Strategic planning is an art of formulating strategies, implementing and evaluating them. Equipping leaders and managers with skills such as problem solving, communication,critical thinking, decision making and leadership that are required to plan strategically in a competitive business environment.
Auraa Image Management and Consulting specializes in training leaders, managers and their teams to develop a growth oriented mindset and hone their skills to formulate and execute strategic business objectives.
If your organization is unable to achieve the expected desired results, it may be time to rethink the organizational strategy. Connect with us and learn how to strategically plan for success.
Contact: +91 9958934766 / +91 7830222285
Email: samira@auraaimage.com / nayanika@auraaimage.com
Website: https://auraaimage.com / https://samiragupta.com/
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What is Strategic Planning?
Strategic planning is a process of formulating strategies as
per the organization’s objectives & goals, implementing
them and assessing its impact on them.
According to Goodstein, Pfeiffer and Nolan – “Strategic
planning is a process by which an organization envisions its
future and develops the procedures and applications to
achieve that end.”
4. Clarifies the vision, mission and goals
Allows assessing business from a bird’s
eye view
Helps in optimizing resources
Helps analyzing potential risks
Prepares for organizational uncertainties
Helps plan for an improved stakeholder
engagement
Why should you
plan strategically?
5. Components of a Strategic Plan:
The Strategy Pyramid
VISION
MISSION
VALUES
GOALS
STRATEGY
ACTION PLAN
6. Components of a Strategic Plan
VISION
MISSION
VALUES
GOALS
STRATEGY
ACTION PLAN
The vision is the long term
aspirational state that the
organization aims to achieve.
The mission is the reason why
the organization exists and
what it plans to do in the
present.
Values are the foundational
guiding principles of the
organization on the basis of
which all the actions and
decisions revolve.
The specific, measurable,
attainable, realistic and time
bound objectives of the
organization (SMART Goals).
The plan to achieve the smart
goals in a dynamic and ever
changing business
environment.
The series of actions taken to
implement the plan including
the tactics, timelines and
performance indicators.
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Did You Know?
According to the Survey by Economist –
88% C-level executives say executing strategic initiatives
successfully is “essential” or “very important” for their
organizations’ competitiveness over the next three years.
Yet of those same executives, 61% acknowledge their
firms often struggle to bridge the gap between strategy
formulation and its day-to-day implementation.
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Provides a better sense of understanding
of organization’s strengths, weaknesses,
opportunities and threats
Provides clarity on the vision of the
organization and helps focus on the
purpose of business existence.
Improves organizational communication
Improves the business success ratio
Mitigates risks and helps utilizing
resources optimally
Boosts the morale of the employees and
increases job satisfaction and retention
Prepares the organization to adapt better
to change and uncertainty
Benefits of
Strategic
Planning
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How different is a strategic
plan than a Business plan?
A Strategic Plan is for a mid term
and long term duration and
focuses on milestones to achieve.
It is an elaborate plan to take the
organization forward keeping in
mind the factors of change and
uncertainty.
A Business Plan is for a shorter
duration of less than a year. This
plan focuses on achieving the
specific goals and objectives of
the business.
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Plan
Pattern
Position
Perspective
Strategy is a plan. It puts emphasis on the goal that the
company is trying to achieve.
Strategy is the roadmap to achieve the desired results
for the company.
Strategy focuses on the markets in which the company
wants to compete in.
Strategy understands the organizational(internal) and
competitive(external) factors to position itself.
The Four P’s of Strategic Planning
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1. Plan
achieve.
Strategy as a plan which highlights where the
company is currently positioned and where it
envisions itself to be in the future.
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2. Pattern
Strategy as a pattern of behavior. It is a roadmap
that decides how to get to the final desired results.
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3. Position
Strategy as a position decides on which markets to
compete in and deciding who the target audience
would be for the product or service offerings.
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4. Perspective
Strategy as a perspective defines what it will take to
create a competitive advantage using the
competencies of the organization.
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10 Steps process to
plan strategically
Establish a Mission & Vision Statement
Perform a comprehensive assessment
Perform a prediction analysis
Steer the business
Align with stakeholders
Create a roadmap
Determine Initiatives
Set performance benchmarks
Define strategic objectives Evaluate Performance
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1. Establish Mission & Vision Statement
Vision – Define the long term objectives of the company.
