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How to Set Strategic Planning Goals

• 29 Oct 2020

In an ever-changing business world, it’s imperative to have strategic goals and a plan to guide organizational efforts. Yet, crafting strategic goals can be a daunting task. How do you decide which goals are vital to your company? Which ones are actionable and measurable? Which goals to prioritize?

To help you answer these questions, here’s a breakdown of what strategic planning is, what characterizes strategic goals, and how to select organizational goals to pursue.

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What Is Strategic Planning?

Strategic planning is the ongoing organizational process of using available knowledge to document a business's intended direction. This process is used to prioritize efforts, effectively allocate resources, align shareholders and employees, and ensure organizational goals are backed by data and sound reasoning.

Research in the Harvard Business Review cautions against getting locked into your strategic plan and forgetting that strategy involves inherent risk and discomfort. A good strategic plan evolves and shifts as opportunities and threats arise.

“Most people think of strategy as an event, but that’s not the way the world works,” says Harvard Business School Professor Clayton Christensen in the online course Disruptive Strategy . “When we run into unanticipated opportunities and threats, we have to respond. Sometimes we respond successfully; sometimes we don’t. But most strategies develop through this process. More often than not, the strategy that leads to success emerges through a process that’s at work 24/7 in almost every industry."

Related: 5 Tips for Formulating a Successful Strategy

4 Characteristics of Strategic Goals

To craft a strategic plan for your organization, you first need to determine the goals you’re trying to reach. Strategic goals are an organization’s measurable objectives that are indicative of its long-term vision.

Here are four characteristics of strategic goals to keep in mind when setting them for your organization.

1. Purpose-Driven

The starting point for crafting strategic goals is asking yourself what your company’s purpose and values are . What are you striving for, and why is it important to set these objectives? Let the answers to these questions guide the development of your organization’s strategic goals.

“You don’t have to leave your values at the door when you come to work,” says HBS Professor Rebecca Henderson in the online course Sustainable Business Strategy .

Henderson, whose work focuses on reimagining capitalism for a just and sustainable world, also explains that leading with purpose can drive business performance.

“Adopting a purpose will not hurt your performance if you do it authentically and well,” Henderson says in a lecture streamed via Facebook Live . “If you’re able to link your purpose to the strategic vision of the company in a way that really gets people aligned and facing in the right direction, then you have the possibility of outperforming your competitors.”

Related: 5 Examples of Successful Sustainability Initiatives

2. Long-Term and Forward-Focused

While strategic goals are the long-term objectives of your organization, operational goals are the daily milestones that need to be reached to achieve them. When setting strategic goals, think of your company’s values and long-term vision, and ensure you’re not confusing strategic and operational goals.

For instance, your organization’s goal could be to create a new marketing strategy; however, this is an operational goal in service of a long-term vision. The strategic goal, in this case, could be breaking into a new market segment, to which the creation of a new marketing strategy would contribute.

Keep a forward-focused vision to ensure you’re setting challenging objectives that can have a lasting impact on your organization.

3. Actionable

Strong strategic goals are not only long-term and forward-focused—they’re actionable. If there aren’t operational goals that your team can complete to reach the strategic goal, your organization is better off spending time and resources elsewhere.

When formulating strategic goals, think about the operational goals that fall under them. Do they make up an action plan your team can take to achieve your organization’s objective? If so, the goal could be a worthwhile endeavor for your business.

4. Measurable

When crafting strategic goals, it’s important to define how progress and success will be measured.

According to the online course Strategy Execution , an effective tool you can use to create measurable goals is a balanced scorecard —a tool to help you track and measure non-financial variables.

“The balanced scorecard combines the traditional financial perspective with additional perspectives that focus on customers, internal business processes, and learning and development,” says HBS Professor Robert Simons in the online course Strategy Execution . “These additional perspectives help businesses measure all the activities essential to creating value.”

The four perspectives are:

• Internal business processes
• Learning and growth

The most important element of a balanced scorecard is its alignment with your business strategy.

“Ask yourself,” Simons says, “‘If I picked up a scorecard and examined the measures on it, could I infer what the business's strategy was? If you've designed measures well, the answer should be yes.”

Related: A Manager’s Guide to Successful Strategy Implementation

Strategic Goal Examples

Whatever your business goals and objectives , they must have all four of the characteristics listed above.

For instance, the goal “become a household name” is valid but vague. Consider the intended timeframe to reach this goal and how you’ll operationally define “a household name.” The method of obtaining data must also be taken into account.

An appropriate revision to the original goal could be: “Increase brand recognition by 80 percent among surveyed Americans by 2030.” By setting a more specific goal, you can better equip your organization to reach it and ensure that employees and shareholders have a clear definition of success and how it will be measured.

If your organization is focused on becoming more sustainable and eco-conscious, you may need to assess your strategic goals. For example, you may have a goal of becoming a carbon neutral company, but without defining a realistic timeline and baseline for this initiative, the probability of failure is much higher.

A stronger goal might be: “Implement a comprehensive carbon neutrality strategy by 2030.” From there, you can determine the operational goals that will make this strategic goal possible.

No matter what goal you choose to pursue, it’s important to avoid those that lack clarity, detail, specific targets or timeframes, or clear parameters for success. Without these specific elements in place, you’ll have a difficult time making your goals actionable and measurable.

Prioritizing Strategic Goals

Once you’ve identified several strategic goals, determine which are worth pursuing. This can be a lengthy process, especially if other decision-makers have differing priorities and opinions.

To set the stage, ensure everyone is aware of the purpose behind each strategic goal. This calls back to Henderson’s point that employees’ alignment on purpose can set your organization up to outperform its competitors.

Calculate Anticipated ROI

Next, calculate the estimated return on investment (ROI) of the operational goals tied to each strategic objective. For example, if the strategic goal is “reach carbon-neutral status by 2030,” you need to break that down into actionable sub-tasks—such as “determine how much CO2 our company produces each year” and “craft a marketing and public relations strategy”—and calculate the expected cost and return for each.

The ROI formula is typically written as:

ROI = (Net Profit / Cost of Investment) x 100

In project management, the formula uses slightly different terms:

ROI = [(Financial Value - Project Cost) / Project Cost] x 100

An estimate can be a valuable piece of information when deciding which goals to pursue. Although not all strategic goals need to yield a high return on investment, it’s in your best interest to calculate each objective's anticipated ROI so you can compare them.

Consider Current Events

Finally, when deciding which strategic goal to prioritize, the importance of the present moment can’t be overlooked. What’s happening in the world that could impact the timeliness of each goal?

For example, the coronavirus (COVID-19) pandemic and the ever-intensifying climate change crisis have impacted many organizations’ strategic goals in 2020. Often, the goals that are timely and pressing are those that earn priority.

Learn to Plan Strategic Goals

As you set and prioritize strategic goals, remember that your strategy should always be evolving. As circumstances and challenges shift, so must your organizational strategy.

If you lead with purpose, a measurable and actionable vision, and an awareness of current events, you can set strategic goals worth striving for.

Do you want to learn more about strategic planning? Explore our online strategy courses and download our free flowchart to determine which is right for you and your goals.

This post was updated on November 16, 2023. It was originally published on October 29, 2020.

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How to make a business plan

Table of Contents

How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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Strategic planning — what it is and how to do it well

It can be difficult to reach your business goals and ambitions, regardless of what preparation you’ve done. But if you have a strategic plan in place, you’ll be more likely to achieve a favorable outcome.

This post will explain the importance of strategic planning, when and how to make a strategic plan, and how to manage it and stay on course. It will allow the audience to move forward with their planning efforts.

Read on to learn:

• What strategic planning is

Benefits of strategic planning

• When you should do strategic planning

Steps in strategic planning

• What strategic management is

Strategic mapping

What is strategic planning.

Strategic planning is the process of defining your business’s direction and outlining a path toward a preferred future. The goal of a strategic plan is to capture an organization’s mission and core principles — to envision the fulfillment of these ideals. Strategic planning is both conceptual and practical, as it presents both high-level goals and specific approaches to achieve them.

A strategic plan needs to answer the following questions:

• Where are we now?
• Where are we going?
• How do we get there?

Strategic planning helps businesses set and maintain a clear vision and ensure they’re moving in the right direction. Once the plan has been put in place, it helps maintain alignment between various stakeholders and teams within your business. This plan can make resource allocation simpler — by determining if certain resources are being used in ways that don’t align with the broader strategic plan.

Running a business without a strategic plan is like planning a vacation with no destination in mind. How will you get there? What do you need to bring with you? The same applies to planning for your business. Strategic planning:

• Gives a sense of purpose and direction. A strategic plan provides a clear goal and end result so all other business functions can work to get you closer to that outcome. This clarity helps keep employees aligned on their efforts, make better decisions, and work towards a shared goal.
• Makes you aware of opportunities for success. Tying your plans to strategy helps your organization identify opportunities that you discover along your journey. If you find an opportunity that aligns with your strategy — and desired outcomes — you can more easily adapt to take advantage of the situation.
• Alerts you to risks to avoid. Part of the strategic planning process is scanning the external environment and competitive landscape, which allows you to identify potential roadblocks you may encounter.
• Helps you understand what resources you will need. When you have a strategic plan in place, you can more effectively allocate your resources. By aligning resources with strategic goals, businesses can focus on the initiatives, projects, and investments that maximize their ROI.
• Helps prioritize critical tasks. When deciding which tasks are most important and which can be put on hold, a strategic plan streamlines that decision making. Tasks that don’t contribute to your mission can wait, while mission-critical tasks get prioritized.
• Fosters teamwork and communication. Without a strategic plan, team members can feel isolated and siloed. However, when that strategic plan is clearly communicated to everyone, your team will feel more connected as they work towards a common goal.
• Increases motivation. And when your team understands the desired outcomes and bigger goals behind their daily tasks, they’ll be more motivated to do high-quality work in a timely manner.
• Helps measure and evaluate results. Because you’ve likely identified key performance indicators (KPIs) in your planning process, you’ll have an easier time tracking your progress. When you measure your progress, you can more easily identify areas for improvement and make changes on the fly.

