Strategyis a basic structure underlying a system of plans or methods that help theorganisation to achieve its stated objectives.Strategicplanning process involves studying current process, defining the future goal, understandingthe gap between current and future state, implementing the optimal plan andmonitor the progress.Strategicplan requires a well structured plan to allocate all resources optimally toimprove the business outcomes. Following9 step approach can be followed to implement a strategic plan.1. Study the environment: Inthis step, the current environment within and outside the organization isstudied.
Both internal and external customers are involved in the study. Their needsand priorities are discovered.2. Consolidatethe relationship with customer: Company’scommitment to customer is showcased in this step. Company describes itsrelationship with the customer.
Customers come to know how valued they are tothe company. This creates goodwill between company and customers. We need todetermine the issues important for customers.3.
Define new or review qualitystatements: After consolidating relationship customers,organization defines or reviews the vision, mission and quality policystatements, revised or new statements must meet the aspirations of the customers.While defining new quality statements, a shared view of the entire organizationmust be considered. A SWOT analysis will help understand the gap. It will lay afoundation for better plans for the future 4.
Identifythe gap: After defining or revision of qualitystatements, they need to be compared with earlier statements. This will help to understand the underlying gap withold system. The gap could be in market share, financial benefits, stakeholderrelations or even processes. A gap needs to be plugged to move to the newstate. 5.
Agreeon priorities: In this step, all possible requirements are discussed.They need to be prioritized using Pareto chart. Prioritizing requirements willhelp to solve critical issues which normally make 80% of the whole. A planbased on priority must be prepared to achieve the new state. 6. Formimplementation team: A cross functional teamcomprising of members from all departments is formed.
This team is responsiblefor preparation and implementation of the planned course of action. They need tospecify the resources in optimum quantity for smooth transition from old stateto new state. 7. Implementthe plan: The plan as decided by the team isimplemented. All stakeholders are involved during the implementation process. Theplan is communicated throughout the organization before being rolled out.
Everyonemust be made aware of the plan. Resources must be allocated for smoothimplementation of the plan. 8. Monitor the progress: After implementing the plan, it has to bemonitored regularly. In the early stage daily monitoring is required.
Later,the period may be extended. Anyway,it has to be reviewed and updated to meet the new requirements of thestakeholders. Any obstacles must be removed.
Mistakes should be rectified,plans may be tweaked and progress should be made towards achieving the goals. 9. Holdeveryone responsible: Though the cross functionalteam is responsible for implementation of the plan, everyone in theorganization at all levels are accountable for the success or failure of the newplan. Everyone must do their part of the work.
They should align their interestswith the interest of the organization.Thus, strategic planning is a wellplanned activity to make the organization reach new level.