Who Needs a Strategic Plan
Every for profit and nonprofit organization, no matter how big or small, needs a strategic plan. A ...
As we begin a new year and hopefully find our way out the two-year pandemic time warp, we need to get a good lay of the land. We need to access where we are and where we want to go because for many of us, the business landscape has changed. And therefore, so must our strategy.
As strategic growth consultants, MPWRSource knows that the right strategy makes all the difference.
A strategic plan is a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it.
(Yes, yes, we tell you that you need to know WHY a lot.)
A strategic plan creates public value and is used to help organize and manage effective organizational change processes in which the organization figures out what to change and also keeps the best things.
There are many benefits to strategic planning that benefit the entire organization. But where to get started? To help you get your organization on the right path for the new year, we have rounded up some tips to help you with your strategic planning.
If you were going to Denver, the how you would get there would drastically change depending upon from where you started. The directions from Dallas are different than the directions from Richmond. So getting a clear understanding of your starting point is vital to determine your organization’s next steps.
You need a clear understanding of your marketplace, what your competition is up to, as well as have a thorough understanding of your business’s strengths and weaknesses.
You have determined where your business is and where you want to go.
Let’s go back to our Denver analogy. You know you are in Richmond and are headed to Colorado. With this knowledge, perhaps in the spirit of Manifest Destiny like so many before you, you head west! But knowing to go west is not enough.
When we identify what is important in a strategic plan, we focus on our end goal and include a clearly defined mission and vision and determine which issues are your top priorities.
Heading west to Denver, we will probably make stops along the way and reaching them will help us know we are on the right path. We may even want to take a ride up in the St Louis arch to celebrate that we are halfway there.
In a strategic plan, you want to make sure that your goals are aligned with your mission and vision. Setting appropriate key performance indicators (KPIs) help management to set your operational activities. After all, it would make no sense to make Chicago a pit stop on your trek west to Denver from Richmond.
Your KPIs and goals should be measurable and checked regularly so that you can ascertain your progress and make sure that you are still headed in the right direction of your overall mission.
This is where the part of the overall strategic plan where you determine who is accountable for what. Who is driving to Denver and who is in charge of the playlist? Who is bringing the Combos and Sour Patch Kids? These things are important.
Your tactical plans should include strategy, action plans, and your budget. You will determine how you allocate time, human capitol, and money to achieve your goals.
Strategic planning is not a one and done thing. Have regular strategic planning meetings to keep the plan at the forefront of everyone’s mind. After all that map to Denver only matters if you look at it.
Refine and pivot as necessary. Maybe don’t stay overnight in Kansas.
Listen to your stakeholders and see where they’ve been successful and where they have struggled and adjust accordingly.
For more help with your strategic planning, just like it is wise to use Waze to direct your road trips and get information about traffic, it is often wise to seek the help of a Strategic Planning consultant. At MPWRSource, we have the consultants on hand to help you with everything you need to meet your business goals. From overall strategic to tactical planning, our consultants have the expertise to help you reach your destination. We will even bring the Sour Patch Kids.