There are 10 stages in strategic planning, summarised as follows.
1.Mission statement: purpose of the organisation including what and how it aims to achieve – what is the importance for the existence of the organisation?
2.Vision statement: what will the organisation look like in five or more years.
3.Values statement or guiding principles: the core beliefs that represent the essence of the organisation.
4.SWOT: summarised view of the organisation’s Strengths, Weaknesses, Opportunities and Threats.
5.Competitive and Comparative Advantages: what aspects make the organisation outperform competitors?
6.Long-term strategic objectives: spanning within a three-year (or longer) time horizon, the objectives answer the question of what your organisation must focus on to achieve its vision.
7.Strategies: the general umbrella methods used to reach the organisation’s vision
8.Short-term goals: the strategic objectives are divided into specific performance targets that will be met in each year, stating what, when, how and who.
9.Action items/plans: explain how a goal will be accomplished (executed by selected teams or individuals), with details by intervals of one to two years.
10.Financial assessment: based on historical record and future projections, helps to plan ahead with control over performance.
By accomplishing the 10 stages of strategic planning, the organisationmust have clearly declared and answered the following questions:
•Where we are?
•Where are we going?
•How will we get there?
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