Strategic Planning

Have you got a strategic plan in place for your business?

Avrithi Misthry discusses the importance of having a strategic plan!

Having a thorough strategic plan minimises distractions, aligns teams on priorities and guides organisations to focus on business priorities day-to-day.

But how do we get there?

It’s important to take stock of the year you’ve had and realign in preparation for planning another successful year ahead.   

For most organisations, there is often so much to do and so little time! So, how do we know what to focus on in the next 3-5 years and then build it into our planning for the next year?

How do we collectively consider and plan for the “urgent” and the “important” things and minimise distractions? Considering and planning for these “things” at a strategic level may help you address these concerns… 

Firstly, let’s understand the difference between strategic planning and tactical planning… 

In a game of sports, both strategy and tactics contribute to a successful outcome for a team or player. The strategy focuses on the end goal – the longer-term outcome. Tactics are the play-by-play steps taken to achieve this.  

Without a strategy, it is difficult to know what the right tactics are and how to communicate it to the rest of the team. Similarly, in an organisation, a strategic plan helps you articulate what the big, long-term vision is for your organisation which then allows you to effectively set a tactical plan to achieve it. 

Think of a strategic plan as a compass to guide you home. It gives you direction and is unwavering, even on a long and winding path. 

A strategic plan can help teams or organisations: 

• Align on a common vision 
• Determine the guiding principles and priorities of the organisation based on the common vision 
• Inform long term investments or budgeting for the organisation 
• Develop or recruit the required capabilities and skills to achieve the vision 
• Deliver a more considered service or product to customers 

By understanding, at the highest level, what the priorities of the organisation are, it helps make business decisions easier. If an initiative or project does not align with the strategy, it should not be a priority.   

Planning at a strategic level can sometimes be challenging for an organisation. Here is a checklist of the typical elements of a strategic plan and some tips to consider for each: 

• A strategic vision: This is where you describe the future organisation once you have achieved your goal. What do you want your organisation to represent/be? 
• Guiding principles: What precepts will guide decisions towards reaching the vision irrespective of changes or disruptions the organisation may face along the way? 
• Strategic priorities/themes: What are the key areas of focus during this period? 
• Strategic roadmap of initiatives: What are the key strategic initiatives you need to deliver during this period to achieve your vision? These initiatives are the overarching “programmes of work” that dictate your tactical plan for the upcoming years. 

While a strategic plan is effective in establishing a roadmap of activities for an extended period, it is important for organisations to be agile during this time. Regularly reassessing and understanding when to pivot will make strategic organisations more resilient to change. 

Having a thorough strategic plan minimises distractions, aligns teams on priorities and guides organisations to focus on business priorities day-to-day.

With a strategic plan, organisations become proactive rather than reactive which, in turn, gives teams the capacity to explore and collaborate resulting in a more innovative organisation. 

Do you think your organisation could benefit from a strategic plan? We’d love to chat with you and see how we can help!