Creating a strategic planning process will help you to develop a focused and cohesive approach to your work. This will ensure that your work will be efficient and effective, as well as ensuring that you will be able to achieve your goals.
Goals-based vs issues-based strategy
Depending on the type of strategic planning your business is engaged in, there are different models that you can use. You may choose to use an issue-based model or a goals-based model. Regardless of which type of model you choose, you will need to define your goals first and outline your strategies to achieve them.
Goals-based strategy focuses on the organization’s values and vision. The strategy will then focus on specific goals that will achieve the organization’s mission. This model is often used in financial planning.
Issues-based strategy is a more in-depth approach to strategic planning. In this model, the management team identifies major issues that the organization faces. Then, they develop action plans to address those issues. The strategy outlines how the organization will address the issues and how the team will execute those plans.
The issue-based model also focuses on the internal environment of the organization. It begins with a SWOT (strengths, weaknesses, opportunities, and threats) analysis. This analysis helps to identify key goals, objectives that affect each other, and internal and external factors that may be affecting the business. The analysis also helps to determine any required changes to the status of the business.
Updating a strategic plan
Whether your organization is large or small, it is important to keep your strategic plan updated. This will ensure that it will reflect the current operating environment and help to drive productivity improvements. While updating a strategic plan is not always as complex as developing one from scratch, it is still a critical task.
For most organizations, the rate of change is accelerating. New business opportunities, external business drivers, and changes in the marketplace are affecting the way organizations operate. This means that organizations need to update their strategic plans more frequently.
To update your strategic plan, you should assess your current operations, review key market factors, and evaluate your current strategy. This will allow you to identify areas of conflict and determine what you should do next.
Your strategic plan should include a summary of the key strategic objectives and a plan for achieving those objectives. It should also include references to relevant articles and sources. You should also include personal notes and tags.