Steps for writing a strategic plan

Where do you start? There are people that will tell you that you need to just get to work and start serving. Just do the work and the rest will follow! There are others that insist the most important thing to do is to recruit a diverse, ready-to-get-to-work Board.

Steps for writing a strategic plan

Just use it as a guide for how many points you need to make. Brainstorm your initial thoughts This step involves brainstorming any initial ideas that come to you BEFORE you read the scenario in detail.

Here, you want to ask yourself: After all, the Strategic case study examiner recently said in their post exam report: If we take requirement 2 from above, we should have some initial thoughts on how the share price could be affected. For instance, how could it go up?

If the market finds out about our involvement in the project and believes this will benefit our future cash flows How could it go down? Read the scenario carefully and add notes to your plan Here we want to read through the scenario, paragraph by paragraph, to see if there is any information we can add to our answer plan to help address the two requirements.

This gives us some initial context as to the extent that our strategic options could be impacted. Next, in paragraph 2, we are told: This is a more ambitious target than our own project to develop a driverless system because Grant Motors plans to carry passengers or delivery workers who will not have the ability to override the electronic controls.

However, both of these projects will require extensive and costly development work for at least two years and Grant Motors will probably ask us to sign a non-disclosure agreement. So this may be seen negatively if the market finds out and cause downward pressure on our share price.

We can add this to our answer to requirement 2. Both in terms of the investment required in the collaborative project, and any delays to launching our own products. This would be viewed upon negatively in the market and would likely see our share price fall.

If however, we are asked to sign a non-disclosure agreement then this should mean very little, if any, news about the project will be known by the market.

And so on this basis the share price should remain unaffected by the proposal going ahead. Perhaps there is also an opportunity to learn from the design of these driverless vehicles which could help our own development.

steps for writing a strategic plan

Customers presently use a mobile phone app to summon a taxi with a driver to take them to their destination. Appcab wishes us to develop an autonomous taxi that can navigate itself, unoccupied, to collect passengers and then continue to the destination.

steps for writing a strategic plan

The car will not have any manual controls, to prevent the customer from crashing or stealing the car. But also, other internet-based taxi services may want our own technology instead, where the automatic controls can still be overridden.

Alternatively, the van might be completely unmanned and be equipped with on board lockers that can be accessed by customers.

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The van would park and alert the customer with a text message and a code number to open the relevant locker. This in turn would restrict our potential future cash flows which would be seen as a negative in the market.

And therefore reduce our share price. Also, there is the risk that our own product will have elements of the technology used in the driverless vehicles — as our engineers will be working on both — and therefore we would be open to a legal dispute which could result in delays and financial penalties.

But we can at least continue with the development of our current technology which is the current strategy we are pursuing. So on this basis our share price should remain steady as this will already be factored into the current share price. The concern would be that the collaborative product is so successful that other manufacturers want the same technology, not the one that we are developing ourselves.

This would clearly be viewed upon negatively in the market and see our share price fall.Personal Strategic Planning: 4-Step Action Plan to Strengthen Your Personal Skills In your personal strategic planning, you could decide to plan your work life around the values of quality, excellence, service, profitability, and innovation.

action plan or steps you have taken to develop your personal skills and strengths. Please share. Similarly, each goal in the strategic plan will in turn require a number of objectives to be successfully achieved. The figure opposite is a simple illustration showing that each of six goals has two objectives.

In developing a strategic plan, the simple steps are as follows: set the goals and objectives, analyze the current situation, map your messages, create a mission statement, outline your tactic, create a timeline, create a budget, divide the tasks, measure your strategies, and lastly, stay updated.

Author of business plan software Business Plan Pro and and books including his latest, 'Lean Business Planning,' , Motivational Press. Contents of that book are available for web browsing free at Strategic planning: The process by which leaders of an organization determine what it intends to be in the future and how it will get there.

To put it another way, they develop a vision for the organization's future and determine the necessary priorities, procedures, and operations. A strategic management plan is a prioritized breakdown of specific, measurable goals a company sets out to accomplish.

Plans are written according to a variety of factors including deadlines, budgets and staffing availability.

How to Write a Strategic Plan for an Organization (with Sample Plans)