What are they: A strategic plan is a document used to communicate with the organization’s stakeholders, the organization’s goals, the actions needed to achieve those goals, and all of the other critical elements developed during the planning exercise?
What Are the Steps in Strategic Planning & Management?
There are many different frameworks and methodologies for strategic planning and management. While there are no absolute rules regarding the right framework, most follow a similar pattern and have common attributes. Many frameworks cycle through some variation on some very basic phases:
1) Analysis or assessment, where an understanding of the current internal and external environments is developed,
2) Strategy formulation, where high-level strategy is developed and a basic organization level strategic plan is documented
3) Strategy execution, where the high-level plan is translated into more operational planning and action items, and
4) Evaluation or sustainment/management phase, where ongoing refinement and evaluation of performance, culture, communications, data reporting and other strategic management issues occurs.