These questions will help you reflect on what you do well and the areas you need to improve in your approach to strategic and annual planning.
Make note of your answers to see what areas you need to work on. Once you've identified your problem areas, try to improve and strengthen these areas within your overall business plan.
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What elements of the strategic planning process outlined here do you already have in place?
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Where do you excel at present and where do the gaps lie?
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Who are the primary stakeholders for your business?
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What are their specific needs?
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When was the last time you formally consulted with them on this issue?
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How effective and extensive is the research you currently undertake to guide strategic decision-making and planning?
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Where might the gaps lie and how could you bridge them?
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Do you already have strategic goals defined to guide your business? If not, why not?
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When you think back over the past five years, have you managed to stay focused on the medium-term, or have you just concentrated on the here and now?
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How effective is your current approach to annual planning? Is it primarily budget-driven?
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What key performance measures have you defined to track progress towards your goals?
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Do your existing information systems give you the information you need to produce these measures, when you need it?
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How might you improve what you are doing as regards the strategic planning process?
Conclusion
Having read this online guide, you will have armed yourself with the tools necessary to set crucial strategies in place for your business. Measuring your performance and constantly revising and updating these strategies is a key factor of long-term business success.