When should you do strategic planning?

When and how often your business does strategic planning depends on the size and stage of your company, the speed of your business, and the scope of the projects you’re working on. Strategic planning should not be a one-time event. It should be an iterative process with continuous monitoring, evaluation, and adjustment.

If you’re a new business, you’ll want to create a business plan first, before you move into strategic planning. Once your business is established you can then set a strategic plan to outline your goals and manage your business’s strategic direction. For planning more short-term projects, use a project plan .

Once you’ve created a strategic plan, you should review it regularly — quarterly and yearly, for example — to make sure it is still aligned with your business’s goals and industry landscape. Generally, you should create a new strategic plan every 3–5 years. However, newer or faster-moving companies may need to create a new strategic plan every 1–2 years. Another scenario when you should rework your strategic plan is when you’re preparing to make a major pivot in your business.

How to write a strategic plan for a project

Learn how to write a strategic plan, why you need to create one, and the topics it should cover.

While every strategic plan might look a little different depending on the organization, industry, and other context, there is still a general outline of the process that you can follow to get you started.

Before you get started, there are a few preliminary steps you can take to make sure your planning process goes smoothly. You need to decide who is involved in the process and what documentation they’ll need. You’ll also want to revisit your company’s vision and mission statements which define where your business is aiming to go.

These are the steps you can take to create a strategic plan for your business:

1. Identify and assess your current position

To understand where you’re headed, you first need to look at where you are now. I n this stage you should:

• Collect customer and employee feedback to understand what is working well for you and what could use improvement.
• Perform a needs assessment or SWOT analysis to understand more about the current state of your business.
• Assess your available resources so you can understand what you have enough of and what you may need to reach your goals.

2. Set goals

Next, you can set goals that you’d like your business to achieve over the short and long term. It’s important to choose goals that align with your company mission and vision. You can use marketing and sales forecasts to give you an idea of what types of goals are realistic. In this phase you’ll also want to prioritize the goals you set — so you know which to choose if conflicts arise.

When setting goals, remember to set SMART goals that are specific, measurable, attainable, relevant, and time bound.

3. Develop your plan

In this phase it’s time to put your plan together and map out a project roadmap. This is where your plan becomes clearer both to your planning committee and to your team members who will execute based on the plan.

You want to make sure that your plan is achievable with your current resources — so that you aren’t setting yourself up for failure. You’ll also want to set measurable milestones so you can track your progress along the way. You also need to set KPIs so you have objective numbers to determine if you’re heading in the right direction.

When developing your plan, you should make sure that any short-term action items align with long-term goals. And finally, you’ll need to get approval from leadership and stakeholders.

4. Implement your plan

Now that you’ve created your strategic plan it’s time to act. In fact, the first step of implementation is creating a strategic action plan. Your action plan will outline the specific tactics you’ll use to execute your strategic plan.

In this phase, you’ll also assign tasks to your team members so everyone knows what they are responsible for and what they will be contributing to your mission. It’s important to distribute and communicate your plan across your organization. This helps encourage transparency and will drive buy-in from everyone on your team.

As you are executing on your plan, you should rely on metrics and KPIs to track your performance.

5. Revise your plan as necessary

Next, you’ll want to revise your plan as you encounter roadblocks or market changes. Even the best strategic plans will change as you gather more data or feedback. Using tools — like a project management solution — can help you monitor the progress your team is making. You should schedule periodic evaluations to see which parts of the plan are going well and which need to be revised or reevaluated.

You can conduct reviews on a quarterly basis, so you have information at the end of the year to revise your plan if needed. Even if things are going well, you should make minor adjustments every year to keep your teams aligned and your strategy up to date. Any major revisions you make will require a new planning process — because a major adjustment could derail the rest of your strategic plan.

What is strategic management?

Strategic management is the process of formulating, implementing, and evaluating strategies to achieve the larger goals and objectives of an organization. It can sometimes be used interchangeably with the term strategic planning — but within strategic planning, strategic management means managing the plan being put into action.

Part of strategic management is being adaptive and adjusting to headwinds or organizational changes. You’ll also need to maintain a strong team culture, so your plan stays on track and team members stay engaged.

There are several models that strategic management can follow. Each takes a different approach to the management process, and how it solves problems that may arise.

One of these frameworks is the balanced scorecard method. This method looks at the strategic measures of a business beyond just financial metrics to get a more “balanced” look at performance. The phrase “balanced scorecard” refers to the management report that leaders may use to drive decision making within the business, since this approach looks at more than just numbers, it provides a more wholistic view of a business.

A strategic map is a visual representation of a business’s strategic objectives and their cause-and-effect relationships between each objective. This diagram helps visualize the strategic plan and understand which tasks are dependent on others. This map should be drawn during the development of the strategic plan to get a better understanding of how things should get done and in what order.

Strategic mapping can turn complex strategic plans into easily understandable visual representations. These can be helpful tools for communicating your strategy more clearly to team members and stakeholders within your organization. Strategic maps also help organizations identify success factors, prioritize initiatives, allocate resources, and monitor progress.

A strategic map can be designed in several ways, but needs to address the four main facets of business:

• Financial. This section of the map should identify how the strategy helps meet the financial goals of the business.
• Customer. This section should address the benefits that the customer will see from the specific strategy.
• Internal business processes (IBPs). This section shares the benefits of the strategy to the processes of the business and their efficiency.
• Learning and growth. This section will address how the business’s capabilities and knowledge will improve by using a given strategy.

Getting started with strategic planning

Strategic planning is a helpful tool for aligning everyone in your organization with your objectives and long-term goals. It can also help you gain a better understanding of your place in the market and how you can improve your business outcomes.

When you’re ready to get started, assemble your leadership team, draft your mission and vision statements, and begin by assessing the current state of your business. But you can’t get the most out of your strategic plan without a platform to drive the process forward.

That’s where Adobe Workfront can help. Workfront is an enterprise work management tool that connects work to strategy and drives better collaboration to deliver measurable business outcomes. It integrates people, data, processes, and technology across an organization so you can manage the entire lifecycle of projects from start to finish. By centralizing digital projects, cross-functional teams can connect, collaborate, and execute from anywhere to help them do their best work.

Take a product tour or watch an overview video to see how Workfront can help you execute on your strategic plan to improve your business outcomes.

https://business.adobe.com/blog/perspectives/workfront-and-the-employee-experience

https://business.adobe.com/blog/perspectives/get-the-most-out-of-workfront-discovery-by-avoiding-common-challenges

https://business.adobe.com/blog/basics/annual-planning

Essential Guide to the Strategic Planning Process

By Joe Weller | April 3, 2019 (updated March 26, 2024)

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In this article, you’ll learn the basics of the strategic planning process and how a strategic plan guides you to achieving your organizational goals. Plus, find expert insight on getting the most out of your strategic planning.

Included on this page, you'll discover the importance of strategic planning , the steps of the strategic planning process , and the basic sections to include in your strategic plan .

What Is Strategic Planning?

Strategic planning is an organizational activity that aims to achieve a group’s goals. The process helps define a company’s objectives and investigates both internal and external happenings that might influence the organizational path. Strategic planning also helps identify adjustments that you might need to make to reach your goal. Strategic planning became popular in the 1960s because it helped companies set priorities and goals, strengthen operations, and establish agreement among managers about outcomes and results.

Strategic planning can occur over multiple years, and the process can vary in length, as can the final plan itself. Ideally, strategic planning should result in a document, a presentation, or a report that sets out a blueprint for the company’s progress.

By setting priorities, companies help ensure employees are working toward common and defined goals. It also aids in defining the direction an enterprise is heading, efficiently using resources to achieve the organization’s goals and objectives. Based on the plan, managers can make decisions or allocate the resources necessary to pursue the strategy and minimize risks.

Strategic planning strengthens operations by getting input from people with differing opinions and building a consensus about the company’s direction. Along with focusing energy and resources, the strategic planning process allows people to develop a sense of ownership in the product they create.

“Strategic planning is not really one thing. It is really a set of concepts, procedures, tools, techniques, and practices that have to be adapted to specific contexts and purposes,” says Professor John M. Bryson, McKnight Presidential Professor of Planning and Public Affairs at the Hubert H. Humphrey School of Public Affairs, University of Minnesota and author of Strategic Planning for Public and Nonprofit Organizations: A Guide to Strengthening and Sustaining Organizational Achievement . “Strategic planning is a prompt to foster strategic thinking, acting, and learning, and they all matter and they are all connected.”

What Strategic Planning Is Not

Strategic planning is not a to-do list for the short or long term — it is the basis of a business, its direction, and how it will get there.

“You have to think very strategically about strategic planning. It is more than just following steps,” Bryson explains. “You have to understand strategic planning is not some kind of magic solution to fixing issues. Don’t have unrealistic expectations.”

Strategic planning is also different from a business plan that focuses on a specific product, service, or program and short-term goals. Rather, strategic planning means looking at the big picture.

While they are related, it is important not to confuse strategic planning with strategic thinking, which is more about imagining and innovating in a way that helps a company. In contrast, strategic planning supports those thoughts and helps you figure out how to make them a reality.

Another part of strategic planning is tactical planning , which involves looking at short-term efforts to achieve longer-term goals.

