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strategic planning
long term planning tool used for viewing a business and the environment which it operates
5-10 years overview and helps formulate goals
action plan development
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strategic plans and budgets
need to have resources of the budget to make reason why you have certain goals and validates importance
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7 steps to strategic plan
organize a strategic planning team
ID strategic direction (mission and vision)
conduct a strategic analysis (SWOT)
define major goals
develop and action plan
develop monitoring and evaluation system
communicate the plan
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Step 1- create the plan
include external people or customers who may have other ideas
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step 2- ID strategic direction
should be sprcific but not long
purpose, scope and direction of business in 25 words or less
mission and vision and values
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mission statement
overall purpose of the business
reason why it exists
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vision statement
articulation of future goals or desired long term achievements
future direction
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Step 3: conduct a SWOT
assess and analyze the internal and external factors of the organizations
businesses are constantly changing and need to adapt
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SWOT external
opportunities and threats
economic, legal, socioculture, technological, competitive
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opportunities
factors that may help the organization achieve its missions and goals
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threats
obstacles to achieving your mission and goals
usually have NO CONTROL over threats
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SWOT internal
strengths and weaknesses, have to do with your own business
what does the company do well, what could it do better
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strengths
factors that will be beneficial or conductive to achieving the goals of the strategic plan
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weaknesses
characteristics that may detract from achievingt he goals
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Step 4- Major long term goals
SMARTER goals, want to reflect the mission and provide movement towards vision
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SMARTER goals
- Specific
- Measurable
- Acceptable
- Realistic
- Time-based
- Exending
- Rewarding
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Step 5- Action planning
made up of objectives or short term goals that show progress in getting closer to the strategic plan
sets a time line to ultimately achieve goals
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Step 6- monitoring and evaluating
actual peformance vs planned performance
SMARTER goals used here
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Step 7- communicating the plan
need the employess to understand and buy in
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When should a strategic plan be done?
when the organization is new
when the organization is preparing for changes
usually a 5-10 year view, so update action plan every year
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