Strategic Planning Cycle

What is Strategic Planning Cycle? The below diagram explains Strategic Planning Cycle. This chart shows an important concept or a framework to help one run their business, improve company's strategy, internal processs, enhance project management, technology, and client experience.

Strategic Planning Cycle

The Strategic Planning Cycle is a process that helps organizations define their vision, mission, goals, and actions for the next three to five years . It is a tool to map out strategic objectives and growth metrics . The cycle typically includes the following steps :

1. Understand the need for a strategic plan: Identify the need for a strategic plan and the benefits it can bring to your organization.
2. Set goals: Define your organization’s vision and mission statements, long-term goals, and short-term objectives.
3. Develop assumptions or premises: Identify the assumptions and premises that underlie your strategic plan.
4. Research different ways to achieve objectives: Identify the strategies and tactics that will help you achieve your goals.
5. Choose your plan of action: Select the best course of action based on your research and analysis.
6. Develop a supporting plan: Create a detailed plan that outlines the steps you need to take to achieve your goals.
7. Implement the strategic plan: Execute your plan and monitor your progress.

A strategic plan can give your organization clarity and focus . It can help you ensure that your teams are working on projects that make the most impact . By investing time into strategy formulation, you can build out a three- to five-year vision for the future of your company . This strategy will then inform your yearly and quarterly company goals .

If you are interested in creating a strategic plan for your organization, you can use tools like Asana to help you define and share the direction your company will take in the next three to five years . Asana provides a process guide with five planning steps to create a successful strategic plan for your company .