Lastly, marketing plans are not the same as strategic plans. A marketing plan is more about introducing and delivering a service or product to the public instead of how to grow a business. For more about marketing plans and processes, read this article .

Strategic plans include information about finances, but they are different from financial planning , which involves different processes and people. Financial planning templates can help with that process.

Why Is Strategic Planning Important?

In today’s technological age, strategic plans provide businesses with a path forward. Strategic plans help companies thrive, not just survive — they provide a clear focus, which makes an organization more efficient and effective, thereby increasing productivity.

“You are not going to go very far if you don’t have a strategic plan. You need to be able to show where you are going,” says Stefan Hofmeyer, an experienced strategist and co-founder of Global PMI Partners . He lives in the startup-rich environment of northern California and says he often sees startups fail to get seed money because they do not have a strong plan for what they want to do and how they want to do it.

Getting team members on the same page (in both creating a strategic plan and executing the plan itself) can be beneficial for a company. Planners can find satisfaction in the process and unite around a common vision. In addition, you can build strong teams and bridge gaps between staff and management.

“You have to reach agreement about good ideas,” Bryson says. “A really good strategy has to meet a lot of criteria. It has to be technically workable, administratively feasible, politically acceptable, and legally, morally, and ethically defensible, and that is a pretty tough list.”

By discussing a company’s issues during the planning process, individuals can voice their opinions and provide information necessary to move the organization ahead — a form of problem solving as a group.

Strategic plans also provide a mechanism to measure success and progress toward goals, which keeps employees on the same page and helps them focus on the tasks at hand.

When Is the Time to Do Strategic Planning?

There is no perfect time to perform strategic planning. It depends entirely on the organization and the external environment that surrounds it. However, here are some suggestions about when to plan:

If your industry is changing rapidly

When an organization is launching

At the start of a new year or funding period

In preparation for a major new initiative

If regulations and laws in your industry are or will be changing

“It’s not like you do all of the thinking and planning, and then implement,” Bryson says. “A mistake people make is [believing] the thinking has to precede the acting and the learning.”

Even if you do not re-create the entire planning process often, it is important to periodically check your plan and make sure it is still working. If not, update it.

What Is the Strategic Planning Process?

Strategic planning is a process, and not an easy one. A key is to make sure you allow enough time to complete the process without rushing, but not take so much time that you lose momentum and focus. The process itself can be more important than the final document due to the information that comes out of the discussions with management, as well as lower-level workers.

“There is not one favorite or perfect planning process,” says Jim Stockmal, president of the Association for Strategic Planning (ASP). He explains that new techniques come out constantly, and consultants and experienced planners have their favorites. In an effort to standardize the practice and terms used in strategic planning, ASP has created two certification programs .

Level 1 is the Strategic Planning Professional (SPP) certification. It is designed for early- or mid-career planners who work in strategic planning. Level 2, the Strategic Management Professional (SMP) certification, is geared toward seasoned professionals or those who train others. Stockmal explains that ASP designed the certification programs to add structure to the otherwise amorphous profession.

The strategic planning process varies by the size of the organization and can be formal or informal, but there are constraints. For example, teams of all sizes and goals should build in many points along the way for feedback from key leaders — this helps the process stay on track.

Some elements of the process might have specific start and end points, while others are continuous. For example, there might not be one “aha” moment that suddenly makes things clear. Instead, a series of small moves could slowly shift the organization in the right direction.

“Don’t make it overly complex. Bring all of the stakeholders together for input and feedback,” Stockmal advises. “Always be doing a continuous environmental scan, and don’t be afraid to engage with stakeholders.”

Additionally, knowing your company culture is important. “You need to make it work for your organization,” he says.

There are many different ways to approach the strategic planning process. Below are three popular approaches:

Goals-Based Planning: This approach begins by looking at an organization’s mission and goals. From there, you work toward that mission, implement strategies necessary to achieve those goals, and assign roles and deadlines for reaching certain milestones.

Issues-Based Planning: In this approach, start by looking at issues the company is facing, then decide how to address them and what actions to take.

Organic Planning: This approach is more fluid and begins with defining mission and values, then outlining plans to achieve that vision while sticking to the values.

“The approach to strategic planning needs to be contingent upon the organization, its history, what it’s capable of doing, etc.,” Bryson explains. “There’s such a mistake to think there’s one approach.”

For more information on strategic planning, read about how to write a strategic plan and the different types of models you can use.

Who Participates in the Strategic Planning Process?

For work as crucial as strategic planning, it is necessary to get the right team together and include them from the beginning of the process. Try to include as many stakeholders as you can.

Below are suggestions on who to include:

Senior leadership

Strategic planners

Strategists

People who will be responsible for implementing the plan

People to identify gaps in the plan

Members of the board of directors

“There can be magic to strategic planning, but it’s not in any specific framework or anybody’s 10-step process,” Bryson explains. “The magic is getting key people together, getting them to focus on what’s important, and [getting] them to do something about it. That’s where the magic is.”

Hofmeyer recommends finding people within an organization who are not necessarily current leaders, but may be in the future. “Sometimes they just become obvious. Usually they show themselves to you, you don’t need to look for them. They’re motivated to participate,” he says. These future leaders are the ones who speak up at meetings or on other occasions, who put themselves out there even though it is not part of their job description.

At the beginning of the process, establish guidelines about who will be involved and what will be expected of them. Everyone involved must be willing to cooperate and collaborate. If there is a question about whether or not to include anyone, it is usually better to bring on extra people than to leave someone out, only to discover later they should have been a part of the process all along. Not everyone will be involved the entire time; people will come and go during different phases.

Often, an outside facilitator or consultant can be an asset to a strategic planning committee. It is sometimes difficult for managers and other employees to sit back and discuss what they need to accomplish as a company and how they need to do it without considering other factors. As objective observers, outside help can often offer insight that may escape insiders.

Hofmeyer says sometimes bosses have blinders on that keep them from seeing what is happening around them, which allows them to ignore potential conflicts. “People often have their own agendas of where they want to go, and if they are not aligned, it is difficult to build a strategic plan. An outsider perspective can really take you out of your bubble and tell you things you don’t necessarily want to hear [but should]. We get into a rhythm, and it’s really hard to step out of that, so bringing in outside people can help bring in new views and aspects of your business.”

An outside consultant can also help naysayers take the process more seriously because they know the company is investing money in the efforts, Hofmeyer adds.

No matter who is involved in the planning process, make sure at least one person serves as an administrator and documents all planning committee actions.

What Is in a Strategic Plan?

A strategic plan communicates goals and what it takes to achieve them. The plan sometimes begins with a high-level view, then becomes more specific. Since strategic plans are more guidebooks than rulebooks, they don’t have to be bureaucratic and rigid. There is no perfect plan; however, it needs to be realistic.

There are many sections in a strategic plan, and the length of the final document or presentation will vary. The names people use for the sections differ, but the general ideas behind them are similar: Simply make sure you and your team agree on the terms you will use and what each means.

One-Page Strategic Planning Template

“I’m a big fan of getting a strategy onto one sheet of paper. It’s a strategic plan in a nutshell, and it provides a clear line of sight,” Stockmal advises.

You can use the template below to consolidate all your strategic ideas into a succinct, one-page strategic plan. Doing so provides you with a high-level overview of your strategic initiatives that you can place on your website, distribute to stakeholders, and refer to internally. More extensive details about implementation, capacity, and other concerns can go into an expanded document.

Download One-Page Strategic Planning Template Excel | Word | Smartsheet

The most important part of the strategic plan is the executive summary, which contains the highlights of the plan. Although it appears at the beginning of the plan, it should be written last, after you have done all your research.

Of writing the executive summary, Stockmal says, “I find it much easier to extract and cut and edit than to do it first.”

For help with creating executive summaries, see these templates .

Other parts of a strategic plan can include the following:

Description: A description of the company or organization.

Vision Statement: A bold or inspirational statement about where you want your company to be in the future.

Mission Statement: In this section, describe what you do today, your audience, and your approach as you work toward your vision.

Core Values: In this section, list the beliefs and behaviors that will enable you to achieve your mission and, eventually, your vision.

Goals: Provide a few statements of how you will achieve your vision over the long term.

Objectives: Each long-term goal should have a few one-year objectives that advance the plan. Make objectives SMART (specific, measurable, achievable, and time-based) to get the most out of them.

Budget and Operating Plans: Highlight resources you will need and how you will implement them.

Monitoring and Evaluation: In this section, describe how you will check your progress and determine when you achieve your goals.

One of the first steps in creating a strategic plan is to perform both an internal and external analysis of the company’s environment. Internally, look at your company’s strengths and weaknesses, as well as the personal values of those who will implement your plan (managers, executives, board members). Externally, examine threats and opportunities within the industry and any broad societal expectations that might exist.

You can perform a SWOT (strengths, weaknesses, opportunities, and threats) analysis to sum up where you are currently and what you should focus on to help you achieve your future goals. Strengths shows you what you do well, weaknesses point out obstacles that could keep you from achieving your objectives, opportunities highlight where you can grow, and threats pinpoint external factors that could be obstacles in your way.

You can find more information about performing a SWOT analysis and free templates in this article . Another analysis technique, STEEPLE (social, technological, economic, environmental, political, legal, and ethical), often accompanies a SWOT analysis.

Basics of Strategic Planning

How you navigate the strategic planning process will vary. Several tools and techniques are available, and your choice depends on your company’s leadership, culture, environment, and size, as well as the expertise of the planners.

All include similar sections in the final plan, but the ways of driving those results differ. Some tools are goals-based, while others are issues- or scenario-based. Some rely on a more organic or rigid process.

