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One-Page Strategic Planning Template. Strategic Vision Template. University Strategic Plan Outline. What Is Strategic Planning? Benefits of Strategic Planning There are benefits of strategic planning, including the following: Align the goals of a department or project with larger business goals Provide clear communication to team members, stakeholders, or clients Clearly define the vision and mission of an organization Provide clarity on how to deal with internal or environmental changes Parts of a Strategic Plan One way to think about strategic planning is that it identifies any gaps between a current state and desired future state, and then dictates how to close those gaps — how you get from where you are to where you want to be.
Introductory Statement: The introductory statement should briefly describe why the strategic plan was developed and for what time period, and list the authors of the plan. Background Statement: This section may provide information about the organization, such as history, management structure, and supporting partners or agencies. Alternatively, you could use this section as a brief business statement — more of an elevator pitch — to concisely describe your business. Vision: A vision statement should briefly describe what a company wants to achieve or become.
This is one of the primary organizational tenets to consider, along with values and mission. Values: These are the principles that an organization stands for and abides by. Many businesses create core value statements to guide company culture.
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By dividing your strategic goals into one of the disciplines below, you can make an honest assessment about whether your strategy aligns with your stated competitive advantage or focus. An organization that focuses on operational excellence aims to provide its customers with high-quality products or services at competitive prices with low barriers to purchase.
It focuses internally on streamlining processes - making as few errors as possible and minimizing superfluous services. Standardizing and increasing economies of scale are part of this procedure. Obtaining a once-only large transaction is less attractive than creating a long-lasting intimacy bond with customers. An organization that focuses on product leadership will always strive for product development and innovation.
It aims at becoming the market leader of a specific product or service. It strives to create a continuous stream of innovation that is in demand with both loyal and new buyers. The Value disciplines framework is one of the best strategy frameworks out there because it provides three things. Focus, focus and even more focus. When you apply this strategy framework, you acknowledge that you will likely only truly excel in one type of business model. You divert all of your energy into this approach - thus maximizing resources and minimizing distractions.
If your business is already in one of the disciplines, then this model adds less value. For example, if you're a consulting firm, likely, your focus will naturally be on customer intimacy - so the additional focus introduced by the framework might be of limited value. If you're in an industry where the same product is being sold multiple ways such as airlines , then the value discipline approach will make more sense and help you differentiate more strongly.
Learn more about the Value Disciplines Model! Though not a well-known model in the broader business world, the Stakeholder Theory framework looks at strategy slightly differently. It aims at adding value for specific groups of people.
It includes goals that directly enhance the well-being of employees. This could be direct financial goals such as salary increases or intangible benefits to this group such as training and facilities. It includes goals and outcomes that benefit customers - such as product improvements or increased accessibility. Most organizations bring an element of community benefit, such as job creation.
Others go much further and are entirely dedicated to improving the local community. Whilst this model is popular among not-for-profits, many profit-making organizations also adopt the stakeholder model. The components of their goals that directly enhance the bottom line would fall into group 4.
You could look at society as an extension of the community. Goals that will benefit the broader society people who aren't customers and aren't in the local community would be categorized here.
This includes major technology advancements, research or environmental work, for example. The nice thing about the stakeholder model is that it's both extremely flexible as well as easy-to-understand for employees and people outside of the organization. It's also extremely motivating to see a clear link between your work as an employee and direct benefit being realized by another human being.
Often, the grants and funding upon which they rely are directly tied to them, demonstrating benefit to stakeholders in the real world. So this model comes in handy when applying for this kind of financial support. The purpose behind this is to help prove what a positive impact they're having on their stakeholders. Learn more about Stakeholder Theory Framework!
We couldn't round up the best strategy frameworks without mentioning the Balanced Scorecard framework. Arguably the most popular strategy execution model on the planet. The balanced scorecard is built on the premise that your businesses strategy should be equally divided into the 4 quadrants below:. This quadrant is about understanding and improving your customers' satisfaction, their requirements from your organization and its product or service. The financial quadrant includes all your goals related to improving your bottom line or other key financial KPIs such as liquidity or margin.
This quadrant is around measuring and improving your critical-to-customer process requirements and measures internally. This quadrant also sometimes known as the people quadrant focuses on how you educate your employees, how you gain and capture knowledge, and how you use it to maintain a competitive edge against your competitors.
The key to success with the Balanced Scorecard framework , and the thing which many organizations overlook, is that setting goals within these quadrants is not enough on its own. For organizations to find success using this framework, clear numerical KPIs should be created for each quadrant of the scorecard. Then, regularly track and review them.
Balancing goals between the quadrants is important, but balancing outcomes is what the balanced scorecard is really all about. Depending on your needs, you can implement the balanced scorecard as simply or complexly as you like.
Due to its popularity, there are tons of helpful resources out there, as well as highly trained consultants that can help you implement it within your own organization.
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