What are the steps in the planning process
Strategic planning: 7 steps to introduce in your companyReading time: 2 minutes
Long-term growth through strategic planning
Strategic planning in your company should not just be an extension of your operational planning into a medium or long-term period. With your strategic planning you should ensure long-term growth and an appropriate return and not focus on short-term profit maximization. In your planning process, after a data-based analysis of the internal and external situation of your company, you should start with the future that is "desirable" for your company and then determine the steps with which this situation can be achieved.
How to establish strategic planning in your company (step-by-step instructions)
In a strategic plan you carry out the following steps:
- Compilation of information from the 3 areas
Market (customers and competition)
- Evaluation of the external environmental factors of your company and thus determination of the opportunities and threats.
- Evaluation of the internal situation and thus determination of strengths and weaknesses.
- Description and evaluation of possible futures.
- Determination of a mission (task of your company) and a vision (desired state of your company in the future), the values and the guiding principles.
- Deriving strategic goals and projects (catalog of measures) to achieve the vision: in this step you should also define your long-term product policy, personnel policy and advertising strategy.
- Quantitative growth forecast (sales, employees, number of products, returns).
What you need to consider when introducing strategic planning
With these 7 steps you can define strategic key decisions for your company or for the strategic business areas derived from it by means of strategic planning. When introducing your planning process, however, you should also determine at an early stage how often and when exactly the planning will be revised. In most cases, the strategic planning is revised annually. This control system is essential for the internal feasibility check of your desired future.
While your strategic planning defines the basic orientation framework for central company decisions, your operational planning should provide a concrete orientation for day-to-day actions, taking into account the strategic goals. In practice, it is therefore advisable to conclude the annual strategy planning process briefly in front the preparation of the annual budget plans.
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