Mission – Define the roadmap to achieve the goals set in
the vision statement.
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2. Perform Comprehensive Assessment
In this stage of planning conduct a SWOT Analysis to
learn the strengths, weakness, opportunities and threats of
the business. Conduct Micheal Porters five force
analysis – Competitive rivalry, supplier and buyer power,
threat of substitution and new entry
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3. Perform a Prediction Analysis
In this stage, anticipate the potential costs and returns on
investment. Conduct a prediction analysis
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4. Steer the Business
Narrowing down the organizational objectives to the
most impactful and necessary ones and setting goals
according to priority and urgency.
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5. Define Strategic Objectives
Defining and creating strategic objectives involves
financial, customer, employees and growth oriented
objectives aimed at improving efficiency and reducing
costs and wastage of resources.
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6. Align with Stakeholders
Ensuring all the key stakeholders are in sync with regard
to the business decisions and are regularly consulted and
informed about the functional decision making.
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7. Create a Roadmap
Creating a strategy roadmap in an easy to understand
diagram format helps people in the organization to
understand the direction of the business easily.
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8. Determine Initiatives
Undertaking strategic initiatives to achieve strategic
objectives related to factors such as budget, brand,
product, target audience, marketing, employees etc.
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9. Set Performance Benchmarks
At this stage, the task is to create goals that are specific, measurable,
attainable, relevant, and time-based informing the operational plan.
Benchmarks are established against so that performance can be
measures, and a time frame is created. Key performance indicators
(KPI’s) are assigned based on organizational goals.
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10. Evaluate Performance
Assessing whether the plan has been successful or not. At
this stage progress towards goals is measured and
required corrective actions are taken.
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Questions you need to ask about
your company’s strategy
Are we leveraging our capabilities to meet customer
demand?
Are all our decisions in coherence with each other or do
they push towards incoherence?
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Perceptions
Performance
Purpose
Process
Communicating regularly with stakeholders to ensure
making decisions in the right direction
Examining the current business performance and
comparing it with the desired results
Conducting a continuous SWOT analysis.
Organizing the tasks according to priority and urgency.
The Four P’s of Strategy –
Post strategy creation
American Management Association
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1. Perception
Regularly communicating
with customers,
employees, shareholders,
suppliers, owners and other
stakeholders to check if the
organization is moving
forward is the desired
direction of growth and take
corrective actions if
required.
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2. Performance
After the strategy has been
formulated and
implemented, to check
whether the timelines are
being met, assessing the
consequences of tasks
initiated and syncing
irregularities if there are
any.
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3. Purpose
The question of what has
changed needs to be asked
after implementing a
strategy. Any areas of
improvement need to be
focused on in order to add
further value.
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4. Process
At this point questions such
as “Is the process being
performed optimally?”,
“Can the wastage during
the process be reduced?”
Finally organizing the
process tasks according to
priority and urgency.
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Skills needed to develop a
Strategic Plan
Analytical Skills
Critical Thinking
Communication Skills
Leadership Skills
Research
Problem Solving Skills
Marketing Skills
Information Technology
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Case Study: IPG
Uniting had brought their companies together legally during their merger, but the disparate systems,
processes, and data needed to be standardized across the new organizational structure to improve reliability,
usability, and productivity.
The approach that IPG took was to work with key stakeholders to determine the driving factors and the talent,
technical, time and financial constraints. Together, they decided the strategic objectives were:
•Achieve operational cost savings
•Increase their delivery of services across digital and mobile
•Increase the use of data and information in decision making and reporting
Using Agile techniques to develop an overall master schedule to guide delivery, IPG and Uniting established
the Program and Project Management processes and standards. After considering the delivery approach,
including staging and priorities, they initiated the management and governance processes to launch the ERP
Program activity effectively.
The Business Case Development ensured a consistent and rigorous approach to proposal development,
enabling decision-makers to compare investment opportunities and benefits.
The business case for an ERP renewal was approved. The project gained strong support and was
successfully delivered, helping to ensure that Uniting met its strategic objectives.
With a standardized enterprise technology, processes and data, Uniting have benefitted from improved
leverage of data and business intelligence and the implementation of robotic process automation, which is
improving their digitized service delivery.
Information Professionals Group: LinkedIn
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