Which are the fundamental steps for strategic planning process creation

Which are the fundamental steps for strategic planning process creation?

A strategic plan is one of the most important tools helping businesses accomplish their goals and objectives.

As highlighted by the Gartner 2020 Execution Gap Survey, many companies lack a coherent action plan capable of transforming enterprise goals into action. According to 40% of the managers interviewed, this misaligns leadership from strategy execution, ending in a waste of resources and a poor strategy implementation.

For this reason, to increase the effectiveness of strategies and the profitability of the enterprise, you need to always maintain a strategic-thinking approach, while establishing for yourself the fundamental steps constituting the strategic planning process.

Here we define the roadmap to follow through a five-step strategy

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To be able to understand the competitive environment you operate in, you need to assess the overall market situation in terms of macroeconomic trends, such as pricing levels and customer preferences.

This assessment, combined with an honest analysis of your current business situation, focused on looking at your company’s strengths and weaknesses through, for example, a SWOT analysis, will help you to identify opportunities for growth.

Conducting both an internal and external audit will enable you to look at the situation clearly, exploiting the opportunities available, and understanding where a strategic plan is needed.

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Next, you need to set priorities, defining a list of strategic goals in accordance with the mission-statement and the vision of your organization, with the aim of setting the enterprise’s strategic direction over time.

Looking at short term objectives, these are the ones supporting the long-term corporate strategy of the company and as a consequence, they should be specific, actionable, achievable, measurable, but most importantly they should be tied to short-term deadlines.

A fundamental rule you need to keep in mind is that the choice of the strategic objectives should be based on the resources available to the company and its core competencies, with the aim of always prioritizing profitable and strategic initiatives.

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The formulation of an action plan, supported by a strategic planning template, summarizes all the strategic planning steps required to convert your strategy into action and is fundamental to reach your defined objectives in the most efficient way possible.

Thanks to this plan you will also define the budget and the allocation of resources required to conduct the on-going activities.

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Flexibility is a basic requirement for companies everywhere. Businesses that are able to forecast and respond more quickly to disruptions and to spot new opportunities earlier are most likely to succeed and achieve their objectives.
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This process of regular internal and external review will not only refine your processes and provide you with regular updates, but it will also adapt your business strategic plan as conditions change.

Solutions such as Uppwise, not only allow you to properly define your Strategy, outline Objectives, Key Goals and Key Results, but also enables you to bridge that gap between Strategy and Execution, ensuring an on-time adaption where required.

If your organization has not yet fully implement Strategy Management, just implementing solutions like Uppwise, of course is not the only thing that needs  to be done. Uppwise services can help you with ensuring a successful establishment of strategy management within your organization.

If you wish more information, please reach out at any time!

We would be happy to guide and support you in your search for better, more tailored solutions.