Hofmeyer summarizes what goes into strategic planning:

Understand the stakeholders and involve them from the beginning.

Agree on a vision.

Hold successful meetings and sessions.

Summarize and present the plan to stakeholders.

Identify and check metrics.

Make periodic adjustments.

Items That Go into Strategic Planning

Strategic planning contains inputs, activities, outputs, and outcomes. Inputs and activities are elements that are internal to the company, while outputs and outcomes are external.

Remember, there are many different names for the sections of strategic plans. The key is to agree what terms you will use and define them for everyone involved.

Inputs are important because it is impossible to know where you are going until you know what is around you where you are now.

Companies need to gather data from a variety of sources to get a clear look at the competitive environment and the opportunities and risks within that environment. You can think of it like a competitive intelligence program.

Data should come from the following sources:

Interviews with executives

A review of documents about the competition or market that are publicly available

Primary research by visiting or observing competitors

Studies of your industry

The values of key stakeholders

This information often goes into writing an organization’s vision and mission statements.

Activities are the meetings and other communications that need to happen during the strategic planning process to help everyone understand the competition that surrounds the organization.

It is important both to understand the competitive environment and your company’s response to it. This is where everyone looks at and responds to the data gathered from the inputs.

The strategic planning process produces outputs. Outputs can be as basic as the strategic planning document itself. The documentation and communications that describe your organization’s strategy, as well as financial statements and budgets, can also be outputs.

The implementation of the strategic plan produces outcomes (distinct from outputs). The outcomes determine the success or failure of the strategic plan by measuring how close they are to the goals and vision you outline in your plan.

It is important to understand there will be unplanned and unintended outcomes, too. How you learn from and adapt to these changes influence the success of the strategic plan.

During the planning process, decide how you will measure both the successes and failures of different parts of the strategic plan.

Sharing, Evaluating, and Monitoring the Progress of a Strategic Plan

After companies go through a lengthy strategic planning process, it is important that the plan does not sit and collect dust. Share, evaluate, and monitor the plan to assess how you are doing and make any necessary updates.

“[Some] leaders think that once they have their strategy, it’s up to someone else to execute it. That’s a mistake I see,” Stockmal says.

The process begins with distributing and communicating the plan. Decide who will get a copy of the plan and how those people will tell others about it. Will you have a meeting to kick off the implementation? How will you specify who will do what and when? Clearly communicate the roles people will have.

“Before you communicate the plan [to everyone], you need to have the commitment of stakeholders,” Hofmeyer recommends. Have the stakeholders be a part of announcing the plan to everyone — this keeps them accountable because workers will associate them with the strategy. “That applies pressure to the stakeholders to actually do the work.”

Once the team begins implementation, it’s necessary to have benchmarks to help measure your successes against the plan’s objectives. Sometimes, having smaller action plans within the larger plan can help keep the work on track.

During the planning process, you should have decided how you will measure success. Now, figure out how and when you will document progress. Keep an eye out for gaps between the vision and its implementation — a big gap could be a sign that you are deviating from the plan.

Tools are available to assist with tracking performance of strategic plans, including several types of software. “For some organizations, a spreadsheet is enough, but you are going to manually enter the data, so someone needs to be responsible for that,” Stockmal recommends.

Remember: strategic plans are not written in stone. Some deviation will be necessary, and when it happens, it’s important to understand why it occurred and how the change might impact the company's vision and goals.

Deviation from the plan does not mean failure, reminds Hofmeyer. Instead, understanding what transpired is the key. “Things happen, [and] you should always be on the lookout for that. I’m a firm believer in continuous improvement,” he says. Explain to stakeholders why a change is taking place. “There’s always a sense of re-evaluation, but do it methodically.”

Build in a schedule to review and amend the plan as necessary; this can help keep companies on track.

What Is Strategic Management?

Strategic planning is part of strategic management, and it involves the activities that make the strategic plan a reality. Essentially, strategic management is getting from the starting point to the goal effectively and efficiently using the ongoing activities and processes that a company takes on in order to keep in line with its mission, vision, and strategic plan.

“[Strategic management] closes the gap between the plan and executing the strategy,” Stockmal of ASP says. Strategic management is part of a larger planning process that includes budgeting, forecasting, capital allocation, and more.

There is no right or wrong way to do strategic management — only guidelines. The basic phases are preparing for strategic planning, creating the strategic plan, and implementing that plan.

No matter how you manage your plan, it’s key to allow the strategic plan to evolve and grow as necessary, due to both the internal and external factors.

“We get caught up in all of the day-to-day issues,” Stockmal explains, adding that people do not often leave enough time for implementing the plan and making progress. That’s what strategic management implores: doing things that are in the plan and not letting the plan sit on a shelf.

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Key Elements of a Strategic Business Plan

A strategic business plan is a well-crafted, easy-to-follow document that conveys to you and your employees “the direction that your company needs to move in to accomplish your business objectives.” 1 Everyone from startup entrepreneurs to Fortune 500 CEOs needs strategic business plans to guide their businesses to the next level.

No matter your work setting or what your exact work objectives happen to be, to be effective, all strategic business plans should cover the following topics:

• The current state of the business
• A description of where the business needs to go
• An explanation of how the business can get there

Read on to learn what the key elements of a strategic business plan are that support these three topics and learn how to write a strategic business plan that can help boost your company’s success.

How to Write a Strategic Business Plan

Writing a winning business plan is easy when you know which key elements to include and why they are important to any well-written business plan. The most impactful—and actionable—plans tend to include the following sections:

• Executive Summary
• Mission Statement
• SWOT Analysis
• Goals and KPIs
• Initiatives 2

Now let’s take a closer look at these essential business plan elements and their purpose.

The Executive Summary

An effective executive summary “provides an overview of the most essential information in a business document.” 3 Well-written executive summaries quickly convey the main points of your plan but should be crafted to attract the attention of viewers in a way that helps convince them your plan is worth following and/or investing in.

While the function of the executive summary is universal, each summary can vary in length, depending on the industry and the audience you’re targeting; some summaries are merely memos; others are a paragraph or a whole page in length. Additionally, you may choose to have your summary appear in your table of contents or be a stand-alone front page to the rest of your plan with no formal introduction. As long as you make sure to choose the layout and length for your summary based on what works best for your audience, your summary will make the proper impact.

When writing this opening element of your plan, keep in mind traditional audiences of executive summaries tend to be busy business professionals who may not have time to read an entire strategic business plan document, no matter how well-composed. Having a short, precise summary at the beginning of your plan that’s easily digestible, even for the busiest stakeholders, is the best way to guarantee your plan will be understood by senior executives, investors, and lenders. 2

The Mission Statement

A mission statement lays out what your company stands for. By sharing this information in your business plan, you provide your audience with a better understanding of why your plan is important to the overall success of your company.

Great mission statements address:

• What your company does
• Who your company serves
• How your company serves them 4

Your mission statement should be written in a way that helps motivate each employee to work together towards the common goal listed in the mission statement.

When adding this part to your strategic business plan, you may choose to write a combined vision statement and mission statement to define what your company does and what you want to achieve. Vision statements express the “goals the company has for the future, what the company wants to become and how it will achieve those goals.” 3

Don’t forget that mission statements, whether combined with a vision statement or on their own, should be kept current with your company’s present situation. Be sure to update your statement as often as is needed to keep pace with any evolutions or changes the company has undergone.

The SWOT Analysis

Another key element of a successful business plan is the SWOT analysis. SWOT is an abbreviation for:

• S: Strengths
• W: Weaknesses
• O: Opportunities
• T: Threats 5

This analysis portion of your strategic business plan is essential because it delivers a quick visual framework that evaluates your company's competitiveness and can, in turn, be leveraged for strategic plans. 4

Strengths and weaknesses are considered internal factors, affected by what is taking place within the company and changeable by the company itself. Threats and opportunities are external factors like market trends and industry regulations. While not directly controlled by your company, being aware of how external factors may impact your odds for success is critical to any business plan.

Use internal and external data for your SWOT data points. Consulting multiple sources and voices inside and outside of your organization creates a holistic SWOT analysis that will help you and your company see the bigger picture to follow for success.

Once your SWOT analysis is done, you will have new ideas, informed by a well-researched fact list, about your company’s position and state of preparedness for the future.

The Goals and KPIs

Next, you’ll want to craft a clear list of goals that you want your business to achieve. With any goal, be sure to define it as best as you can using qualitative, not just qualitative metrics, so that plan stakeholders know what they are striving for, what actions to take to get there, and how to measure progress and achievement. 6

Example goals include:

• Raising revenue 10% year-over-year
• Hiring more sales personnel by a certain date
• Reduce production expenses by 8% over the next five years

Example goal measurements, or KPIs (also known as key performance indicators), include:

• Sales revenue
• Number of new business partnerships
• Sales call volume
• Website orders
• Newsletter sign-ups

No matter what KPIs your company settles on for goal measurement, be sure to share them in the business plan. You should also include how you plan to put an effective KPI tracking and progress sharing system in place and which stakeholders are vital to each goal.

Make sure to write goals that are realistic enough for your team to attain but lofty enough to motivate the change you want stakeholders to bring about. Goals that inspire employees to work in a new direction, while promoting “buy-in,” will keep motivation high and help your company reach its goals.

The Initiatives

Once you’ve added your company mission statement, SWOT analysis, and your top goals and relevant KPIs, it’s time to create your plan’s initiatives. Business strategy initiatives are the planned actions your company employees will take to bring your overall strategic business plan to fruition. 7

To be achievable, initiatives should align with your goals, KPIs, and of course, your plan’s budget.

