Understanding the principles of strategic planning - Strategic Planning Foundations Video Tutorial | LinkedIn Learning, formerly Lynda.com (2024)

FAQs

What are 4 principles of strategic planning? ›

She identifies these as the C-SALT principles: Collaboration, Specificity, Assessment, Leadership, and Transparency. Collaboration: A good strategic plan provides a collectively developed road map for achieving an organization's vision.

A simple model made up of “Four Ps” can help companies create this advantage. These Ps are Perceptions, Performance, Purpose, and Process. There are six different stakeholder groups you should be listening to periodically to determine whether you're moving in the right direction.

Treat it as Process, Not a Document The strategic planning process should involve: Collecting relevant facts. Setting priorities. Weighing competing alternatives.

There are seven core elements that if considered will contribute to the organization's project decision-making process. The seven elements (7 C's) are: customers, competitors, capabilities, cost, channels, communication, and coordination.

The following steps ensure that plans are used to guide the work of the organization: Communicating or "marketing" the plan, • managing the implementation of the plan, • supervising the actual work, and • monitoring and reporting progress on the plan.

A strategic plan is often a set of actions a business must follow to achieve a goal. A strategy addresses questions such as how, when, where, who, and what. It's an acceptable idea to have a strategy in place.

Successful strategic plans require clear, measurable, purpose-driven goals and full team buy-in. That way, individuals can be motivated to embrace their role in reaching larger strategic goals that can make a company thrive.

Strategy – this is the heart of the strategic plan and includes components such as mission, vision, values, strategies, goals, actions, outcomes, the planning horizon, and the strategic context.

At its most basic level, a strategy is a hypothesis. To be a good strategy, it must precisely diagnose the problem being solved; set a guiding policy that will address that problem; and propose a set of coherent actions which will deliver that policy.

In simple terms, strategic thinking and/or planning consists of three phases that identify and clarify: 1) where we are now; 2) where we want to be; and 3) how we will get there.

What are the key concepts of strategic planning? ›

Strategic planning involves selecting goals. Most planning uses SMART goals -- specific, measurable, achievable, relevant and time-bound -- or other objectively measurable goals.

Mintzberg's 5 Ps of Strategy include Plan, Ploy, Pattern, Position, and Perspective. Plan refers to a deliberate course of action that outlines the steps necessary to achieve a specific goal. Ploy refers to a maneuver or tactic used to gain an advantage over competitors.

Determine your strategic position. Prioritize your objectives. Develop a strategic plan. Execute and manage your plan. Review and revise the plan.

The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.