A Strategic Planning Process and Its Benefits

A strategic planning process is a way employed by an organization to achieve the set goals. The process is comprehensive and helps create a roadmap for which strategic goals are designed to achieve. The method used varies and is made to help one define the purpose, vision, and set objectives. Strategic planning helps an organization come up with a vision, mission, and objectives. When coming up with a strategic plan, it should align the whole project team with its clear goals, mission, and vision.

It should be able to identify the primary resources of the organization and be subject to maximum utilization. The plan should also identify and keep track of the changes that might affect the organization in the future (Dionne 34). The project should also keep the focus of the team and hold them responsible for the results.

One of the steps of the process of planning is by clarifying the strategic position. All preparations take place in this stage and set the work in progress. It helps determine where one wants to go and how to use it to get to the place. With both internal and external factors in mind, get the right stakeholders and let them be involved from the beginning. Gathering information from both clients and managers to identify competitive issues happens here. To get relevant market information, data is collected from the businesses and consumers, which also helps understand and determine the role of the customer (Dionne 34). For a better assessment, employing the SWOT analysis will help determine Strengths, Weaknesses, Opportunities, and Threats.

The second step in the process of planning is prioritizing objectives. After identifying the customers’ role and determining market position, objectives must be set to achieve the targets. The set goals should be in line with the organization’s direction and its mission. There should be distinguished and precise objectives for the organization to meet the long-term initiatives and goals set in stage one.

The stage uses SMART goals to help estimate the time a course should be achieved and identify resources capital that is realizable. Key performance indicators help to keep the team focused on achieving the set goals. The project’s goals should be smart, measurable, attainable, realistic, and timely (Dionne 34). They should also be in line with the organization’s objectives.

The third stage in process planning is strategy formulation. It involves the identification of strategies needed to meet the set goals. A schedule is realized, and the responsibilities of every individual are communicated. The use visually sees the plan of strategic mapping. By using top-down strategy maps, progressive opportunities are identified as well market operations are predictable. Alternative solutions are created at this stage because of the dynamic nature of the economic and market conditions.

The fourth stage involves the implementation and management of the strategy. The growth of any business enterprise is highly dependent on effective implementation. In instances where the strategies do not work, this is the strategy where a new strategy and structure are introduced. The transformation of a broader strategy to a solid plan happens here with the process mapping (Dionne 34). The KPI dashboards are used to communicate the team’s responsibilities effectively.

The fifth and last stage is the monitoring and evaluation strategy. All the plans are analyzed and reviewed to incorporate new adjustments while ensuring that targets are met in line with the ever-changing business environment. Assessment and control strategy actions include measuring performance, revising internal and externally related issues, and developing corrective action measures in certain scenarios. Identification and definition of parameters help in determining a successful strategy.

A collective effort and cooperation among team members will result in a successful strategy (Kloppenborg et al. 34). Any long-term strategy should be flexible to accommodate the changing business environments successfully.

Among the benefits of strategic planning, processes formulate useful strategies using a more systematic approach that is more logical. In the end, studies have shown that with the strategic planning process, companies have improved general performance. Strategic planning has helped to improve communication between employees and their employers.

Dialogue is commonly used when managing, and stakeholders and employees engage in a conversation. Good communication helps each party understand his role in the organization, hence improving which will enhance the company’s growth. Good strategic planning helps to empower employees in an organization. The presence of good communication dialogue strengthens employees’ sense of effectiveness in an organization. The results will have an improvement on the company’s overall success.

Wrap-up is facilitated by a good strategy plan, as it helps in the effective formulation and implementation of decisions (Kloppenborg et al. 34). A good strategic plan will concentrate on the growth of the company, attainment of the goals, and enhancing the satisfaction of the employees.

The mission statement of the project team will be to enhance efficiency and maximize production to improve the maximum operation of the company. The vision of the team will be to create better working conditions. A project charter is an official short document that describes the entire project. The description includes the objectives of the project, how the activities of the project will be affected, and the identification of stakeholders. A good project charter should have the objectives and scope of the project well outlined.

It also helps identify the right sponsors and stakeholders of the project and get them aligned to project objectives. It is always clear and precise and helps to reference all projects singularly (Kloppenborg et al. 34). Lastly, a good charter helps stakeholders to approve the buy-in requested by the project sponsors.

One of the most important elements of a project charter is having a clear definition of the scope. Difficulties arise in many project managements due to poor definitions of scope work. A good and clearly defined scope should have fewer open-ended questions that will later prevent challenges that might arise in the future.

A well-defined scope should have every member of the team in a position to explain it to others. A well-described project should clearly state the name of the project, the date when the charter was created, the author of the project, and the project managers and sponsors. The element is important as it outlines the project’s goal, and the main reason the project is being implemented (Kloppenborg et al. 34). It also explains the problems that will be solved and counter any new trends in the business environment.

A good project charter should have the element of assessment of risks, assumptions, and constraints. Making explicit assumptions about the project and monitoring the constraints will help in the efficient implementation of the project. Assumptions help present situations that you need to be sure of, while constraints present a limiting factor to the smooth running of the project.

Good analysis of the assumptions and frequent checking and elimination should be done for a project to succeed. One cannot afford to avoid risk in a project, a detailed plan should be developed to eliminate any arising risks that may hinder the project to completion. All risks must be calculated and their costs estimated to avoid any inconveniences.

Lastly, the project charter should have team operating principles. The principles are developed to help the team understand what can be done and what needs not to be done. In general, operating principles help build trust among team members, ensure sound decisions are reached and enhance better innovations by the project team (Kloppenborg et al. 34). The main purpose of team operating principles is to minimize conflict among the project team members as well as help the team in the building process.

A good project scope helps identify the main project goals, and why it is being done and provides solutions to the predictable problems that might arise in the future. The assessment of risks, assumptions, and constraints will help improve the efficiency of the project. The sponsors will have adequate knowledge of what the project is all about, which will help them make decisions quickly; the stakeholders, on the other hand, will have an easy time approving any pending project budget and proposals.

The project team must develop team operating principles to help them make better decisions and enhance better innovations through trust-building (Kloppenborg et al. 34). Team operating principles helps build trust among the team members through frequent interactions hence ensuring the smooth running of the project.

Works Cited

Dionne, Rich. Project Planning for the Stage: Tools and Techniques for Managing Extraordinary Performances. Southern Illinois UP, 2018.

Kloppenborg, Timothy, et al. Contemporary Project Management. Cengage Learning, 2018.

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