Planning is always the first step of any business. Figuring out how a company’s finances lay in the short term and in the long term is essential to setting up a viable business and maximizing the available assets to the best effect of the company.
There is no single"best practice" for how to do successful strategic planning. The timing and process will differ depending on industry, market pressures, and the size and culture of the business.
In the past, a five to ten-year strategy time horizon was common, yet today we see how difficult it is to plan beyond 2 or 3 years.
As eBay CEO Meg Whitman said, "companies used to have strategic meetings once a year. Now we have them every two weeks."
(Sanghera, Sathnam. "You Should Be Bonkers in a Bonkers Time!" Financial Times 23 Sept. 2003, London Edition: Features p16.)
Top 5 Best Practices
Companies set targets that require a shift from business as usual.
Use a flexible and evolving planning process.
Communicating the strategic plan is a measure of quality planning.
Place emphasis on an action plan as well as strategic thinking.
Strategic planning is a key element of the management system.