Example initiatives include:

• Launch a new homepage that is easier for customers to navigate
• Have all salespeople undergo new training for your newest product
• Eliminate a costly, redundant supply chain quality control step

Make sure your initiatives support your goals, bring you closer to achieving your overall business plan, and have assigned stakeholders and reasonable deadlines.

With all of the key elements in place, your strategic business plan will be well understood, well-received, and more easily acted upon leading to better business outcomes for you and your company.

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• Retrieved on February 2, 2022, from indeed.com/career-advice/career-development/elements-of-strategic-planning
• Retrieved on February 2, 2022, from miro.com/aq/ps/templates/strategic-planning/
• Retrieved on February 2, 2022, from indeed.com/career-advice/resumes-cover-letters/executive-summary-templates
• Retrieved on February 2, 2022, from indeed.com/career-advice/career-development/vision-vs-mission-statement
• Retrieved on February 2, 2022, from investopedia.com/terms/s/swot.asp
• Retrieved on February 2, 2022, from indeed.com/career-advice/career-development/business-goals
• Retrieved on February 2, 2022, from indeed.com/hire/c/info/creating-tactical-plans
• Retrieved on February 2, 2022, from usnews.com/education/online-education/university-of-kansas-OBUS0696/mba

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Storyful’s Complete Guide to Strategic Planning

In the ever-evolving digital landscape, how can businesses remain agile and aligned? Successful companies turn to strategic planning, informed by cross-platform data .

From a business standpoint, strategic planning is an ongoing process that allows leaders to define the direction and vision for the growth of their organization. With this roadmap, organizations plan out the near-term efforts and initiatives that will help them accomplish their long-term goals, connecting these objectives back to their values and missions.

In this blog, we’ll cover the benefits of strategic planning and the steps your organization can take to create a plan of action. 

What is Strategic Planning?

“ What is strategic planning?” is a question often asked by organizations seeking to define their long-term goals and the steps needed to achieve them. According to the Corporate Finance Institute , strategic planning is “the art of creating specific business strategies, implementing them, and evaluating the results of executing the plan, in regard to a company’s overall long-term goals or desires.”

Companies turn to strategic planning to ensure their organization’s long-term success and sustainability.

As an ongoing, iterative practice, strategic planning helps business leaders avoid the trap of short-term thinking and reactivity. Instead, they become equipped with thoughtful strategy and proactive approaches to deliver growth.

As a fundamental business planning process, strategic planning empowers businesses to navigate their day-to-day functions with confidence and purpose, regardless of their industry or size.

Why is Strategic Planning Important?

The framework for strategic planning creates a clear roadmap for success, made up of detailed, measurable goals. Organizations and professionals are empowered to achieve their objectives, confidently make informed decisions that align with overarching strategy, and maintain a competitive edge.

Before investing in a major sporting event sponsorship , executives at a global brand turned to Storyful to understand the implications this partnership might have on their company’s reputation. Storyful analysts provided nuanced context to the conversations happening across social media. 

Through this investigation, our team highlighted findings to better inform their strategic plan moving forward :

• Risks and opportunities for the brand’s marketing and communications teams to consider
• Recommendations for data-driven decision-making , maximized sponsorship ROI and strengthened messaging strategy
• Identified human rights, safety, and DEI issues to consider as key areas of brand vulnerability
• A strategic sponsorship strategy to increase client visibility while avoiding potential damage to their brand value

Through strategic planning, all branches of a business become stronger. Leaders gain a holistic understanding of their company and its landscape, while employees gain a clear idea of how their work leads to overall success.

Who Performs Strategic Planning?

Now that you understand what strategic planning is, we’ll discuss the key figures shaping that strategy. The early stages of strategic planning typically begin with senior leaders and managers, including the CEO, executive team, and board of directors. These leaders are responsible for shaping the business’s overall direction and long-term goals.

When implemented correctly and collaboratively, the strategic planning process involves various stakeholders across teams and departments, reaching far beyond the executive level. Individual contributors provide a unique perspective into the organization’s strengths, weaknesses, and opportunities. 

What are the Steps in the Strategic Planning Process?

Effective strategic planning incorporates a targeted approach based on the goals at hand and a clear plan of action, carefully outlining the individual steps required to realize an organization’s long-term vision.

1. Setting Goals Strategic planning encourages business leaders to set clear, achievable goals that are aligned and communicated from the top, down. To establish practical goals, frame them to be SMART: specific, measurable, achievable, relevant, and time-bound.  This framework establishes a level of accountability, connectedness, and a timeline to accomplish tasks while making sure objectives are results-driven and easy to understand.

2. Developing Effective Strategies Depending on these goals, your organization’s resources, and the dynamics of your market, the strategies below can lead to enhanced success and sustainable growth.

What are the different types of strategic planning?

• Business Growth Strategies: Expand business by entering new markets, innovating new products or service offerings, and increasing market share.
• Differentiation Strategies: Develop approaches to stand out amongst competitors through pricing, marketing, or partnerships.
• Market Positioning Strategies: Create a distinct role for your business within the wider industry, taking on a role of market leader, challenger, follower, or niche competitor.
• Digital Strategies: In the digital era, efforts focused on online identity, communication on digital platforms, and e-commerce redefine effective customer engagement. 

3. Creating a Plan of Action Once your business defines the purpose and goals of its strategy, the next step is to build an organized plan of action. This plan of action is essential to the implementation of your organization’s strategies. Outlining a detailed approach clarifies how the defined goals will be achieved, breaking down high-level ideas into clear, actionable tasks and activities.

Steps to Creating a Plan of Action:

1. Defining Objectives: Set clear goals and outline objectives to inform what success looks like and how it’ll be achieved on a granular level.

2. SWOT Analysis: Map out your organization’s strengths, weaknesses, opportunities, and threats, considering the internal and external factors that can impact and influence strategic development.

3. Competitive Analysis: Benchmark key competitors and compare your brand’s performance against theirs, considering target audiences and industry trends.

4. Resource Allocation: Consider the resources and timelines required for each task, efficiently spreading talent, technology, and budget across initiatives.

5. Task Prioritization: Determine which tasks on the docket are most important and time-sensitive, and prioritize them. This ensures the focus is placed on high-impact initiatives.

6. Project Assignment: Translate the comprehensive plan into smaller efforts. Assign each task to a clear owner, defining a well-defined scope, success metrics, and a realistic deadline.

7. Performance Tracking: Utilize KPIs (key performance indicators) for a measurable and quantifiable method of tracking progress. If progress slows or milestones aren’t reached, be prepared to adapt and reshape your approach.

8. Communication Strategy: Keep all stakeholders informed about the action plan, their responsibilities, and the overall progress with routine communications, meetings, catch-ups.

Examples of Successful Strategic Planning

The American Management Association suggests strategic planning answers the questions: How do you get from where you are today to where you want to be in the future? What are the steps that you will have to take to create your ideal future business?

In a rapidly changing business landscape, top brands consider these questions regularly, revisiting and reframing their strategic blueprint as their organization, and its place in the industry, evolves. Across several industries, Storyful is a strategic partner to some of the world’s leading companies, protectively planning against risks and threats while identifying growth opportunities with social media intelligence.

Storyful’s strategic planning examples:

• Decoding Health Misinformation During the COVID-19 Pandemic How Storyful Intelligence provided strategic guidance to help a global technology company identify false claims relating to COVID-19 and vaccines
• Mapping the Influencer Ecosystem of Enterprise Developers How Storyful Intelligence helped a leading global technology company use data-driven insights to power smart decision making, defining a target market for quantum computing
• Mapping Key Opinion Leaders How Storyful Intelligence helped a leading asset management company measure brand campaign effectiveness for a strategic sustainability education program

Storyful’s Strategic Planning Approach

Storyful offers a unique, consultative approach to strategic intelligence and planning . Though diverse in nature, our clients have a common goal: ensuring they stay on the cutting edge of trends that can impact their business and revenue. Our team of industry experts create business strategy plans tailored to clients and their goals, with data and actionable insights to inform each stage of the campaign planning process. 

How does Storyful approach strategic planning for businesses?

1. Scope: Identifying client objectives and goals, illuminating pain points, target initiatives, and focused objectives

2. Research: Leveraging expert analysts and proprietary technology, our tools ingest data from 60+ platforms, including news sources and the dark web, adding context to online conversations

3. Actionable data: Our team of analysts deliver high-impact insights and recommendations tailored to client needs

4. Consultation: Pinpointing emerging trends, white space opportunities, influential figures, target audiences, sentiment analysis, competitor benchmarking, and risk mitigation, translating these findings into a strategic business plan

Storyful has partnered with the world’s leading brands to protectively plan against risks and threats while identifying growth opportunities with social media insights. 

Next Steps: How Storyful can help you develop informed strategic plans to achieve your goals

Strategic planning is an ongoing practice for businesses of all sizes. Focused on long-term goals and success, it provides a detailed framework for execution and staying agile in a rapidly evolving world, regardless of an organization’s headcount or revenue. It empowers business leaders to allocate resources, make informed decisions, and connect their efforts to a greater vision: one that’s dedicated to sustained growth and maintaining a competitive advantage.

As a leading global social media intelligence agency, Storyful is a trusted partner to the world’s top brands. We have 12+ years of experience helping businesses like yours make critical decisions, mitigate risks and seize opportunities with confidence.

Now is the time to optimize your brand’s strategic positioning by partnering with Storyful. Schedule a consultation with us to find out how we can help you develop informed strategic plans to achieve your business goals.

Storyful Intelligence has 12+ years of experience partnering with the world’s leading brands, crafting a proven, consultative approach to strategic planning . Our industry experts combine proprietary technology and human analysis of social media insights to transform the way businesses make critical decisions. 

