Redefine your strategic planning process. Dynamic planning with radical simplicity connects planning, execution, and success for Strategy and Operations leaders.Learn More
Elate puts everything you need to build your Strategic Plan right at your fingertips. From setting your long-term vision and annual goals to tracking quarterly objectives, it’s never been easier to create a plan that helps you reach your goals.
Rather than working out of dozens of spreadsheets or endless presentations, Elate helps you build a simple, intuitive plan that can be easily shared with team members.
“All who wander are not lost” may be a great motto for soul-searching, but not for business. Instead, “If you don’t know where you’re going, you’ll end up someplace else,” is a more accurate philosophy for firms competing in the marketplace. Without a clear goal—and a plan to get there—your business could be wasting valuable time and resources without fulfilling your mission.
Yet, only 64% of team members report that their organization formulates strategies to respond to changing market conditions. Out of those that plan, 61% struggle to actually implement strategic initiatives. An overwhelming percentage of businesses don’t have effective strategic planning in place to reach success, so they aren’t achieving their goals.
Working with a strategic planning process model provides your organization with structure to kickstart your planning process. In this article, we’ll explain the essential components of a strategic plan and the criteria for effective strategy, so your next plan can be your best yet. Let’s get started.
Successful strategic planning includes three essential phases:
When building your strategic plan, you need a goal. Using the SMART framework can help determine which end results are worth pursuing. SMART goals set you up for success from the beginning because they are:
Growing the business isn’t specific enough, but hiring and onboarding six new engineers is much more targeted.
With a goal set, you need to gather a team to see the plan through. Who will be responsible for executing various tasks within the plan? Who will ensure the plan stays on track? And who will provide feedback when the process is complete? Assign these roles in writing within the plan itself so there are no questions during future stages.
With a destination in mind and your team ready to get to work, it’s time to put your strategic plan in motion. However, as anyone who has ever made a plan knows, things rarely work out as you intended. Still, there are steps you can take to meet challenges and stay on course.
While the conditions you execute your plan in can become unpredictable, there are ways to proactively make your plan more resilient. At Elate, we’ve found the following to be key success factors in strategic planning:
See how your strategic planning can benefit from unified stakeholder buy-in, transparent communication, and real-time reporting—all in one platform. Schedule a demo today. For more strategic planning tips, keep reading.
Once your plan has run its course, it’s important to take a step back and see what worked as well as what didn’t. To get a complete picture of your strategic plan’s success, you need feedback from all stakeholders. Customers, upper management, and team members at all levels will have unique and valuable insight on how to improve your strategic plans.
Planning for planning’s sake is tedious and may not actually yield results. You need to have a goal or a vision for success. Otherwise, what are you planning for? Focusing on achieving a tangible outcome is the difference between spinning around a hamster wheel and reaching the peak of a mountain. Both require effort, but only one comes with a beautiful view.
The last thing that helps a strategic plan to succeed is a stack of programs for each function. Instead of trying to coordinate functions across applications that don’t work together the way you need them to, get all of your essential capabilities in one platform—Elate.
Your team can use Elate to: