Strategy

Solid strategic planning is the key to future success. Many companies thrive upon their strategic plan and have very profitable business models. Others fail. Still others seem thrive to without a strategic plan in place yet never reach their full potential. The process of strategic planning is methodical yet dynamic and flexible. It includes the development of a strategic vision and mission, the setting of objectives, formulation of plans to meet the objectives, implementation and evaluation and revision.

Vision differs from mission. Vision describes where the organization is headed; not where it is today. Mission, commonly referred to as a “mission statement”, often describes the identity of the organization and what it does. Separating the two distinctions can be beneficial but it also can fall short. For example, a forward leaning mission statement could describe who, what and where it is all headed in the future.

Objectives are set in order to put the mission into action by converting into measureable targets. The objectives are largely financial in nature but also strategic. Financial objectives are measured through financial analysis and set standards. Strategic objectives relate to those which will increase competitiveness and focus on specifics such as customer satisfaction, marketing, etc. The objectives are supported by specific actions which lead to objective realization. These actions are documented through process and systems internal and external to the organization.

The processes and systems mentioned are put into motion through implementation planning and execution.  The implementation plan requires monitoring, measurement, evaluation and revision throughout its initial execution and existence.  At any stage, the strategic management process may loop back to previous points in order to review and revise as needed for improvement.

In brief, starting with the right foundation will yield the best results and will better position the organization for change. If not set in organization’s inception, strategic planning helps to reshape and restore the organization and its businesses.