How to Write a Successful Strategic Plan
Developing a successful strategy is no easy task. Still, according to an Executive Development survey, 68% of professionals believe that their organization is better at doing so than it was a year ago.
The survey also found that 90% of companies surveyed believe that strategy is necessary for long-term success.
Here are some tips on how to come up with a successful strategic plan for your organization.
What Is Strategic Formulation?
Strategic formulation is the process of documenting your business’s intended direction and the steps to reach your goals.
Organizations use strategy to decide how to allocate resources, prioritize, align, and validate business goals.
A strategy allows you to present a unified vision and catch your own biases. You can track performance with measurable key performance indicators (KPIs).
Here are five tips for you to use when formulating a successful strategy for your organization.
Tips For Writing a Successful Strategic Plan
1. Begin with Purpose
To create an appealing corporate strategy, you need to start with a purpose. To begin, ask yourself, “What does my organization do?”
In many companies, the leaders and managers who are driving change are motivated by a yearning to make a difference as they are to make money.
As companies explore the connection between doing good and doing well, a new space is created.
The link between doing good and doing well is often referred to as the process of creating shared value.
If your purpose is rooted in sustainability or helping others, there is significance in chasing the goal, more so if your organization is the first to do it.
2. Consider Current Events
To be successful, your brand marketing platform must be context-aware. This means it must be able to respond quickly to
current events. For example, a recent case is L’Oréal’s response to the dangerous coronavirus (COVID-19).
In this instance, the company successfully connected with consumers by communicating the facts about the virus and the importance of a flu shot.
Their reaction was premeditated, despite eventually costing the company money. L’Oréal placed itself as a brand that cares about its communities, retailers, suppliers, employees, and clientele by responding with donations and support,
When present-day events cause new challenges and opportunities, businesses must navigate the new landscape. In these situations, how companies react can lead to their future success.
3. Use Data, Case Studies, and Trends
Always consider current events, but do not let them drive your strategic plan.
Instead, use information and knowledge you have about your organization, other firms, and economics’ fundamental theories to help you reach your business goals.
Understanding this data enables you to familiarize your company with the current business landscape and learn from others’ mistakes and successes.
To craft a corporate strategy, examine the financial statements of your business. Also, discuss historical strategies that have worked and those that haven’t.
You can investigate case studies of other companies and their economic principles — they will give you an idea of what’s possible as well.
4. Set Goals and Communicate
To formulate a corporate strategy successfully, a company must select and communicate its goals consistently.
Research shows that only five percent of business leaders develop an understood strategy by their entire staff. To execute a successful strategy, a company must employ a coordinated effort from every employee.
Crafting a strategy is vital, but it can’t be successful unless it’s executed well. To maximize its potential and ensure that
your entire organization is working towards its goals, you must communicate this strategy effectively and artfully.
5. Think of Strategy as a Continuous Process
Strategy is not an event but a way of thinking that happens every day.
In most cases, successful strategies emerge from a constantly working process, such as the process of strategic management or the operation of business management.
From time to time, take a step back to assess your corporate strategy. Stay informed about new challenges and opportunities, and communicate your company’s evolution to your broader organization.
As you prepare to launch your strategic plan, learn from the previous experiences of other companies.
When developing your strategic thinking skills, take a course in corporate strategy. Or ask around with contacts in your network to hear about their experiences.
To ensure your strategic planning process is effective, it’s essential to know your organization’s purpose and plan to achieve it. The objective is the reason your organization exists.
Communication is crucial to reassess and set goals. By committing to strategic planning now, you’re investing in your organization’s future.
About the Author
Eugen Spivak is a multi-award-winning author, business strategist, and a business coach. Eugen is the founder of the Canadian Institute of International Business, an organization focused on a better way to learn business!
Study With Us!
We offer practical courses in various areas of business. Our instructors have at least 10 years of practical experience in their fields.