Image credit: Featured photo ©mbpteerapat via Canva.com.

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What Is a Strategic Business Plan?

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Long-term strategic business planning is necessary for company growth and success, explains Entrepreneur magazine . Business plans provide companies with the tools to track growth, establish a budget and prepare for unforeseen changes in the market place. A strategic business plan focuses on long-term growth objectives, rather than near-term operating goals and addresses different business strategy types.

A strategic plan includes many elements a business can utilize to attract financing and manage company objectives. To optimize strategic business planning, businesses must clearly define company goals and conduct extensive research to properly understand industry trends. Looking at different strategic planning models will help you decide how to set long-term goals for your small business.

What is a Strategic Business Plan?

A strategic business plan is a written document that pairs the objectives of a company with the needs of the market place. Although a strategic business plan contains similar elements of a traditional plan, a strategic plan takes planning a step further by not only defining company goals but utilizing those goals to take advantage of available business opportunities.

This is achieved by carefully analyzing a particular business industry and being honest about your company's strength and weakness in meeting the needs of the industry. A strategic business plan is followed by tactical plans to help achieve the strategic goals.

Reasons for Strategics Plans

A strategic business plan is necessary to optimize market research and to attain optimum market share for your business. The plan allows businesses to focus on a particular niche in the marketplace, which makes sales, advertising and customer management more effective. The plan allows a company to know as much as possible about the needs of its customers and gaps in the marketplace that need to be filled. A strategic business plan helps a company provide better, more targeted service to its clients.

Strategy vs. Tactics

A strategic business plan might set a goal of diversification for the business. Tactics for achieving this strategic goal might include acquiring a business with different product lines, or adding new products to the company's line. For example, a tennis racquet manufacturer might decided to add strings to its product line, either acquiring a string maker or sourcing its own strings.

A strategic business plan includes extensive market research, industry trends and competitor analyses. A strategic plan will include the components of a traditional plan, such as an executive summary, marketing analysis and financial statements, but a strategic plan will be more specific on how the company will go about achieving company goals.

For example, a strategic business plan will attempt to identify a target market, narrow it down to a manageable size, and establish a strategy for acquiring those customers.

Benefits of Strategic Business Plans

Writing a strategic business plan has many advantages. The plan can serve as an outline for successful completion of company milestones. Company owners are in a better position to not only understand their business but become experts in their industries.

A strategic plan helps executives understand the direction in which their company is headed by reviewing past progress and making changes to improve and grow. The plan is an organizational tool that helps to keep a company on track to meet growth and financial objectives.

Misconceptions About These Plans

Many small business owners feel that strategic business plans are for large companies and big businesses. However, according to the U.S. Small Business Administration, a strategic business plan can benefit companies of all sizes and can be a great advantage to small businesses. Small businesses may utilize different types of planning activities to develop the strategies necessary to attract and retain the customers it needs to succeed.

• Entrepreneur.com: Building a Strategy Pyramid

Sherrie Scott is a freelance writer in Las Vegas with articles appearing on various websites. She studied political science at Arizona State University and her education has inspired her to write with integrity and seek precision in all that she does.

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• Business Essentials

The Importance of Strategic Planning

Every successful business has a plan and knows where it is heading in the future. Setting a plan with goals, target dates, and a purpose should be finalized before embarking on a business. Taking the time on an ongoing basis to review the company's past performance, and predict its future performance, gives it a road map to follow.

Without strategic planning , which is knowing the current state of your business and where you want it to go, most businesses will fail. A strategic plan allows you to see what is important, how to get there, the pitfalls to avoid, and the noise to ignore. Below we discuss some of the reasons why strategic planning is important and how to implement it.

Key Takeaways

• Strategic planning is crucial for a business as it creates a map for a business to follow and course correct when need be.
• The first part of a strategic plan is the business plan, which outlines the purpose of the business, budgets, goals, and the mission statement.
• Making time to evaluate your business on an ongoing basis will allow you to determine how well your results are adhering to your plan. This will allow you to make adjustments or double-down on how the business is being run.
• Communicating your strategic plan to your employees is critical so that everyone is on the same page and working towards the same goals.
• Reviewing and following up on your business will highlight strengths and weaknesses in your business so that you can continue with what works well and eliminate what is hindering the growth of your business.

Making a Business Plan

The very first strategic planning most businesses do is a business plan . When you first start your business, you will likely have prepared a mission statement , a budget, and a marketing and promotion plan. The business plan is a good first step, but it needs to be reviewed and updated as the business continues and grows. If you shove it in a drawer and let dust gather on it, it won't serve as the foundation of your business, as it was meant to.

Using Goal-Based Planning

How you go about conducting strategic planning will depend on many variables, including the size of your business, the time frame included, and your personal preferences. The most common style of plan is goals-based. In this type of plan, you set goals for the business (financial and non-financial) and map out the steps needed to meet those goals.

For example, if your goal is to have $100,000 in revenues next year, the steps to get there might include bringing in five new clients a month and attending three trade shows. Whatever the goals you set for your business, they should be concrete and measurable so that you know when you reach them. Another method of strategic planning is mission-based.

When you first started your business, you likely developed a mission or values statement, outlining the purpose of your company and its overall reason for being. A mission-based strategic plan ties each part of the plan into the mission, to ensure that the company is always operating in the service of that mission.

For example, if your mission statement is to be recognized as a leader in the financial services sector and to help families become financially independent, your strategic plans should address how you will meet those goals.

Making Time

It can be difficult to find the time to plan your business. Other, more pressing priorities, like trying to bring in revenue , may grab your attention; however, carving out time regularly will help you keep on top of your business.

Blocking off a few hours a day or week to focus on your plan should be part of your business operations. During that time, you can examine the prior week's financial performance and update any marketing initiatives to make sure that your business is on track with your initial plan. If it's not, then you'll need to make adjustments to get back on track.

Regardless of how often you plan, make sure that you set it in stone in your day planner. Block off the time and don't let anything else get in the way. Turn off your cell phone and, if at all possible, go somewhere away from your office to plan in order to minimize distractions.

Promoting Communication

As a business owner, you will most likely have employees. It is critical to inform them of your strategic plan so that they are on the same page and working towards the same goal as you.

Including your staff in your strategic plan will instill a feeling of responsibility in their jobs that will help ensure productivity.

For example, if you have a sales team and your strategic plan involves bringing in five new clients a month, your sales team needs to be aware of this so that they know the goal to achieve. If they don't, perhaps they would be under the assumption that bringing in two new clients a month is excellent, when in actuality, it is only 40% of your goal. Without clear communication to your employees, your business will be a boat set adrift without any course to follow.

Following Up

A critical part of the planning process is reviewing your previous plan and comparing it to your actual results. Were you able to bring in five new clients last month? If not, why not? Tweak the plan going forward to account for changes in your business or the general economic climate. The more experience you get with the planning process and with the operational side of your business, the more accurately you will be able to plan.

Once you have had your business running for a while and block out time to follow up on your strategic plan, you will be able to determine where the strengths and weaknesses in your business lie. This would allow you to correct course, perhaps changing your business plan and goals slightly to focus on your strengths, while allowing you to eliminate your weakness, making your business stronger and increasing the likelihood of achieving your goals.

The Bottom Line

Planning out the future of your business is the best way to ensure success. Creating an initial plan and communicating that plan to your employees will ensure that everyone is working towards the same goal.

Taking out time to review your business's results and comparing them to your plan will help ensure that the right policies and procedures continue whereas those that are not benefiting the company will be removed. It may seem awkward and difficult at first to create a strategic plan, but with practice, you will be able to move your business in the right direction.

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• Effective Strategic Plans and Business Plans: Understanding the Difference Between

by Waymaker | Jul 25, 2023

Defining Strategic Plans and Business Plans

What is a strategic plan, what is a business plan, key components of strategic plans and business plans, elements of a strategic plan, elements of a business plan, the purpose and goals of the strategic plan and the business plan, the purpose of a strategic plan, the purpose of a business plan, the planning process: strategic plans vs. business plans, developing a strategic plan, developing a business plan, the role of stakeholders in each plan, stakeholder involvement in strategic plans, stakeholder involvement in business plans.

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In the world of business, the terms strategic plans and business plans are often used interchangeably. However, there are significant differences between these two types of plans that are important for entrepreneurs and business leaders to understand.

Before delving into the differences between strategic plans and business plans, it’s important to define each term.

A strategic plan is a long-term plan that outlines an organization’s goals and objectives and the actions needed to achieve them. It typically covers a three to five-year time period and focuses on broad, high-level initiatives that will position the organization for success in the future.

Strategic planning is a crucial process for any organization that wants to succeed in today’s competitive business environment. It allows organizations to identify their strengths, weaknesses, opportunities, and threats, and to develop a plan of action that will help them achieve their long-term goals.

During the strategic planning process, organizations typically conduct a thorough analysis of their internal and external environments. This includes an assessment of their current strengths and weaknesses, as well as an analysis of the market, competition, and other external factors that could impact their success.

Based on this analysis, organizations develop a set of strategic objectives and initiatives that will help them achieve their long-term goals. These initiatives may include expanding into new markets, developing new products or services, or investing in new technologies.

A business plan , on the other hand, is a detailed plan that outlines the steps a company will take to achieve its short-term goals and to operate on a daily basis. It typically covers a one to three-year time period and includes detailed financial projections, marketing plans, and operational strategies.

A business plan is a critical tool for any entrepreneur or small business owner who wants to succeed. It allows them to identify their target market, develop a marketing strategy, and create a roadmap for achieving their financial goals.

