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strategic planning process
5 steps of the strategic planning process
Reading time: about 6 min
Posted by: Lucid Content Team
Strategic planning process steps
Determine your strategic position.
Prioritize your objectives.
Develop a strategic plan.
Execute and manage your plan.
Review and revise the plan.
Every business should have a strategic plan—but the number of businesses that try to operate without a defined plan (or at least a clearly communicated one) might surprise you. Research from OnStrategy shows that 86% of executive teams spend less than one hour per month discussing strategy, and 95% of a typical workforce doesn’t understand its organization’s strategy.
Because so many businesses lack in these regards, you can get ahead of the game by using strategic planning. In this article, we will explain what the strategic planning process looks like and the steps involved.
Strategic planning process
Strategic planning process (click on image to modify online)
What is the strategic planning process?
In the simplest terms, the strategic planning process is the method that organizations use to develop plans to achieve overall, long-term goals.
This process differs from the project planning process, which is used to scope and assign tasks for individual projects, or strategy mapping, which helps you determine your mission, vision, and goals.
The strategic planning process is broad—it helps you create a roadmap for which strategic objectives you should put effort into achieving and which initiatives would be less helpful to the business.
