How to Develop a Strategic Plan | Easy Step by Step Guide
Edward Shehab・2 minutes read
A strategic plan is crucial for creating value for shareholders through actionable projects that target financial, customer, internal processes, and people perspectives, including identifying organizational values and setting SMART goals. Developing this plan involves conducting a SWOT analysis, using a balanced scorecard approach, and focusing on efficient customer service through fast delivery cycles with drones or partner networks.
Insights
- Strategic plans are crucial for creating ongoing value for a company by integrating high-level concepts into actionable projects, targeting shareholders through a balanced approach covering financial, customer, internal processes, and people perspectives.
- Developing a strategic plan involves SWOT analysis to evaluate internal capabilities and external factors, setting SMART goals for clear objectives, and utilizing a balanced scorecard method that considers financial, customer, internal processes, and learning/growth perspectives for comprehensive goal achievement and value creation.
Get key ideas from YouTube videos. It’s free
Recent questions
What is the purpose of a vision statement?
To project where the organization aims to be in the next two to ten years, with realistic expectations and measurable benchmarks.
How can a SWOT analysis benefit an organization?
By evaluating internal capabilities and external factors for strategic objectives.
What are SMART goals?
Specific, Measurable, Agreed-upon, Realistic, Time-bound objectives for progress tracking and achievement.
How can a balanced scorecard approach benefit strategic planning?
By considering financial, customer, internal processes, and learning/growth perspectives for comprehensive goal achievement and value creation.
How can organizations improve customer service efficiency?
By measuring delivery time and implementing actions like drones or partner networks for quicker delivery.
Related videos
Harvard Business Review
What Is Strategy? It’s a Lot Simpler Than You Think
Harvard Business Review
A Plan Is Not a Strategy
SmartDraw
SWOT Analysis - What is SWOT? Definition, Examples and How to Do a SWOT Analysis
Leila Hormozi
How To ACTUALLY Build a Million Dollar Company This Year
Gillian Perkins
How to Write a Business Plan - Entrepreneurship 101
Summary
00:00
Creating Value: Strategic Planning for Success
- A strategic plan is essential for creating ongoing value for a company's shareholders and stakeholders, integrating high-level concepts into actionable projects.
- The strategic plan primarily targets shareholders, requiring a balanced approach encompassing financial, customer, internal processes, and people perspectives.
- Identifying organizational values is crucial, with examples like honesty, innovation, and profits, leading to the creation of a concise value statement.
- Vision statements project where the organization aims to be in the next two to ten years, with realistic expectations and measurable benchmarks.
- Mission statements define the organization's purpose and business focus, such as educating, providing healthcare, or ensuring community access to services.
- Conducting a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) helps evaluate internal capabilities and external factors for strategic objectives.
- SWOT analysis results guide the creation of action plans leveraging strengths to capitalize on opportunities or mitigate weaknesses.
- Setting SMART goals (Specific, Measurable, Agreed-upon, Realistic, Time-bound) ensures clear, quantifiable objectives for progress tracking and achievement.
- Developing a strategic plan involves assigning responsibilities for goals, aligning them with the organization's overall strategy, and potentially utilizing a balanced scorecard approach.
- The balanced scorecard method considers financial, customer, internal processes, and learning/growth perspectives to ensure comprehensive goal achievement and value creation.
16:58
"Optimizing Delivery Time for Customer Satisfaction"
- To ensure efficient and fast customer service, focus on measuring delivery time from order to product receipt, aiming for a delivery cycle of less than 48 hours.
- Implement actions like using drones or partner networks for quicker delivery, with the metric being delivery within less than 48 hours.
- Develop a strategic plan using a balanced scorecard approach, aligning financial goals with customer values, internal process enhancements, and necessary learning and growth, ensuring accountability and managing change for successful execution.
