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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.
Creating alignment and visibility across a business is harder than ever before. But doing so can serve as a competitive advantage for how your company scales and differentiates from competitors. To bring this to life, executives must create a strategic plan for how to accomplish their goals, both long-term, and short-term, in a way that brings team members along for the journey. These plans will usually include details like the mission and values of the company, a clear vision for the future, and actionable steps to take to achieve them.
But when it comes time to sit down and make your plan, some leaders struggle with exactly how the practice of strategic planning should look within their company. One of the most effective ways is to use one (or adapt several) strategic planning techniques that can serve as a foundation for your company’s operating cadence and rhythms. These are frameworks that have been developed to give people a set process to follow. In this short guide, we’ll cover strategic planning tools and techniques, looking at why these techniques are helpful, what the most popular techniques are, and what tools you can use to carry them out to set your company up for success.
Using a strategic planning technique is important for several reasons:
There are many different techniques of strategic planning, so let’s take a quick look at three of the most basic: the SWOT Analysis, Balanced Scorecard, and Objectives and Key Results (OKRs).
Strengths, Weaknesses, Opportunities, and Threats are the four areas that make up this acronym. By examining both the positive and negative aspects of your business, you can create a strategic plan to maximize the potential of your company. When using SWOT, you’ll find yourself answering questions related to each area, like:
Whatever the questions, the process of going through and examining each of these areas will help you create a meaningful, actionable strategic plan.
“What you measure is what you get,” according to Robert Kaplan and David Norton, the creators of the balanced scorecard. This technique provides a way to look at four perspectives to create a “balanced” high-level view of performance. Using BSC, you can communicate your goals effectively, create alignment for working towards those goals, and measure and monitor your progress.
The four perspectives that BSC examines are:
As the name suggests, the balanced scorecard is a well-rounded approach to strategic planning.
Developed at the computer company Intel, this framework was quickly adopted by other tech companies, in part due to its simplicity. All you need to do is choose an objective and identify three to five key results. It’s important that the key results are easily measurable so that you are able to determine success. For example, let’s say that your objective is to grow your business. The three key results might be:
Each of these key results is easy to measure and give a clear picture of your company’s growth—more revenue, expanded offerings, and increased customer retention. In general, you should aim for about 70% success rates, since 100% results often mean that the goals were not ambitious enough.
Strategic planning tools are what you use to create and carry out your plan. A tool can be as simple as a piece of paper and pen or a solution that streamlines the process and drives higher engagement throughout the company. Here at Elate, we focus on helping companies build, execute, and review their strategic plan to unlock growth across their business. You might even say that we wrote the playbook on strategic planning!
Don’t just take our word though—when looking for a strategic planning platform to elevate your current process, you should be focused on a solution that provides the following features:
With Elate, you’ll find the leading strategic planning software that brings your strategic plan to life. No matter what technique(s) you use, you can easily communicate your vision, create alignment, and track performance all in one place. Ready to see Elate in action? Try a free demo or contact us today to take your strategic planning to the next level.