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“Objectives can be compared to a compass bearing by which a ship navigates. A compass bearing is firm, but in actual navigation, a ship may veer off its course for many miles. Without a compass bearing, a ship would neither find its port nor be able to estimate the time required to get there.”
Peter Drucker
Introduction
Strategic planning involves developing long-term plans, implementing them, and analysing the results of a company’s broader long-term objectives. It is about finding the most effective ways to achieve strategic goals in the most strategic manner possible. And it answers questions like, How do we get there?
Developing a well defined strategic plan for your company can be challenging, especially if you need help determining where to start. Fortunately, if you follow the six steps below, your strategic planning process will become more manageable:
1. Know your company’s vision, mission, and values
Understand the reasons behind your vision, mission, values and what your company stands for.
2. Know your goals and objectives
Establish clear goals and objectives that align with your company’s broader direction over the next three to five years. This creates a roadmap for your strategic planning process.
3. Define areas of opportunity
Identify which departments or areas of expertise are necessary to get you to your goals. This is where you will require outside assistance from a professional, such as a strategist, marketer, IT consultant, or accountant. Remember not to overreach; instead, know what you need at this stage, rather than indulging in pie in the sky thinking about the next five years.
4. Define the objectives
These are the company’s objectives regarding the strategic planning process itself. This includes defining the purpose, goals, and key performance indicators. If you need financial information for your company, it is essential to know its earnings during the last few years before attempting to plan for the next three to five years.
5. Define the priorities
Determine which objectives will receive the highest priority in terms of resources (time, money, and equipment). Sometimes, only some of the strategic initiatives can be delivered at once; you need to prioritise and balance the portfolio of your strategic initiatives so that it can accommodate all the important strategic initiatives in the pipeline.
6. Develop a strategy
Once you grasp the internal and external factors that affect your organisation, you can start to make a plan that considers every step along the way and the resources you will need to carry them out.
Closing Insight
Ultimately, developing a strategy requires a deeper understanding of the current situation, as well as an examination of trends, financial and economic information, regulations, and competitive moves, which provide more accurate insights into the future.
About the Author
Loay Dirar is a seasoned corporate strategy and transformation advisor with over 21 years of experience in management consulting and strategy. He specialises in enabling organisations to achieve sustainable growth, operational excellence, and strategic resilience. His expertise spans strategy formulation, mergers and acquisitions, change management, and strategic risk management. Loay has advised more than 40 organisations across the MENA region and globally, and holds a Master’s degree in Strategic Planning from Edinburgh Business School, as well as multiple professional certifications.