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Lesson 15: Strategic Planning


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The goal of this lesson is do explain the purpose of having a strategy and developing a strategic plan. The lesson provides an overview of the prerequisites of having a strategic plan, then provides an explanation of each of the four phases of the strategic planning process: Situational Analysis, Setting Goals, Creating a Path Forward, and Using the Strategic Plan.

The Novus project is a combination of video tutorials designed to be used in conjunction with a free business simulation software program. The Novus Business and IT Program contains 36 business and IT training videos, covering basic finance, accounting, marketing, economics, business strategy, Word, Excel, and PowerPoint. Users will have an opportunity to apply the lessons in the Novus Business Simulator. Over six rounds, the user or teams will have to make decisions on capital purchases, financing, production, financing, and human resources for a microbrewery. This channel has arranged the 36 video lessons into the order in which they are meant to be used with the simulator. To watch this slideshow as a video, please go to our Vimeo page at: To download our free business simulation software, please go to our SourceForge page at:

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Lesson 15: Strategic Planning

  1. 1. Strategic Planning Objective: To understand strategic planning and how to create a strategic plan.Novus Business and IT Training Program
  2. 2. IntroductionNovus Business and IT Training Program 1
  3. 3. Definition• A strategy is a method for reaching a goal• Strategic planning (SP) = creating strategies• SP answers questions about the future of a business.• SP gives a business focusNovus Business and IT Training Program 2
  4. 4. Prerequisites of Strategic PlanningBefore doing SP, understand these things about the business:1. Vision Statement2. Mission Statement3. ValuesNovus Business and IT Training Program 3
  5. 5. Strategic Planning Process 1. Situational Analysis 4. Use the 2. Goal Plan Setting 3. Creating a PathNovus Business and IT Training Program 4
  6. 6. Step 1: Situational AnalysisTools for understanding the current situation:• SWOT• Review an old strategic plan• Observation• Mission and vision statementsNovus Business and IT Training Program 5
  7. 7. Step 2: Setting GoalsGoals should:• Reflect the SP’s time horizon• Reflect the mission and vision statements• Be: – Specific – Measurable – Attainable – Relevant – Time-bound• Focus on what, not howNovus Business and IT Training Program 6
  8. 8. Using SWOT to Create Goals• Short-term = Strength + Opportunity• Mid-term = Strength + Threat Weakness + Opportunity• Long-term = Weakness + ThreatNovus Business and IT Training Program 7
  9. 9. Step 3: Creating a PathAn action plan is needed to reach the goalsThink about:• Desired results• Potential obstacles• Support you needWrite down who, what, and when for each actionNovus Business and IT Training Program 8
  10. 10. Step 4: Use the Plan• Review the plan from time to time• Annually measure your progress on the goals• Do a final review after the time horizon has passed – Did you meet the goals? – Why or why not?Novus Business and IT Training Program 9
  11. 11. Summary Creating a strategic plan is hard work, but worthwhileNovus Business and IT Training Program 10