BEST PRACTICES IN STRATEGIC PLANNING

Best Practices in Strategic Planning

Table of contents

What Is Strategic Planning?3

Precursor To Developing A Strategic Plan4

Strategic Planning Best Practices5

Tesco Executive summary7

Introduction9

Mission13

Environmental Analysis14

Strengths14

Weaknesses16

Features17

Threats18

Plan Goals and Implementation20

Tesco's Summary Five Year Record24

Critical Success Factors25

References32

Best Practices in Strategic Planning

What Is Strategic Planning?

Strategic planning and trade development are essentially correlated; the latter cannot be productively accomplished with no regard to the former. (Bradford and Duncan 2000)

A strategic plan must not be confused with a business plan. The previous is probable to be a very short document while the latter is probable to be much more considerable and detailed. The previous provides the base and framework for the latter.

If you don't know where your business is heading any road will get you there. Small business owners are repeatedly so preoccupied with instant issues that they lose sight of their final purposes. That's why a business reassess or preparation of a strategic plan is a virtual necessity. This might not be a recipe for achievement, but without it a business is much more possible to fail. A sound strategic plan must:

- Serve as a structure for decisions or for protecting support/approval,

- clarify the business to others in order to notify, motivate and engage, Assist benchmarking and performance monitoring,

- encourage modify and become building block for subsequently plan.

A strategic plan must be imaginative, theoretical and directional in difference to an functioning plan, which is probable to be shorter term, planned, tightly determined, implement able and quantifiable. A strategic plan have to be sensible and attainable. (Bradford and Duncan 2000)

Necessary points to watch during review and planning process. A critical review of past performance by the owners and organization of a business and the preparation of a map beyond normal budgetary horizons need a certain approach of mind and tendency. Several essential points which must to be observed throughout the review and planning procedure comprise the following:

* Relate to the medium term i.e. 2/4 years,

* Be undertaken by owners/directors,

* meeting point on matters of strategic importance,

* Be separated from day-to-day work,

* Be realistic, detached and critical,

* Distinguish between cause and effect,

* Be reviewed periodically,

* Be written down.

Precursor To Developing A Strategic Plan

It is attractive to clearly recognize the current status, objectives and strategies of an existing trade or the newest thoughts in respect of a new project. Correctly definite, these can be used as the basis for a significant assessment to probe existing or perceived Strengths, Weaknesses, Threats and Opportunities (SWOT). This then guide to plan development covering the following issues conversed in more detail below: (Bradford and Duncan 2000)

- Vision

- Mission

- Objectives

- Values

- Strategies

- Goals

- Programs

Strategic Planning Best Practices

Getting ready for your yearly strategic development meeting? Here's a fast listing of strategic planning best-practices:

Pick Your Strategic preparation Team. Bring together a little team (six to ten people) of corporation leaders and managers who symbolize every area of the company. Don't pick based on superiority - pick based on contribution to the thought procedure.

Schedule of Off-Site Strategic Planning ...