Quick Answer: What Are The Six Keys To Successful Strategic Planning?

What is a good strategic plan?

A strategic plan consists of five key components: a vision statement, a mission statement, goals and objectives, an action plan, and details on how often the strategic plan will be reviewed and updated.

When you’re creating goals and objectives for your business, make sure they’re realistic and measurable..

What are the key strategies?

Strategy Development: The 6 Key Strategies Every Company NeedsCustomers. Perhaps the most important strategy will revolve around your customers. … Partnering. Partnering is about the key relationships the business needs to build. … Operational Improvements. … New Product or Service Development / Innovation. … Technology & Information Management. … People and Talent.

What is the key to a successful planning process?

Establish a clear and meaningful strategic planning process. Engage all levels of employees to ensure success. Communicate to employees throughout. Use an innovation process for all new product development, service delivery, etc.

What are the 7 steps of the strategic management process?

Seven steps of a strategic planning processUnderstand the need for a strategic plan.Set goals.Develop assumptions or premises.Research different ways to achieve objectives.Choose your plan of action.Develop a supporting plan.Implement the strategic plan.

What are the 5 critical success factors?

As a reminder, the 5 Key Success Factors are:Strategic Focus (Leadership, Management, Planning)People (Personnel, Staff, Learning, Development)Operations (Processes, Work)Marketing (Customer Relations, Sales, Responsiveness)Finances (Assets, Facilities, Equipment)

How do you start a strategic planning process?

7 Steps to Kick-Start Your Strategic Planning ProcessIdentify your mission statement. … Create a vision of the future. … Develop core values and guiding principles. … Create long-term goals and smart objectives. … Establish an action roadmap with timelines. … Build a communication plan.More items…•

What are the 6 steps in the strategic planning process?

What Is A Strategic Plan? 6 Essential StepsIdentify your core mission.Have a future-focused vision statement.Identify priorities.Build a communication or rollout plan.Hold people accountable.Review, review, review.

What are the 5 steps in strategic planning?

The 5 Steps of the Strategic Planning ProcessDetermine your strategic position.Prioritize your objectives.Develop a strategic plan.Execute and manage your plan.Review and revise the plan.

What are the 3 factors to consider in strategy implementation?

From an analysis of the literature, 11 key implementation factors were identified: strategy development, environmental uncertainty, organizational structure, organizational culture, leadership, operational planning, resource allocation, communication, people, control and outcome.