Understanding the principles of strategic planning

- What is a strategic plan, and why is it important? … A strategic plan defines what your organization stands for. … It defines the market where you compete, … and how you compete in that market. … It's the definition of the goals you're going to pursue … and, more importantly, the initiatives you're going … to pursue to achieve those goals. … It's also going to help you allocate … your very limited resources to pursue those initiatives … and reach those goals. … Why is a strategic plan so important? … First, it provides focus for your efforts … and your limited investments. … It gives your team something to rally around … and be excited about. … And lastly, it helps you identify the risks … and opportunities you're going to face in the market, … and then plan for those risks … or exploit those opportunities. … There are three principles of strategic planning … that you should follow. … First, set a clear direction and stay in your lane, … versus meandering and pursuing strategies … that change every year. …