Learn how to implement the overall strategic planning process from start, to finish and through ongoing iterations. This way, you are equipped to apply all the specific knowledge gained in the course.
- If you decide you're going to go out and run a strategic planning process, there's a set of very tactical steps that you're going to take. Let me walk you through what the normal strategic planning process looks like. First, you're going to communicate to everyone that you're going through a strategic planning process and you're going to identify the resources required to build the strategic plan. You'll identify team members and send out a project charter saying here's who's involved representing which areas and here's the work that they're going to do and get their commitment from them and from their managers that they're going to be involved in the process. Next you'll conduct the first series of meetings where everybody gets together. You'll explain the overarching strategic planning process, articulate what the deliverables are coming out of that process and then you'll start working on the content. The content from that first set of meetings will be the SWOT, the mission, the vision, the guiding principles, the goals, and your strategic filters. You'll also want to assemble that first initiative list of all the ideas that everybody has that you're going to want to evaluate. After that meeting comes time for homework. That initiative list needs to be parceled out to the members of the team, everybody should have clear assignments around which initiatives they're going to evaluate. They'll complete their homework which is looking at each initiative relative to the strategic filters. Once everybody's done that you bring the team back together. During that meeting, you're going to through initiative by initiative and each owner is going to justify why they rated that initiative the way they did against the strategic filters. The output of that second set of meetings is an initial prioritization list with the highest priority initiatives identified and owners assigned. Now comes more homework. Those owners will go out and do that deeper analysis on every one of the high priority initiatives. When they complete that analysis which includes the market validation, the financial analysis, the execution considerations, you'll bring the entire team back together again. Now it's time for resource planning. You'll look at that priority list, you'll validate the top list of initiatives that you're going to pursue, and then identify the resources you have and how you're going to allocate them to those initiatives that are above the line. After that it's ongoing execution. You'll have the owners who are accountable for their initiatives, they'll be implemented, they'll be tracked, and you'll report back to that steering committee on the progress of the overarching strategic plan. In parallel with that, you should be launching that ongoing prioritization process, so as new ideas come in, they can be added to the strategic plan and you can update your efforts accordingly. As you go through this process, that communication, when you bring people together and send them away, is a key role that you're going to play as you run this strategic planning process.
- Define the principles of strategic planning.
- Identify forces used to assess the market.
- Explain how to conduct a SWOT analysis.
- Articulate how to establish guiding principles and set goals.
- Explain what strategic filters are used for.
- Describe the steps of a strategic planning process.