When developing a business plan, entrepreneurs typically begin by conducting market research to identify their target market and assess the competition. They then develop a marketing strategy that will help them reach their target market and differentiate themselves from the competition.

In addition to marketing, a business plan also includes detailed financial projections that outline the company’s revenue and expenses over the next one to three years. This allows entrepreneurs to identify potential financial challenges and develop strategies to overcome them.

Finally, a business plan includes operational strategies that outline how the company will operate on a day-to-day basis. This includes everything from hiring and training employees to managing inventory and fulfilling orders.

In conclusion, while both strategic plans and business plans are important tools for organizations and entrepreneurs, they serve different purposes. Strategic plans focus on long-term goals and broad initiatives, while business plans focus on short-term goals and daily operations.

Strategic plans and business plans are essential tools for any organization looking to achieve long-term success. While both plans share some common elements, they differ in their focus and level of detail.

A strategic plan is a comprehensive document that outlines an organization’s long-term goals and objectives. Key components of a strategic plan include:

• Mission Statement:  This statement defines the organization’s purpose and values, and provides a framework for decision-making.
• Vision Statement:  This statement describes the organization’s long-term aspirations and what it hopes to achieve in the future.
• Objectives:  These are specific, measurable goals that the organization aims to achieve within a set timeframe.
• Strategies:  These are the broad approaches that the organization will take to achieve its objectives.
• Tactics:  These are the specific actions that the organization will take to implement its strategies.

By outlining these key components, a strategic plan provides a roadmap for the organization to follow as it works towards its long-term goals.

A business plan is a detailed document that outlines how a company will achieve its short-term and long-term goals. While it shares some elements with a strategic plan, a business plan is more focused on the day-to-day operations of the business. Key components of a business plan include:

• Executive Summary:  This is a brief overview of the entire business plan, highlighting the key points and goals.
• Market Analysis:  This section provides an in-depth look at the industry and market in which the company operates.
• Marketing and Sales Strategies:  These are the specific tactics that the company will use to promote and sell its products or services.
• Operational Plans:  This section outlines the day-to-day operations of the business, including staffing, production, and logistics.
• Financial Projections:  This section provides detailed financial projections, including revenue, expenses, and profit margins.
• Funding Requirements:  This section outlines the company’s funding needs and how it plans to secure financing.

By including these key components, a business plan provides a detailed roadmap for the company to follow as it seeks to achieve its goals and grow its operations.

Overall, both strategic plans and business plans are essential tools for any organization looking to achieve long-term success. By outlining clear goals and strategies, these plans provide a framework for decision-making and help ensure that the organization stays focused on its long-term objectives.

Strategic plans and business plans are both essential tools for any organization. They provide a clear roadmap for achieving goals and ensuring long-term success. While the two plans are similar in some ways, they serve different purposes and have different goals.

A strategic plan is a high-level document that outlines an organization’s long-term goals and objectives. It provides a roadmap for achieving those goals and helps to align the entire organization around a shared vision. The purpose of a strategic plan is to provide a framework for making strategic decisions that will move the organization closer to its desired future state.

Developing a strategic plan requires careful consideration of an organization’s strengths, weaknesses, opportunities, and threats. It involves analyzing market trends, assessing the competition, and identifying potential risks and challenges. The end result is a comprehensive plan that outlines the steps necessary to achieve the organization’s long-term goals.

One of the key benefits of a strategic plan is that it helps to ensure that everyone in the organization is working towards the same goals. By creating a shared vision and providing a clear roadmap for achieving it, a strategic plan can help to align the efforts of all employees, departments, and stakeholders.

A business plan is a detailed document that outlines an organization’s short-term goals and objectives. It provides a roadmap for achieving those goals and helps to define the company’s market niche, outline its marketing and sales strategies, and determine the funding needed to cover startup costs and ongoing expenses.

The purpose of a business plan is to provide a clear and comprehensive plan for achieving the organization’s short-term goals. This includes identifying potential customers, outlining marketing and sales strategies, and determining the resources needed to launch and maintain the business.

Developing a business plan requires careful research and analysis. This includes assessing the market demand for the product or service, analyzing the competition, and identifying potential risks and challenges. The end result is a detailed plan that outlines the steps necessary to launch and grow the business.

One of the key benefits of a business plan is that it helps to ensure that the organization is well-prepared for the challenges of starting and growing a business. By providing a clear roadmap for achieving short-term goals, a business plan can help to minimize risks and increase the chances of success.

Strategic plans and business plans are both essential tools for any organization. While they serve different purposes and have different goals, they both provide a clear roadmap for achieving success. By developing a comprehensive strategic plan and a detailed business plan, organizations can ensure that they are well-prepared for both short-term and long-term success.

Planning is an essential part of any successful business, but the planning process can differ significantly depending on the type of plan being developed. Strategic plans and business plans have different goals, and therefore require different approaches to planning.

Use Waymaker Academy to learn how to build your business plan.

A strategic plan is a long-term plan that outlines an organization’s goals and objectives, and the strategies it will use to achieve them. Developing a strategic plan typically involves a lengthy planning process that includes input from a wide range of stakeholders, such as executives, employees, customers, and shareholders. The planning process may involve conducting research and analysis to identify opportunities and threats in the market, as well as the organization’s strengths and weaknesses.

The strategic plan should be reviewed and updated annually to ensure it remains relevant and aligned with the organization’s goals. This process may involve revisiting the organization’s mission and vision statements, as well as assessing the progress made towards achieving the goals outlined in the plan. 

One of the key benefits of a strategic plan is that it provides a clear direction for the organization, helping to align everyone around a common set of goals and objectives. It also helps to ensure that resources are being allocated in the most effective way possible, and that the organization is able to adapt to changes in the market.

A business plan, on the other hand, is a shorter-term plan that outlines the company’s goals and objectives for the next one to three years. The process of developing a business plan typically involves a smaller team of stakeholders focused on executing the company’s short-term goals.

The business plan may also include input from investors, lenders, and other external stakeholders who have a vested interest in the company’s success. This may involve presenting financial projections, market analysis, and other data to demonstrate the viability of the business.

One of the key benefits of a business plan is that it provides a roadmap for the company’s short-term goals, helping to ensure that everyone is working towards the same objectives. It also helps to identify potential risks and challenges, and provides a framework for measuring progress and making adjustments as needed.

Overall, both strategic plans and business plans are important tools for any organization. By taking the time to develop a clear plan, companies can ensure that they are working towards their goals in the most effective way possible.

Stakeholder involvement plays a key role in both strategic plans and business plans, although the level and type of involvement can vary depending on the plan.

Stakeholder involvement is critical in the development of a strategic plan, as it ensures that all parties have a voice in shaping the organization’s future. This involvement also helps to build consensus around the organization’s goals and the strategies needed to achieve them.

Stakeholder involvement in a business plan may be more limited, as the focus is on executing short-term goals rather than shaping the organization’s long-term future. However, investors and lenders may play a significant role in the development of a business plan, as they provide funding and have a vested interest in the success of the company.

While strategic plans and business plans share some common elements, they serve very different purposes and are designed to achieve different goals. By understanding the differences between these two plans, entrepreneurs and business leaders can better plan for the future, execute their short-term goals, and position their organizations for long-term success.

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5 effective strategic planning models for your business

Strategic planning models are a catalyst for successful teams. Companies use these models to achieve their goals, steer through transitions, or make impactful changes. Imagine a roadmap guiding every decision, action, and initiative — a strategic blueprint illuminating your path to success. 

That’s what a strategic planning model is for your team.

This article delves into the five most common strategic planning models. By using one of these models in your own strategic planning, you’ll align objectives, foster collaboration, and drive tangible results.

1. Basic strategic planning model

The basic strategic planning model is a foundational model for strategic planning. It starts with establishing or refining fundamental elements — mission, vision, values, and objectives — that set the direction for the entire organization. 

Who uses this model?

This method is cost-effective and straightforward, making it most helpful for: 

• Teams with no strategic planning experience: Because of its simplicity, the basic model is best if you’ve never created a strategy from scratch before. 
• Companies with limited resources: It offers an efficient way to develop a strategic plan without requiring extensive investments or lengthy training sessions.

How to use the basic strategic planning model

Teams don’t need fancy tools or software to follow this model. Its simplicity helps you prioritize and focus on the most critical aspects of your strategy without being overwhelmed by complex frameworks. 

• Write (or refine) your vision, mission, and values: Hold a collaborative meeting with stakeholders to establish or refine these business components so they align with your current direction and aspirations.
• Set clear goals: Use the SMART goal framework , which involves setting specific, measurable, attainable, relevant, and time-bound goals.
• Identify a strategy to reach your goal(s): Along with your leadership team, develop an actionable and attainable strategy. For instance, if your goal is to increase customer satisfaction by 15% in the next year, an actionable strategy might be to implement a customer feedback system and launch a customer loyalty program.
• Create an action plan to implement the strategy: Break down your strategy into tasks and milestones. Create a clear roadmap for implementation by assigning responsibilities and deadlines to team members. 

Related: The 5 steps of the strategic planning process

2. Goal-based strategic planning model

The goal-based strategic planning model emphasizes setting clear and measurable objectives. Teams use this model because the data-driven approach leads to more informed strategic choices. 

While this model is similar to the basic strategic planning model, it’s slightly more comprehensive and requires more time and resources. It’s useful for: 

• Teams that need more nuance than the basic model: If you want to take a more detailed approach to your strategy, the goal-based model provides a slightly more structured framework than the basic model. 
• Teams with limited strategic planning experience: This model doesn’t require specialized tools or extensive resources, making it accessible for teams that are still new to strategic planning.

