Heads, Heads of Product, Marketing, Sales, Engineering, Support, and Operations
• External consultants – to ensure there is a third eye

The participants are required to do some assessment of various aspects of the current business situation.

Inputs to the Strategic Planning process/discussions

• Vision/Mission
  • A mission statement clarifies the purpose of why you are doing the business
  • A vision statement is the end goal of where you want to get to, what you want to achieve
• Current situation
  • Business
  • Operating environment
  • Organizational challenges
  • Challenges & obstacles
• SWOT Analysis
• PEST Analysis

During the process/discussions

• You refresh and re-understand your mission and vision
• You come up with ideas for course corrections on the way forward, both strategic and tactical moves
• Align on the way forward to achieve your vision, with sub-goals & milestones in the form of roadmap(s)

Outputs from the Strategic Planning process

• Clarity (vision/mission)
• Improved Strategy
• Revised Roadmap (goals/timelines)
• Alternate Tactics
• Stakeholder & org alignment

It’s essential to communicate the outcome with your organizations so they are aligned on the new direction with renewed energy and focus.

Frequency

• The frequency at which a strategy planning is required is whenever there is a need to refresh the basics and the business direction and/or every 6/12/18 months as deemed appropriate for the company.

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