How do I write a strategic plan?
I need to write a strategic plan for my class. What is this? How do I write one?
Answer
A strategic plan is a "future-oriented statement that presents all the information and data needed to determine the direction of a company or project. There are several elements that go into a corporate plan: vision, assumptions, objectives, information, analysis, measurement, evaluation, and opportunity" (Strategic plan, 2013).
Your assignment may specify which elements should be included in your strategic plan, so be sure to read it carefully. If it doesn't, here are some general components in most strategic plans:
- Analyze the current state of the organization or initiative. There are many tools out there to accomplish this; one of the most popular is a SWOT analysis.
- Determine where you want to go. What issues are a priority to be addressed? How do they align with the mission or the organization or initiative?
- Set goals for the organization or initiative. What do you want to achieve, and over what period of time?
- Figure out who is accountable for reaching those goals. How are you going to achieve the goals? How much time and money needs to be allocated where in order to make this achievable?
You may also find these additional resources helpful:
Strategic Planning Tools in Enyclopedia of Management
Strategy Implementation in Encylopedia of Management
References
Aileron. (2011). Five steps to a strategic plan. https://www.forbes.com/sites/aileron/2011/10/25/five-steps-to-a-strategic-plan/#41137b754645
Ott, C., Zatz, D. A., Thomas, J. G., & Plenert, G. (2006). Strategy Implementation. In M. M. Helms (Ed.), Encyclopedia of Management (5th ed., pp. 845-851).
Strategic plan. (2013). In G. T. Kurian, The AMA dictionary of business and management.
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