Strategic Plans - Four Key Components

Today, we are expanding on Monday’s post by discussing the four most important components of an effective strategic plan.

1.  Vision.    Vision is at the heart of any strategic plan.  You must know where you are going before you can design an effective strategy that gets you there. 

2.  Analysis of the present.   You must have a clear picture of your current business or personal condition (i.e., your starting point) in order to create an effective strategic plan to proceed.  

3.  Key Stakeholders.    Determine who has a vested interest in the success resulting from the strategic plan.    Make sure that the goals and objectives embedded in the strategic plan are in line with the needs and values of these key stakeholders.   This alignment is essential for designing a strategic plan that is important and relevant to the needs of the company (or yourself, if you are creating a strategic plan for your personal life).  

4.   Objectives, Goals & Milestones.  Determine how you will measure success.  What qualifies as an achievement?  By when?  By whom?  These types of questions are critically important in determining how to make your vision a reality.  Once you have taken the time to clearly set forth your objectives, goals and milestones - you will be able to effectively move to the use of tactical planning to reach them at an accelerated rate.

There you have it … basic instructions for developing your strategic plan.   

Until next time … Take Great Care!

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