What Makes A Good Strategic Plan?

How do you create an effective strategic plan?

Developing Your Basic Strategic Plan DocumentWrite Your Mission Statement.

Write Your Vision Statement.

Write Your Values Statement.

Conduct an External Analysis.

Conduct an Internal Analysis.

Identify Strategic Issues.

Establish Strategic Goals.

Develop Staffing Plan.More items….

What makes a good strategy document?

The idea with a good strategy document, is to have a explanation from which more detailed plans, and programmes of change, can be derived. … Make it clear which coherent actions are consistent with the strategy. There should be an alignment of projects and investments. However these are NOT strategic plans.

What are the five P’s of strategy?

Each of the 5 Ps stands for a different approach to strategy:Plan.Ploy.Pattern.Position.Perspective.

What are the six keys to successful strategic planning?

6 Key Factors to Successful Strategic PlanningCreate a Collaborative and Inclusive Process. … Operate Off Data, Not Assumptions. … Set an Expectation for Shared Responsibility and Ownership. … Prioritize Transparent Communication. … Think Past The Strategic Plan. … Commit To Making Changes — Especially Leadership.

What are the six major components of strategic planning?

6 Elements Of Effective Strategic PlanningDefine your vision. The vision statement of an organization is an aspirational description of what an organization would like to achieve or accomplish in the future – it is the goal. … Create your mission. … Set your objectives. … Develop your strategy. … Outline your approach. … Get down to tactics.

What are the four types of strategy?

4 Levels of Strategy-Making / 4 Types of Strategic AlternativesCorporate level strategy.Business level strategy.Functional level strategy.Operational level strategy.

What are the three elements of a good strategy?

At its most basic level, a strategy is a hypothesis. To be a good strategy, it must precisely diagnose the problem being solved; set a guiding policy that will address that problem; and propose a set of coherent actions which will deliver that policy.

What are the key elements of a strategic plan?

The major parts of a standard strategic plan include the following:Mission, vision, and aspirations.Core values.Strengths, weaknesses, opportunities, and threats.Objectives, strategies, and operational tactics.Measurements and funding streams.

What is a strategic plan example?

Any example of a strategic plan must include objectives, as they are the foundation for planning. In this example, our objective is to increase client satisfaction from 82% to 90% by December 31st. How we accomplish that is the business of strategies and tactics.

What are effective strategies?

To measure the effectiveness of a strategy, you have to examine how it links your objectives to the way you plan to achieve them and the means you plan to use. A strategy is effective if it uses the resources you allocate according to your plan and delivers the expected results.

How do you start a strategic planning session?

5 Ways to Strategically Plan Your Strategic Planning MeetingStart with a common ideology. I start with about 30 minutes on leadership and management. … Identify the reason you are in business. Define what makes your company, product, or organization unique. … Identify the challenges. … Create the vision. … Develop the long-term plan to achieve the strategic goals.

What are Porter’s four generic strategies?

Porter called the generic strategies “Cost Leadership” (no frills), “Differentiation” (creating uniquely desirable products and services) and “Focus” (offering a specialized service in a niche market).

What are some examples of strategies?

10 business strategy examplesCross-sell more products.Most innovative product or service.Grow sales from new products.Improve customer service.Cornering a young market.Product differentiation.Pricing strategies.Technological advantage.More items…•