Strategic planning is an important part of any business, large or small. The process involves evaluating the current situation of your company, analyzing external factors that may affect it, and then deciding on a plan for the future. It’s a complex process, but if done correctly can lead to greater success and growth. Here are five things you need to know before you begin your strategic planning process. 

Understand Your Current Situation 

Before you get started strategic planning, it’s important to understand the current state of your business by doing a S.W.O.T. analysis. This includes evaluating your internal strengths and weaknesses as well as external opportunities and threats. Knowing where you stand today will help inform your decisions about where you want to go in the future. 

Set SMART-ER Goals 

Once you have an understanding of your current situation, it’s time to set goals for where you want your business to be in the future. Make sure these goals are Specific, Measurable, Achievable, Relevant and Time-bound (SMART). This will help keep everyone focused throughout the strategic planning process. I like to encourage my clients to make their goals smartER by adding a component for regular Evaluation of activities and progress, as well as, Readjusting where needed.

Identify Resources Needed to Achieve Goals

Identifying all necessary resources ahead of time is key for successful strategic planning. These resources could include personnel or budgeting needs; they could also refer to non-tangible elements such as knowledge or relationships with key stakeholders. Having a clear understanding of what resources are needed will make it easier to identify how to acquire them in order for your goals to be achieved.  

Analyze Potential Risks   

Risk analysis is an important part of any strategic plan; after all, some risks can derail even the best laid plans if they aren't considered ahead of time! Analyze potential risks associated with each goal and develop strategies for mitigating those risks before moving forward with implementation. 

Create an Action Plan  

Once all of the above steps have been taken care of, it's time for everyone involved in strategic planning to come together and create an action plan for how the goals are going to be achieved. This should include who is responsible for each task, as well as, deadlines and milestones along the way so that progress can be tracked over time.  

Strategic Planning is a complex process that requires careful consideration in order for it to be successful. Taking into account each step outlined above—such as understanding your current situation, setting SMART-ER goals, identifying necessary resources and analyzing potential risks—will put you on track towards creating a comprehensive action plan that outlines how those goals can be achieved over time. It can also be helpful to bring in a consultant to bring an objective perspective and keep the process moving along, rather getting bottle necked with competing agendas.

With a well thought out plan in place, businesses can maximize their chances at success and growth!

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