Format for updating a strategic plan

Posted by / 30-May-2020 05:08

Strategy has many definitions, but generally involves setting strategic goals, determining actions to achieve the goals, and mobilizing resources to execute the actions.

A strategy describes how the ends (goals) will be achieved by the means (resources).

This may be part of a competitive intelligence program.

Inputs are gathered to help support an understanding of the competitive environment and its opportunities and risks.

As such, strategic planning occurs around the strategy formation activity.

Strategic planning provides inputs for strategic thinking, which guides the actual strategy formation.Typical strategic planning efforts include the evaluation of the organization's mission and strategic issues to strengthen current practices and determine the need for new programming.The end result is the organization's strategy, including a diagnosis of the environment and competitive situation, a guiding policy on what the organization intends to accomplish, and key initiatives or action plans for achieving the guiding policy.There will also arise unintended Outcomes, which need to be attended to and understood for strategy development and execution to be a true learning process.Simply extending financial statement projections into the future without consideration of the competitive environment is a form of financial planning or budgeting, not strategic planning.

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The senior leadership of an organization is generally tasked with determining strategy.