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Components of Strategic Planning: What You Need to Know

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Components of Strategic Planning: What You Need to Know

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  1. Things you need to know about components of Strategic Planning

  2. To develop, implement, and effectively monitor a strategic plan, specific components of the strategic planning process need to be in place.

  3. Preparation for the strategic planning session is the first element. The firm should do a SWOTT analysis before embarking on strategic planning.

  4. The SWOTT is a technique for gathering input and feedback from internal and external stakeholders on the organization's strengths and weaknesses, opportunities and threats that may help or hinder the organization, and tendencies that may affect the mission and sustainability of the organization.

  5. The company should decide who it wants present at the strategic planning session in addition to conducting the poll.

  6. The company's board of directors, executive director, and management staff are usually present at planning sessions. External stakeholders, such as suppliers and cooperative allies, could be invited if the organization believes it would be helpful to include and solicit input from a more extensive range of stakeholders.

  7. The organization should select, among other things, when and where the event will conduct, who will serve as the facilitator, and which papers and equipment will require forms and equipment to ensure a successful planning session as part of its preparation work.

  8. The execution of the actual strategic planning session is the second component. Ahead of the start of the planning session, the group should agree on a set of ground rules to follow in order to keep the meeting on track and establish a plan that best serves the goals of the customers and the company.

  9. Monitoring and updating the final strategic plan as needed is the third component. A committee should be formed to keep track of the strategic plan regularly. It should be made up of members of the board and staff who meet regularly or every other month. This committee should evaluate the progress of each aim and target. The committee should debate these issues and offer a proposal to the entire board of directors if a purpose and goal need to be adjusted or deleted or if a new goal or objective needs to be established.

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  11. Thank You For Watching

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