What does strategic planning mean?
Strategic planning is the process of steps that should be taken when implementing a strategy.
This process can differ from organisation to organisation, but it predominantly follows six key steps:
- Reviewing or developing mission and vision statements
- Completing a business analysis – SWOT is an example of an analysis that lots of companies use.
- Selecting and developing strategic options
- Establishing strategic objectives
- Creating a strategic execution plan – this is where OKRs come in.
- Establishing resource allocation – this is both financial and personnel.
Why is strategic planning important in business?
Without a clear strategy, you won’t be able to achieve your overall goals. Strategic planning ensures that you have the tools in place to achieve your objectives, so it’s essential for protecting the longevity of your business.
Who should be involved in strategic planning?
All members of an organisation will be involved in the strategic planning process in some way. In most cases, senior management and business owners will establish long-term company goals. Then, a strategic planning consultant can help to outline the steps needed to achieve these goals.
Whereas, employees are encouraged to set OKRs that will be linked to the wider company objectives.
Can you use OKRs in the strategic planning process?
Yes! In fact, we encourage it. OKRs provide a clear outline of how your strategy should be implemented.