Strategic Planning is a process that helps an organization focus on how to succeed in the future by evaluating the organization’s current status, where it would like to be, and how to get there. It also integrates the goals of the major business functions (financial, accounting, business development, marketing, sales, operations, IT, HR) to achieve success
Simply Put: It’s a complete look at how to position an organization for future success
Further Explained: Strategic Planning is imperative as it does the following:
● develop and maintain a competitive advantage
● ensures the stakeholders can contribute, understand and support vision/strategy
● leaders are taught to recognize challenges and problems and how to solve
● encourages forward thinking and clarifies individual responsibilities
● Better allocation of time/resources, increases profitability, and fosters a proactive rather than reactive culture.
As an HR professional, it’s important for you to know that strategy can be done in these four steps:
STEP 1: Strategy Formulation
STEP 2: Strategy Development
STEP 3: Strategy Implementation
STEP 4: Strategy Evaluation
STEP 1: Strategy Formulation:
● Mission/ Vision/ Values- What are they?
Mission statement - Tons of detailed explanations on the elements of a mission statement. Simply put, the mission statement should detail why your organization exists. EX: Google Mission Statement: to organize the world information and make it universally accessible and useful.
Vision statement - Like the mission statement, many detailed explanations, but simply put- your vision statement should describe the future of the company as a successful organization. EX: Google Vision Statement: to provide access to the world's information in just one click.
Further Explained: You should be able to visualize vision statements. If it describes the future, what would the company look like in 10-20 years from now?
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