In the April 2019 Synergy48 Knowledge Sharing Dinner panelists mapped out a plan for effective strategic planning as a roadmap for business success. Here’s the action plan summarised in 47 Seconds. Get the full action plan below.
This month’s action plan
Best practice checklist for effective strategic planning
For each item on the checklist mark it as: completed, not applicable for your business, or high/medium/low priority for action.
- We undertake a strategic planning process every year
- Our strategic plan forms the basis for the strategies and activities we implement every day
- We constantly review our plan as we know it’s not over. It’s never over. To ensure the plan performs as designed, we hold regularly scheduled formal reviews of the process and refine as necessary at least once a quarter.
The steps in our annual strategic planning process
- We take a step back and review where we are. We take steps to understand how our customers actually see us. Not only how we think they do
- We have identified what’s important. We are focussed on where we want to take our business over time. We have set the direction of the business over the long term and clearly defined the mission (markets, customers, products, finance, etc.) and vision (thinking of what our organization’s future should or could be).
- We have defined what we must achieve with the expected objectives that clearly state what our organization must achieve to address the priority issues.
- We have undertaken a full stocktake of our resources and skills
- We have determined who is accountable. This is how we are going to get to where we want to go. The strategies, action plans, and budgets are all steps in the process that effectively communicate how we will allocate time, human capital, and money to address the priority issues and achieve the defined objectives.
- We have Identified the individual tactical actions required to achieve our strategic/business plan
- We have satisfactory implemented these tactical actions
- We are now measuring, monitoring and managing our overarching plan for continuous improvement
Throughout the year:
- We follow industry developments through relevant media, associations and workshops
- We prepare budgets which are synchronised with our strategic plans
- We involve as many staff as possible in our strategic planning
- We watch out for and act on changes in the strengths, weaknesses, opportunities and threats relating to our business
- We ensure our decisions and actions are aligned to the long term goals of our business
- We measure, monitor and manage our overarching plan for continuous improvement