Strategic Planning is a formalized process for setting goals based on business objectives and then mapping out how to accomplish those goals which usually takes place over the coming years, not months. Choosing effective strategic objectives is absolutely vital to ensure you have an effective organisation. It is the process of defining, often in hyperbolic terms, its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. First of all, effective strategic objectives must be specific in order to successfully achieve every objective made. They must be meaningful and highly specific and it is important that too many objectives are not made. Too many objectives can be unmanageable and unrealistic. 15 to 20 objectives should be sufficient for any organization. About 40 per cent of these should be located in the internal process perspective �" where the real work in strategy execution gets done. While it is important to remain specific and keep the objectives to a minimum, it is also important to consider the long-term plans of the business. By looking at improvements you want to make over the next three years or so rather than just the current budget cycle you may be able to get business leaders to make a longer-term commitment to a specific project and keep everyone involved motivated and enthusiastic about the future. A risk assessment is always important, as is making sure all goals are measurable which again ensures that everyone involved remains motivated as they can physically see the success. It may be through bank statements, an expanding company or improved service and customer satisfaction. Remember that the time frame for achieving your plans can vary considerably so try not to put a time scale on your long-term plans. Businesses and ideas take a long time to develop so do not be disheartened if it takes a while. Finally, stay flexible in your planning, particularly long-term plans. You don’t know what will happen in the future or what the market trends will be so be willing to adapt your strategic plan if necessary; it will benefit you in the long run.
