Strategic planning gives an organization the opportunity to set priorities, assign resources, and harmonize energy towards achieving a common goal. For an organization to thrive in the market today, it should invest in proper strategic planning and management practices. Involving multiple stakeholders is the only way to ensure that the organization collectively moves forward. The entire organizational strategic planning process is quite complex, with multiple steps and stakeholders. To increase the likelihood of success, organizational strategic planning should involve four main parts.
Involving all the parties
For an inclusive strategic planning process in an organization, it is essential to engage the multiple parties concerned. The most important of these parties include the various departments in the organization, the senior and junior administrative structure, the employees, and even shareholders. Involving all the parties gives the organization the opportunity to win the incentives and the support of everyone whose input is crucial to the ultimate success of the planning process.
Successful strategic planning should focus on setting specific milestones, deadlines, and goals to be achieved. Bringing all the stakeholders involved in the planning process to agree on common deadlines for specific tasks helps ensure that everyone within the company works towards a common goal. Without milestones, persons responsible for specific tasks in the outlined goals will not be able to set the momentum.
Work with action steps rather than goals
Before wrapping up the strategic planning process, it is highly essential to set in place the strategic action steps that are required to achieve the strategic goals. Working with action steps allows your organization to achieve its milestones within the desired time as compared to working with broad goals. The steps should define the particular actions that the organization needs to put in place in order to achieve the identified milestones.
Have a strategic review in place
After completing the strategic planning process, it is vital to have in place opportunities for strategic reviews to be done. The idea behind strategic reviews is to have the company evaluate its past performance in terms of the progress made within a given duration of time. If the review process identifies that the organization is lagging on various milestones, it should prompt the company to contemplate the necessary corrective measures and adjustments.
Running a business requires tremendous levels of experience and allocation of sufficient time towards management and administration. As a business manager or owner, it is your responsibility to rally all your workers and subordinates, bringing them together to set priorities and allocate resources through strategic planning. Proper strategic planning for your business should focus on five areas of importance.
- Creating vision, mission, goals, and values
The strategic planning process should start with establishing the core values that advise the business’s operations and define its direction. The values should be followed by a mission and vision which define the business’s core existence and how it operates. The mission statement should be carefully crafted and stated in tandem with the businesses’ goals and values. Bringing together everybody within the business to participate in this preliminary planning stage enhances teamwork and a sense of belonging.
- Team working
The corporate strategic planning process should also bring together different teams, each of which has specific responsibilities. The formation of teamwork within the organization should be strategized to within the departmental level. Each team should be rightly composed and structured to work as a unit. Different teams that share responsibilities should be able to effectively complete tasks and work together.
- Creating action plans
Organizational action plans allow your organization to organize and plan on how it intends to achieve specific objectives. The organizational action planning process should factor-in the basic elements and components of a good action plan, including the specified resources, channeled towards accomplishing the goals, the milestones, and the timelines by when the tasks should be completed.
- Progress evaluation
The progress evaluation process brings together everyone involved within the action plan to evaluate the progress achieved so far, and the areas of importance that should be addressed to realign the business for future performance. Organizational progress evaluation should be conducted at the individual employee level, the teamwork level, departmental level, and the entire organization level.
- Benchmarking achievements
With proper planning, good resource allocation, and management of the workforce, an organization can easily achieve its targets. Benchmarking the achievements made in the short and long-term, preferably once or twice a year, allows the organization to appreciate employee participation through an elaborate rewarding process. This motivates workers to maintain their loyalty and dedication to further enhanced corporate performance.
Data has become an important factor in operating just about any business. While new IoT (Internet of Things) devices help business owners collect data, it’s also important to develop a system for curating that data. Without some way of analyzing that data and applying it to the business’ practices, it does little good to collect this information.
As a business leader, your ultimate goal should be to use data to help you promote a product that already has the potential to perform well. You may want to boost sales on an already popular product, or you may recognize a demand for a product you don’t yet manufacture. In either case, collecting data that relates to that product can help you reach the goals you have for marketing and selling that product.
Data collection can also be useful in helping you enter unfamiliar markets by giving you an indication of consumer spending habits. By analyzing the purchases of consumers in that market, you can measure how well your products will be received. This can help you devise a marketing strategy that will be customized to consumers in that market.
Often, people think of data analysis as a free tool that can help you compete in a global market. While that can be true up to a point, there are costs associated with collecting and using data that you should consider. For instance, what devices and software applications will be needed to collect and analyze that data? How will this data be stored? How long will you keep data on your system? These are all questions that will help you determine a strategy for collecting data, while also outlining the expenses associated with amassing and analyzing the data. Once you understand what’s involved in using data to grow your business, you’ll be better prepared to develop a strategy for collecting and using the data that’s most relevant to your business goals.
In the future, collecting data may become an even more essential aspect of operating your business. Data analytics may be used to help you determine what products to manufacture, when to order the raw materials to produce those products, and which consumers are most likely to buy those products. However, this doesn’t mean all data will be useful. Determining what data to collect will become as important as choosing the right hardware for storing that data.
About Gorman Houston
Gorman Houston is an esteemed professional in the fields of education and business. He is an inspiring leader with years of experience in communication, management, and team-building.
His mother was a businesswoman and his father was an attorney, providing a perfect support system early on. Prior to seminary school, Gorman majored in economics. His first degree was a Bachelor of Arts degree in Economics from the University of Virginia, which was followed by a Masters in Business Administration from the University of Alabama. He then earned a Master of Divinity from Yale and received his Doctorate in Ministry from Emory University.
After 25 years as a minister, he started working in business when he began teaching at the university level. As a professor, he has always inspired students to achieve academic and personal success. As a member of the graduate faculty at Kaplan Test Prep, Gorman Houston taught and tutored students to prepare for their LSAT exams. At the University of Alabama, he continues to manage and expand faith-based ministries on the campus while teaching courses in management and marketing. He is the founding pastor of Pure and Simple Lifestyle Christianity and serves on the preaching staff at First United Methodist Church in Tuscaloosa, preaching regularly in both the traditional and the contemporary services. He also preached for a year as interim for “The Bridge” service at the First United Methodist Church.
Gorman has a long history of helping businesses in his community. His technique is to first create a vision for a company’s transformation, and then help them meet goals using a team-based approach. He specializes in group-leadership, team-building, budget management, negotiations, fundraising, marketing, and human relations.
One of his most notable projects was the rebranding of the Dauphin Way United Methodist Church, where he developed, wrote, managed and oversaw the production of a major marketing campaign. As a result of this campaign, the church saw a broader, more positive awareness grow in the community. As senior minister, he has helped many organizations expand and grow in membership, attendance and budgeting.
Fundraising is also a big part of Gorman Houston’s life. He served as Chairperson of the Capital Fund Campaign for Blue Lake United Methodist Camp, where he helped raise $3 million in gifts and pledges. He was one of the 15 members of the United Methodist Central Conference Pension Initiative, which helped raise $20 million. He led a campaign to establish a YMCA in Greenville, Alabama, and chaired the Capital Fund Drive to build an interfaith chapel at the Mobile Metro Jail. Gorman has restored, renovated, and expanded facilities of several churches and has achieved all of this by working respectfully alongside architects, contractors, church staff, building committee members, historic neighborhood associations, fundraising teams and the congregations.