How to use the goal-based strategic planning model

This goal-based model uses a SWOT analysis (strengths, weaknesses, opportunities, and threats) as the foundation for creating an effective strategy. 

• Carry out a SWOT analysis: A SWOT analysis helps you identify key areas for improvement and growth. Pro-tip: Use the Mural template to save time and easily collaborate with other stakeholders. 
• Set goals based on SWOT: Define specific, measurable goals that address your challenges (weaknesses and threats) and leverage your strengths and opportunities.
• Establish the strategies to help you meet these goals: Brainstorm and prioritize actionable strategies aligned with your goals. For instance, if your goal is to expand market reach, your strategies could include launching targeted marketing campaigns or exploring new distribution channels.
• Create an action plan: Develop a detailed action plan outlining specific steps, responsibilities, and timelines for achieving the established goals over the next year. 
• Allocate resources: Allocate the necessary resources, including budget and personnel, to support the action plan’s implementation.  

3. Strategic alignment model

This model helps you closely align your strategies with overall business goals and values to create an integrated approach. It allows everyone in the company to work together better by making sure they all share the same goals and values. 

If your existing strategies aren’t helping you meet your goals, the strategic alignment model will help you reassess and adjust them. It’s most helpful for: 

• Teams undergoing a transition: If your company is going through a merger or acquisition, this model can foster a smoother transition and alignment with the new strategic direction. 
• Teams that need to refine existing strategies: This model offers a structured approach for reassessing and improving current strategies, which is especially important if you’re trying to adapt to evolving market conditions, shifting customer demands, or internal changes. 

How to use the strategic alignment model

This model emphasizes the alignment of your strategy with your company’s mission, vision, culture, structure, processes, and resources.

• Identify which existing elements are misaligned: Conduct a comprehensive review of your company, including its existing mission, vision, culture, processes, and resources. This process will help you identify exactly where the misalignment is so you can align these elements with your strategy. 
• Identify solutions for each misalignment: Collaborate with relevant stakeholders and teams to propose actionable solutions for each identified misalignment. For example, if there’s a discrepancy between the company’s stated culture and actual practices, your solution could involve revising policies or conducting more thorough employee training.
• Create a strategic plan that implements solutions: Develop a strategic plan that incorporates your proposed solutions. Clearly outline steps, responsibilities, and timelines for integrating these solutions into your existing strategy and company framework.

Related: Mural’s Strategy Map template helps you visualize your goals across each area of your business

4. Balanced scorecard model

The balanced scorecard model gives a holistic view of your company’s performance by considering four main components: financial, customer, internal processes, and learning and growth. This method makes sure that organizations consider a wide range of factors and goals rather than focusing on just one. 

The balanced scorecard model is particularly beneficial for companies that want to establish or refine strategies in more than one area. It works best for:

• Large companies that need to align objectives across several areas: Large companies with diverse operations and multiple strategic priorities benefit from the holistic view of the balanced scorecard. For instance, conglomerates or multinational corporations that operate across various industries can use this model to align objectives from different sectors.
• Cross-functional teams: This model helps diverse teams work together in sync, ensuring everyone is on the same page to achieve big-picture goals.

How to use the balanced scorecard model

To use the balanced scorecard model, you’ll outline the objectives, KPIs, and strategic initiatives for each component (financial, customer, internal processes, and learning and growth): 

• Write the objectives: Define specific goals for each component. For example, for the financial component, your objective could be to increase revenue by diversifying revenue streams, expanding market share in specific segments, and optimizing pricing strategies.
• Determine the KPIs and targets: Identify the KPIs corresponding to each objective. For instance, using the same financial example as above, your KPIs may include revenue growth rate and market share.
• Outline strategic initiatives to meet your objectives: Establish the strategic initiatives or actions you’ll use to achieve the defined goals and KPIs. 

Related: OKRs vs. KPIs: What’s the difference?

5. Theory of change model

The theory of change model focuses on defining the cause-and-effect relationships between an organization’s activities and its intended outcomes. It helps companies articulate how their actions will lead to their desired changes and improvements.

This model helps companies establish clear pathways for improvements, making it beneficial for specific teams, including: 

• Teams undergoing large transformations: This model is particularly beneficial for teams navigating significant changes, such as restructuring or organizational overhauls.
• Teams that need to implement large-scale changes: This model is ideal for teams aiming to make substantial changes across departments or within the organizational structure, giving teams a clear roadmap for achieving these broad changes.

How to use the theory of change model

Using the theory of change model starts with prioritizing your desired outcome or result. 

• Write your desired outcome: Clearly define the specific change or improvement you want to achieve. For instance, if the desired result is to enhance employee satisfaction, outline the specific areas or factors contributing to this improvement. Conduct a change impact assessment to help your team map out how and when the change will happen.
• Establish steps to reach the desired outcome: Break down the overarching outcome into manageable steps or milestones. Identify the necessary conditions or actions required at each stage.
• Identify your KPIs: Your KPIs should effectively measure your progress and success toward achieving your desired outcome.

Choose a model for your next strategic planning session

Whether it’s the simplicity of the basic strategic planning model or the transformative power of the theory of change model, each one offers a unique pathway to enhance the impact of your team’s strategic planning.

Choose a model that resonates with your team’s needs and goals. By adopting a deliberate model tailored to your organization’s mission and values, you’ll pave the way for a more direct pursuit of your objectives.

And if you need help running an effective strategic planning meeting , look no further. Our guide has all the answers and insights you need.

About the authors

Bryan Kitch

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8 Business Plan Templates You Can Get for Free

8 min. read

Updated April 10, 2024

A business plan template can be an excellent tool to simplify the creation of your business plan. 

The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.

The only issue? There are SO many free business plan templates out there. 

So, which ones are actually worth using? 

To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now. 

These are listed in no particular order, and each has its benefits and drawbacks.

What to look for in a business plan template

Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:

• Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
• Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections. 
• Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
• Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum. 

1. Bplans — A plan with expert guidance

Since you’re already on Bplans, I have to first mention the templates that we have available. 

Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.  

The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources. 

Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.

Download: Traditional lender-ready business plan template or a simple one-page plan template .

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2. SBA — Introduction to business plans

The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide. 

While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.

The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.

Explore: The SBA’s planning guide and free templates

3. SCORE — Planning workbook

SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.

The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.

You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.

Download: SCORE’s business plan template

4. PandaDoc — A template with fillable forms

PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions. 

These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.  

But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options. 

Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.

Explore: PandaDoc’s business plan template library  

5. Canva — Pitch with your plan

Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.

You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan. 

You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.

Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used. 

To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva. 

Explore: Canva’s business plan gallery

6. ClickUp — The collaborative template

Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.

Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool. 

There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team. 

These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors. 

But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.

Sign Up: Get a free trial of ClickUp and explore their template library

7. Smartsheet — A wide variety of templates

I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide. 

They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.

Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.

At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.

Explore: Smartsheet’s business plan template library  

8. ReferralRock affiliate marketing business plan

I’m adding ReferralRock’s template to this list due to its specificity. 

It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business. 

Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.

So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.

Download: ReferralRock affiliate marketing business plan template

Does it matter what business plan template you use?

The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work. 

What it ultimately comes down to, is what sort of value you hope to get from the template. 

• Do you need more guidance? 
• A simple way to structure your plan? 
• An option that works with a specific tool?
• A way to make your plan more visually interesting?

Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit. 

And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running. 

If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool . 

If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

Table of Contents

• Qualities of a good template
• ReferralRock
• Does the template matter?

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The Department of Defense Releases the Updated Strategic Management Plan for Fiscal Years 2022 - 2026

Deputy Secretary of Defense Kathleen H. Hicks has approved the updated Fiscal Years 2022 – 2026 DoD Strategic Management Plan.

The SMP serves as the Department of Defense's strategic framework to manage strategic priorities and goals in support of the 2022 National Defense Strategy. It focuses on building enduring advantages and addressing institutional management priorities by using data-analytics to enhance oversight and reform efforts. Additionally, the SMP meets the statutory requirements pursuant the Government Performance and Results Act Modernization Act of 2010 and is published every year with the objective of articulating near-term progress on SMP implementation along with the long-term objectives the department plans to accomplish.

The SMP preparation is led by the department's Performance Improvement Officer and is developed through collaborative coordinated partnerships with the DOD components. The published SMP is reviewed as part of the annual fiscal budget process to ensure it remains aligned with achieving the strategic goals of the President's budget, the NDS, and the Secretary of Defense's priorities. For the first time, the FY2025 update to the SMP incorporates outcome-driven performance goals and measures for Military Departments to ensure that the SMP strategic framework accurately represents the work executed by the MILDEP in contribution to strategic priorities and objectives. 

The SMP includes the Annual Performance Plan and Annual Performance Report. The FY2025 APP reflects the SMP's longer-term planning outlook by linking its strategic goals and objectives to operational performance goals, measures, and targets for the upcoming fiscal year. The FY2023 APR consolidates prior year performance results across all DOD components and communicates overall implementation progress against the SMP.

The SMP strategic priorities and objectives – together with the performance goals, measures, and targets – showcase how the department intends to achieve its goals and priorities and succeed through teamwork across the defense enterprise. The FY2025 SMP focuses on five strategic priorities:

• Take Care of Our People and Cultivate the Workforce We Need
• Transform the Foundation of the Future Force
• Make the Right Technology Investments
• Strengthen Resilience and Adaptability of Our Defense Ecosystem
• Address Institutional Management Priorities

The full SMP is published online on the Performance Improvement Officer/Director of Administration and Management's performance website: https://dam.defense.gov/Performance-Mgmt/ .

You can also find it on defense.gov here .

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