Have you developed your Strategic Plan? Does it achieve your Vision for your company? Setting Goals is actually critical to reaching them. Whether it’s reaching a particular sales level, or being able to retire, unless you set a goal, you are being reactive, not proactive, and your result is at risk.
Are you just planning for next year, or are you truly being Strategic? Just as a budget defines WHERE you want your business to be at the end of the next year, the Strategic Plan defines WHAT you want your business to be in the future. Here are the four elements that make up a Strategic Plan:
Vision – This is your image of your business. Who do you serve? How do you want to be perceived by your customers and the business community? This is the personality of your business. Once you formulate this Vision, make sure that everyone that works for you knows and understands their role in reaching it. If the vision is yours alone, you’ll never achieve it.
Goals – These specific accomplishments are milestones to accomplishing your Vision. What are the points along the way that assure that you’re heading in the right direction? The goals should create a roadmap that allows you to reach your finish line. They assure that you’re on the right track.
Tasks – How are you going to accomplish your Goals? Each of those Goals has tasks that must be achieved. They are the elements that get you to the top. No Goal is accomplished overnight. By laying out the tasks to get there, you will get to your desired result.
Timeframe – When will your Strategic Goals be reached? It’s almost like trying to get to the end of a rainbow. You can see it (you think) and you move towards it. But, it keeps moving ahead of you. Your Strategic Plan should be the same way. As you make progress to your accomplishing your current plan, you need to revisit the process. Develop a new Plan that takes you to that next level, and then the one beyond that.
Your Strategic Plan can easily be staged, so that there are near term Strategic Goals, and then longer term Strategic Goals. Keep your plan fresh, keep the goal just out of arm’s reach, and your company will continue to reach forward into the future.
FAQs
The four most widely accepted key components of corporate strategy are visioning, objective setting, resource allocation, and prioritization.
What are the four 4 process of strategic planning? ›
A 4-Step Process for Strategic Planning
- Step 1: Analysing the Environment. The first step in strategic planning involves analysing the external and internal environment in which your organisation operates. ...
- Step 2: Developing a Strategy. ...
- Step 3: Implementing Strategy. ...
- Step 4: Evaluating Strategies.
With an intimate knowledge of the strategy, the CFO can connect the strategy to the numbers and communicate it in a language that makes sense to investors. Some CFOs spoke of this in terms of being a “translator”. This is perhaps most important in communicating an organisation's strategic approach to climate change.
What are the 4 P's of strategic planning? ›
With these management tools providing input in real time, organizations can quickly adjust course as circ*mstances present new opportunities or threats. A simple model made up of “Four Ps” can help companies create this advantage. These Ps are Perceptions, Performance, Purpose, and Process.
What are the 4 principles of strategy? ›
In our experience it's a focus on four key principles: Developing a plan and then sticking to it. Relentless focus on driving business value through benefits realisation. Leadership involvement and communication.
What are the 4p planning process? ›
The approach to incorporating the "4 P's", People, Process, Product, and Planning, into quarterly themes is a strategic and well-structured way to manage and adapt business plans throughout the year. This approach reflects a commitment to flexibility, focus, and continuous improvement.
What are the 4 phases of strategic management? ›
The four phases of strategic management are formulation, implementation, evaluation and modification.
What are the 4 factors that underpin a strategic plan? ›
Four Key Factors for Success During the Strategic Planning...
- 1: YOUR STRATEGIC TEAM. Determining who will be part of the Strategic Planning Team should be easy. ...
- 2: YOUR STRATEGIC GOALS. ...
- 3: SET STRATEGIC PRIORITIES. ...
- 4: DON'T FIGHT THE PLAN.
The four elements of the strategic management process are environmental scanning, strategy formulation, strategy implementation, and evaluation and control. Environmental scanning involves monitoring and evaluating external opportunities and threats in light of an organization's strengths and weaknesses.
What are the 4 structures of strategic management? ›
Four types of structures are available to executives: (1) simple, (2) functional, (3) multidivisional, and (4) matrix (Figure 9.6 “Common Organizational Structures”). Like snowflakes, however, no two organizational structures are exactly alike.
CFO Priorities FAQs
The CFO's primary focus ultimately comes down to building financial resilience for the organization. CFOs need to toggle between offensive and defensive considerations as they build up profitability while still pursuing smart growth opportunities.
What is the role of the CFO in the future? ›
The CFO of the future and finance teams will need to adapt quickly to change, whether it's supporting their company's ability to move into a new market, adapt to new regulations, or create a new business model. CEOs are also looking to CFOs to help drive innovation and transformation within their organizations.
What is the main focus of the CFO? ›
The CFO role has emerged from focusing on compliance and quality control to business planning and process changes, and they are a strategic partner to the CEO. The CFO plays a vital role in influencing company strategy.
What are the four 4 phases of strategic framework? ›
The strategic planning process consist of four key phases of strategic planning — environmental scanning, strategy formulation, strategy implementation, and evaluation and control — it involves rigorous analysis, decision-making, and action.
What are the 4 P's of strategy service strategy? ›
This blog is all about the 4 Ps of service strategy: perspective, position, plan, and pattern, and how they can help your company deliver the best IT services on the market.
What are the four 4 strategic management model? ›
We are going to focus on four strategic management models in particular: SWOT, PEST, Balanced Scorecard, and Real-Time Model. . SWOT Analysis.. It consists of four basic elements that enhanced proper processes and attainment of set out organizational objectives.
