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What is strategic planning?
“Strategy” creates a common understanding of what the enterprise wants to achieve and what it needs to do to achieve it. Strategic plans bridge the gap from that overall direction to the specific projects and day-to-day actions that ultimatelyStrategic planning starts with setting strategy at the enterprise level, but that strategy must then be turned into action. The three levels of strategic planning typically refer to corporate vs. business unit and functional.
Build a strong foundation for more detailed planning by setting or pressure-testing mission, vision and goal statements first. Streamline stakeholder input by limiting mission, vision and goal setting to senior leadership, and leaving objective, action plan, measure and metric development to managers with execution expertise.The key elements of a successful strategic plan include:The organization’s mission articulates its reasons for being, and the vision lays out where the organization hopes to be. The strategic plan, which links the two, must be adaptive enough to respond if the context changes during execution.
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