Strategic Planning's Steps to Success

8/16/22, 10:04 AM

Strategic Planning's Steps To Success | Gorman Houston | Strategic Management

a Strategic Planning’s Steps To Success

Strategic planning in business is one of the core corporate activities that should be conducted on a regular basis. Good strategic planning helps a business set its priorities right, realign its resources, and strengthen its operations to ensure that it is competent enough for long term success. Strategy planning should focus on, among others, 5 key areas.

Industry assessment Conducting an assessment of a business’s industry or area of investment gives the business owners an opportunity to evaluate its competitors, the market pricing trends, trends in products and services, and customers’ purchasing power. All micro and macroeconomic trends that de ne how the market ows should also be de ned.

Comprehensive SWOT analysis

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8/16/22, 10:04 AM

Strategic Planning's Steps To Success | Gorman Houston | Strategic Management

A SWOT analysis gives the business an opportunity to evaluate its strengths and weaknesses while pointing out any unexploited opportunities as well as threats that confront the business. A comprehensive business SWOT analysis should de ne a business’s position in the market while de ning certain areas of possible strategic improvements that should be focused on along the way.

De nition of mission and vision After the external business analysis, an internal de nition of the business’s vision and mission should rea rm to the owners why the business exists in the rst place. The business’s vision is a de nition of the strategic direction that the business is supposed to take in the short and long-term while the mission remains relatively constant as it de nes the business’s core existence.

De nition of corporate goals Every business should de ne what it needs to achieve and the speci c outcomes and targets. When de ning the corporate goals, it is important to focus on all areas of the business, ranging from sales and marketing to nancial resources, employee targets, nancial targets, and operational targets. These goals help a business to stay competitive, organized, and dedicated.

Harmonization of departmental objectives A comprehensive business strategic plan should also focus on the broad corporate objectives as well as the individual departmental objectives. Comprehensive planning ensures that the business achieves an all-round development where no particular department falls behind. Each department should have its own sub-objectives, which all work together towards ful lling the larger corporate objectives.

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