Strategic planning is a transformation of objectives into measurable goals. Strategic planning consists of a cycle of 4 main steps.

Step 1: Determine the market position
Identify strategic issues to address, as well as opportunities and threats. Understand key influencers and assess future satisfaction or dissatisfaction of your stakeholders. Finally, try transforming a summary of gathered data into a SWOT analysis.

Step 2: Develop a strategy
Vision your idea of success, determine the company’s core purpose and values, write down at least 5 objectives and develope a financial projection.

Step 3: Plan the details
Distinguish short and long term goals. What are your Key Performance Indicators (KPI)? Delegate and set goals per department, and then per individual. Finally, compose a detailed budget plan.

Step 4: Execute it
Clearly, communicate strategy with the entire team and track the progression. Miscommunication can lead to failure as people generally do not like changes and respond poorly.

Step 5: Repeat it
Implementation of a new strategy of change, in general, is something every great leader struggles with. You will receive numerous complaints and valuable feedback. Assess the situation and repeat the process until success is achieved.