A Short Definition of "Strategic Planning"
A while back I wrote How To Develop a Business-Aligned Social Media & Social Networking Strategy which described a structured approach to strategic planning. That turned into a 2,200-word white paper and described a process for those situations where structured development process is called for. This is how I described it:
Some organizations develop strategies for adopting social media and social networking based on an informal process that proceeds spontaneously and with minimal central coordination. Others prefer a more formalized process, especially in situations where management recognizes the potential for impacting so many different corporate functions. This paper is intended for the latter group.
I recently had an opportunity to write a brief description of strategic planning. Here it is:
A strategic planning process delivers a set of defined initiatives (projects) that achieve a desired set of business goals. The planning process involves a definition of these business goals, an assessment of the resources available for meeting these goals, and the definition of specific plans (initiatives) that are designed to achieve the goals. The process usually incorporates a ranking exercise that identifies the highest priority initiatives.
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- Copyright (c) 2007 by Dennis D. McDonald
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Dennis D. McDonald
in Social Networking, Strategic Planning, Definitions
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Reader Comments (3)
Good definition. I recently wrote a post about why business plans simply do not meet the average business person's needs and strategic plans are the preferred method to achieve business growth. The release of QuickPlanner Plus <www.quickplannerplus.com> is the first step in helping small business people to get that first incremental step into the effective strategic plan.
Matson
I like your definition of strategic planning.
StrategyDriven contributors believe a company’s true value is largely determined by its long-term performance potential as shaped by management’s decisions made today. These decisions guide the translation of the company’s mission, its purpose for existing, into the products and services it provides and hopefully the market wants.
Strategic planning is an iterative, ongoing process consisting of:
* Analysis: assessment of the internal and external factors effecting the organization’s ability to achieve its mission
* Alternative Development: detailed assessment of the costs, benefits, and risks associated with strategic alternatives including both major, ongoing and newly proposed activities
* Alternative Selection: identification of the current portfolio components and proposed activities that will be pursued and the timeframe for execution
* Resource Projections: aggregation of the personnel, financial, physical, and technological needs including an assessment of the ability to acquire these resources within the needed timeframe
* Plan Development: final validation of the organization’s mission and compilation and approval of its long-range and annual business plans
Execution of these iterative processes takes place throughout the year with a frequency dictated by the pace of market change.
The StrategyDriven website (www.StrategyDriven.com) is dedicated to providing executives and managers with the planning and execution tools needed to create greater organizational alignment and accountability for the achievement of superior results.
Our contributors believe creation of a clear, forward-looking strategy, translatable to the day-to-day activities of all organization members, is critical to realizing success in today’s fast paced market environment. Not only does a compelling, well executed strategy align individuals to a common purpose, it ensures that purpose best serves the company’s mission.
We look forward to your joining our strategic business planning and tactical execution conversation.
All the Best,
Nathan
Principal Contributor
StrategyDriven
www.StrategyDriven.com