Strategic planning is a process through which business leaders map out their vision for their organization's growth and how they're going to get there. The strategic planning process informs your organization's decisions, growth, and goals.
It's important for businesses because it helps align resources, activities, and goals, and ensures everyone is working towards a common vision. Strategic planning also helps identify opportunities and mitigate risks.
Strategic planning methods for businesses in general:
- SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)
- SWOT analysis is a strategic planning tool that helps organizations identify internal and external factors that can impact their success. It can be used to compare an organization to its competitors, or to assess a region's competitive advantages and disadvantages
- OKRs (Objectives and Key Results)
- OKRs is a framework that helps businesses define and measure goals. It's made up of two parts:
- Objectives: Specific and clearly defined goals that can be broad goals for a company, department, or person
- Key Results: How the goal's progress is measured or monitored
- Scenario Planning
- Scenario planning is a strategic planning method that helps organizations consider how possible future events could affect their business. It's a creative exercise that involves developing a range of story lines about how the future might unfold, and evaluating how outcomes and impact might vary under different conditions