Strategic Planning Features

Submitted by: Submitted by

Views: 238

Words: 1164

Pages: 5

Category: Business and Industry

Date Submitted: 11/25/2012 12:02 AM

Report This Essay

10 Characteristics of a Great Strategic Plan

Although the concept of strategic planning is not new, it is an activity that many organizations typically struggle with. The strategic planning process often results in a significant investment of management time for a strategic plan with limited perceived value. A robust strategic plan should be a powerful management tool that guides an organization’s resource allocation and helps define where attention should be focused. But how do you know if you’ve developed a great strategic plan? Here are the ten things we look for in successful strategic plans; ensuring that these elements are covered will provide a significant leg up in developing a valuable strategic plan for your organization.

1. Cover an appropriate time horizon (18 – 36 months)

Strategic planning closes the gap between the organizational strategy that may occur once every five to ten years and the tactical planning and budgeting that most companies perform annually. The strategic plan is materially informed by the organization’s strategy, mission and vision, and should be used as input to the budgeting process. In the past, strategic plans may have stretched over longer time horizons, but with today’s pace of change in technology and markets, we recommend a horizon of 18 – 36 months to take on in this process. In rare cases, some larger organizations with high capital costs and significant interdependencies may stretch this to 5 years.

2. Be informed by the past but focused on the future

An organization’s strategic plan is fundamentally a forward looking document that defines where the organization is going. However, do not make the mistake of separating the future from the past. Past performance is a good indicator of future success. Using historical comparisons, growth rates for similar markets or products, and implementation timelines from prior projects will add realism to your plan and increase confidence in its outcomes.

3. Incorporate...

Related Essays

Strategic Planning Paper
importantly, increased organizational effectiveness. Strategic planning is an action-oriented process that features strong implementation and benchmarking elements
Strategic Plan Usps
Strategic Plan for The United States Postal Service Mail and Package Delivery Industry ... and return on investment, Planning for new features and software upgrades
Strategic Planning
BAE-IT is required to focus on building a sound strategic plan to ensure its long-term success in the ... ; developing product features; developing process features; and
At&t Strategic Plan
strategic plan is to double the revenues by 2011. The main elements ... a new level of service integration and features to customers across the AT&T footprint. With