1 Define your vision and mission

The first step in strategic planning is to define your vision and mission. Your vision is your long-term aspiration, your desired future state, and your purpose. Your mission is your core function, your value proposition, and your target audience. Your vision and mission should be concise, clear, and inspiring. They should guide your decisions and actions throughout the planning process and beyond.

2 Conduct a situational analysis

The second step in strategic planning is to conduct a situational analysis. This involves assessing your internal and external environment, identifying your strengths, weaknesses, opportunities, and threats (SWOT), and understanding your competitive position and advantage. You can use various tools and frameworks, such as PESTEL, Porter's Five Forces, Value Chain, and VRIO, to conduct a comprehensive and systematic analysis. The situational analysis will help you determine your current situation, your gaps, and your potential.

3 Set your strategic objectives and priorities

The third step in strategic planning is to set your strategic objectives and priorities. Your objectives are the specific, measurable, achievable, relevant, and time-bound (SMART) goals that you want to accomplish in a given period. Your priorities are the areas or issues that you need to focus on to achieve your objectives. Your objectives and priorities should be aligned with your vision and mission, based on your situational analysis, and responsive to the challenges and trends in the media industry.

4 Develop your action plan and budget

The fourth step in strategic planning is to develop your action plan and budget. Your action plan is the detailed roadmap that outlines the activities, tasks, responsibilities, resources, and timelines that you need to implement your strategy. Your budget is the financial plan that estimates the costs and revenues of your strategy. Your action plan and budget should be realistic, flexible, and coordinated. They should also specify the indicators and targets that you will use to monitor and evaluate your progress.

5 Communicate and execute your strategy

The fifth step in strategic planning is to communicate and execute your strategy. This involves sharing your strategy with your stakeholders, such as your employees, customers, partners, investors, and regulators. You need to communicate your strategy clearly, consistently, and persuasively, using various channels and formats, such as presentations, reports, newsletters, websites, and social media. You also need to execute your strategy effectively, efficiently, and ethically, using various methods and tools, such as project management, change management, and risk management.

6 Review and revise your strategy

The sixth step in strategic planning is to review and revise your strategy. This involves collecting and analyzing data, feedback, and results, using the indicators and targets that you defined in your action plan and budget. You need to review your strategy regularly, such as quarterly, annually, or whenever there is a significant change in your environment. You also need to revise your strategy accordingly, such as by adjusting your objectives, priorities, activities, or resources. You should also celebrate your achievements, learn from your failures, and share your lessons and best practices.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?