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Download strategic plan template in Microsoft Word format.
A Closer Look at an Effective Strategic Plan Format
As a business owner, whether your business is small, medium or large, product-based or service-based, you probably have a certain vision for where you want to take your organization in the near or distant future, but to reach those goals you’re going to need a plan to help direct you and plenty of help from your employees. This is where a strategic plan can be very beneficial, especially one that follows an effective strategic plan format. To illustrate this, in this article we will examine a format that has proved to be a very effective tool for many different companies, and provide a brief explanation of each of its components.
Strategic Plan Format: Examining the Components
A strategic plan is a type of step-by-step guide, a map that will not only help your company attain its future goals, but set a foundation so that each member of your organization understands what those goals are, and the roles they will play in achieving them.
A strategic plan allows you and your employees to dream big with regard to the future of your company, and when everyone is involved in the planning process, each employee will almost invariably work harder to make sure those plans are successful.
The strategic planning process can be performed with any size company, but it is particularly effective in large companies with many different departments as a way to open the lines of communication, identify the various strengths and weaknesses of the organization and set collective goals for the future that each and every employee can buy into. The process typically consists of several key steps or components, all of which are outlined below:
- Vision. The “vision” component requires extensive brainstorming, all geared towards a common idea of where the company should be 3, 4 or 5 years in the future. Questions can be posed in these sessions such as “What kind of image do we want?” and “How big do we want to be?” Eventually the information will be narrowed down into a collective vision that all can agree upon.
- Mission. The “mission” of the company is not quite as vague as the “vision,” and should describe what the company will actually be doing at the end of the plan. It should include very specific language that identifies the type of company you run, what your company does, and how you plan to do it.
- Critical Success Factors. This section identifies the key success factors that need to be addressed if the company is going to achieve the vision and mission. This could include factors such as credibility, quality standards, financial resources and technical expertise.
- Strategies and Actions. For each critical success factor identified, a strategy or action plan must be created to address it.
- Implementation. Once the critical success factors and action plans have been identified and created, each one must be prioritized and documented on an implementation schedule. This schedule will include start dates, milestone dates and an anticipated completion date for each action plan.
This type of strategic plan format includes all the steps necessary for effective planning. Not only is it ideal for setting collective goals based on the company’s vision, it also includes prioritized steps that will make each employee accountable for their role in the process.