The document outlines the strategic planning process, emphasizing the importance of understanding a business's vision, mission, and values before setting goals. It details a step-by-step approach including situational analysis, goal setting, and action planning to achieve strategic objectives. Regular review and assessment are crucial for measuring progress and evaluating success in reaching those goals.

1. Strategic Planning
Objective: To understand strategic planning and how to create a strategic
plan.
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2. Introduction
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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 focus
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4. Prerequisites of Strategic Planning
Before doing SP, understand these things about
the business:
1. Vision Statement
2. Mission Statement
3. Values
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5. Strategic Planning Process
1. Situational
Analysis
4. Use the 2. Goal
Plan Setting
3. Creating a
Path
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6. Step 1: Situational Analysis
Tools for understanding the current situation:
• SWOT
• Review an old strategic plan
• Observation
• Mission and vision statements
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7. Step 2: Setting Goals
Goals should:
• Reflect the SP’s time horizon
• Reflect the mission and vision statements
• Be:
– Specific
– Measurable
– Attainable
– Relevant
– Time-bound
• Focus on what, not how
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8. Using SWOT to Create Goals
• Short-term = Strength + Opportunity
• Mid-term = Strength + Threat
Weakness + Opportunity
• Long-term = Weakness + Threat
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9. Step 3: Creating a Path
An action plan is needed to reach the goals
Think about:
• Desired results
• Potential obstacles
• Support you need
Write down who, what, and when for each action
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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?
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11. Summary
Creating a strategic
plan is hard work,
but worthwhile
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