What Are The Key Components Of A Strategic Plan?

What are the three components of a strategy?

Strategy is comprised of three parts: Vision, Goals, and Initiatives:Vision describes who the customers are, what customers need, and how you plan to deliver a unique offering.Goals are quantifiable and define what you want to achieve in the next quarter, year, or 18 months.More items…•.

What are the four key elements of strategic planning?

No matter what approach you take, focus on these four critical elements, which are common to all effective strategic plans:Vision. One’s vision for the business is where we imagine it will be at a future date. … Core competencies and market opportunities. … Effective execution.

What comes first strategy or goals?

Most business leaders don’t realize that, to be successful, strategy must come first. Creating a goal is a way to measure what you want to achieve as an organization. … Strategy is creating a powerful position within the marketplace. In business, it’s about getting focused, and staying focused.

What are the five elements of strategy?

An effective strategy contains five key elements: Arenas, Differentiators, Vehicles, Staging, and Economic Logic. Remember that it’s important to consider each element in the diamond because they are all interrelated and mutually reinforcing.

What is the structure of a strategic plan?

Strategic Plan An overarching plan of action for an organization’s future within a specific timeframe. Includes mission and values; defines specific goals, articulates how those goals will be achieved, and includes timelines, accountability, and assessment measures.

How do you write a strategic plan?

Draft a planExecutive summary. You want the reader to quickly grasp the mission of your company, its values, issues and goals and key strategies to reach goals. … Signature page. … Company description. … Mission, vision and value statements. … Strategic analysis. … Strategies and tactics. … Action plan. … Budget and operating plans.More items…

What’s a good strategy?

A good strategy provides a clear roadmap, consisting of a set of guiding principles or rules, that defines the actions people in the business should take (and not take) and the things they should prioritize (and not prioritize) to achieve desired goals.

What are the 5 stages of strategy development?

The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.

What are the six elements of strategic thinking?

Six common components include: 1) tools for analysis; 2) strategic purpose; 3) values; 4) vision; 5) key goals; and 6) action planning. We will review each of the components below. There are a number of different tools used for analysis in strategic conversations.

What are the six major components of strategic planning?

In this blog we outline the 6 vital elements to successful strategic planning for your organization.Define your vision. … Create your mission. … Set your objectives. … Develop your strategy. … Outline your approach. … Get down to tactics.

What should be included in a strategy document?

While the specific terminology varies, basic sections of a strategic plan include the following in roughly this order:Executive summary.Elevator pitch or company description.Mission statement.Vision statement.Goals.Industry analysis.Marketing plan.Capacity.More items…

What are the 6 steps in the planning process?

The six steps are:Step 1 – Identifying problems and opportunities.Step 2 – Inventorying and forecasting conditions.Step 3 – Formulating alternative plans.Step 4 – Evaluating alternative plans.Step 5 – Comparing alternative plans.Step 6 – Selecting a plan.