Why do so many businesses fail? Often, because they don't have a detailed strategic plan. Without a roadmap, a venture has little chance of a successful transition from point A to point B. Yes, a careful strategic planning process demands time and resources, but with our Strategic Planning presentation, you can take a smart shortcut. The pre-designed slides allow you to take a hard look at where your organization is headed, adjust direction, align your talent, communicate your message and get ahead in the game.
With this slide, share the results of a strategic gap analysis, which determines what specific steps a business can take to achieve a goal. To identify shortcomings, look at the time frame, management performance and budget constraints.
If you used an analytical tool VRIO Analysis to evaluate a company's resources and assess its competitive advantage, populate this slide with your findings in each category: Value, Rareness, Imitability and Organization.
With this slide, communicate your strategy map. Strategy map helps you to evaluate and make the business' perspective visually more clear, as well as pinpoint strategic objectives and goals and visualize the fundamental connections.
Strategic planning is the process of establishing a direction for your business through the assessment of its current and prospective positions. The strategic plan process allows you to record the bigger picture, the company's mission and values, vision, as well as long-term goals and action plans for achieving them.
Here is a list of models to consider for strategic planning:
- Balanced Scorecard
- Strategy Maps with Balanced Scorecard
- OKRs (Objectives and Key Results) Framework
- Porter's Five Forces
- VRIO Analysis
- PEST Analysis
- Gap Planning
- SWOT Analysis/item]
- Blue Ocean Strategy
- Baldrige Framework
"A vision without a strategy remains an illusion," said former Harvard Leadership professor, Lee Bolman. To build an efficient strategy that will transform illusion into reality, use these five simple steps to complete a strategic planning process:
Identify your vision statement
The importance of identifying a vision statement lays in the fact that it provides the company's leadership and employees with a clear shared goal.
Identify your mission statement
Remind your stakeholders what your organization is most passionate about, what it stands for, why it exists and what it aims to achieve.
Run a gap analysis
Identify and communicate what stands in the way between your business' current state and its ideal vision.
Determine the goals
Success is impossible without goals, so set them early and ensure they are implemented. Author and consultant Denis Waitley said: "The secret to productive goal setting is in establishing clearly defined goals, writing them down and then focusing on them several times a day with words, pictures and emotions as if we've already achieved them."
Track your progress
Tracking progress is crucial and must be monitored consistently. Regularly ask your team for status updates and reports. And remember that strategic plans and goals need to be reassessed and updated to reflect new conditions and changes and ensure that goals are aligned with the most current state of the organization at least once a year.
Sophia Williams, Senior Vice President and General Manager, Telecom and Technology Business Unit at NCR Corporation, knows a thing or two about strategic planning. "I've always felt that annual strategic planning is an opportunity to dream big and be open to reinvigorating your team and your business," she says in her article for Forbes.
Williams shares some ideas that you can keep in mind during the strategic planning process.
Because the leadership team needs time to complete the process, such as a brainstorm, set goals and develop an action plan, it makes sense to start early. Williams says she likes to start in the middle of the fiscal year. "If you wait much longer, you may run out of time, because by late Q3 and Q4, everyone will be focused on closing out the year. A lot of my business plan is dependent on recurring revenue books of business, so I have to be ready to go by January 1. If not, I'm already behind. This will show up in practically every element of annual results. And it goes without saying that starting early also gives you time to make last-minute, unexpected course corrections," she says.
The first strategic planning meeting is a perfect opportunity to take a fresh look at the company's vision and mission because business, markets and conditions may change rapidly.
Begin in the future
"Always take a close look at what's ahead. I've found that if you start where you are, you'll only make incremental improvements," Williams says. She recommends beginning in the future and employing data to identify market dynamics, addressable markets and growth rates.
Create the execution plan
Creating an execution plan will help you answer questions like: Is there a need for more staff? Are there enough funds for incremental investment? Which existing programs need to be eliminated? Is there a need for a new offering? Then you can make decisions and ensure execution.
Williams says: "You need to watch out for any unintended consequences at this stage. Expect spirited, honest conversations because everyone's success will be on the line. Keep discussing and refining until each individual plan receives the team's support."