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How can you ensure that your strategic plan remains relevant?

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A strategic plan is a roadmap for your business that outlines your vision, mission, goals, and actions. It helps you align your resources, priorities, and decisions with your desired outcomes. However, a strategic plan is not a static document that you can set and forget. It needs to be reviewed, updated, and communicated regularly to ensure that it remains relevant, realistic, and responsive to the changing environment and needs of your stakeholders. Here are some tips on how to keep your strategic plan fresh and effective.

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Juan Lamas

LION+17.7K I help Entrepreneurs, CEO’s and Companies on seeking and achieving superior performance. I can help your…

1 Assess your progress

The first step to ensuring that your strategic plan remains relevant is to measure and evaluate your progress towards your goals. You need to collect and analyze data on your key performance indicators (KPIs), such as sales, revenue, customer satisfaction, market share, and employee engagement. You also need to solicit feedback from your customers, employees, partners, and other stakeholders on how well you are delivering value and meeting their expectations. By assessing your progress, you can identify your strengths, weaknesses, opportunities, and threats, and adjust your strategies and actions accordingly.

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Juan Lamas

LION+17.7K I help Entrepreneurs, CEO’s and Companies on seeking and achieving superior performance. I can help your business navigate difficult times and make strategic decisions to protect and maintain financial health
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Un plan estratégico es una herramienta que te permite definir tus objetivos, acciones y recursos para alcanzar el éxito de tu empresa. Sin embargo, el entorno empresarial es dinámico y cambiante, por lo que es necesario revisar y actualizar tu plan periódicamente para asegurar que siga siendo relevante y efectivo. Para ello, es fundamental evaluar el progreso de tu plan, es decir, medir los resultados que has obtenido en relación con los que esperabas. Esto te permitirá identificar las fortalezas y debilidades de tu plan, así como las oportunidades y amenazas del mercado. Así podrás ajustar tu plan a las nuevas circunstancias y mejorar tu rendimiento.

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Ify Abasilim

Business Growth Strategist | Sales Success Expert | Copywriting & 1:1 Coaching | Helping Businesses Accelerate Growth Through Smart Strategies & Effective Communication
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Let's consider an example from the technology industry: Company: XYZ Tech Solutions Objective: Become a market leader in sustainable technology solutions in the next three years. Ensuring Relevance: Regular Reviews: XYZ conducts quarterly reviews of its strategic plan. Each review includes a detailed analysis of KPIs related to market share, customer satisfaction, and revenue growth. Environmental Scanning: The company actively monitors developments in renewable energy, eco-friendly materials, and global environmental policies. This ensures that its sustainable technology solutions remain aligned with evolving market trends. Feedback Mechanisms: XYZ gathers feedback from its customers. Flexibility and Adaptability: Competitor Analysis:

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2 Scan your environment

The second step to ensuring that your strategic plan remains relevant is to scan your external and internal environment for any changes that may affect your business. You need to monitor the trends, developments, and events in your industry, market, competitors, customers, technology, regulations, and social factors. You also need to examine your internal capabilities, resources, culture, and processes. By scanning your environment, you can anticipate and respond to the opportunities and challenges that may arise, and align your strategic plan with the current and future realities.

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Juan Lamas

LION+17.7K I help Entrepreneurs, CEO’s and Companies on seeking and achieving superior performance. I can help your business navigate difficult times and make strategic decisions to protect and maintain financial health
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El entorno de tu empresa es el conjunto de factores externos e internos que influyen en tu actividad y tus resultados. Para que tu plan estratégico se adapte a las condiciones cambiantes del mercado, la competencia, los clientes, la tecnología, la legislación y otros aspectos, es necesario que realices un escaneo periódico de tu entorno. El escaneo de tu entorno consiste en recabar, analizar y evaluar información relevante sobre las oportunidades y amenazas que se presentan en tu contexto. Para ello, puedes usar herramientas como el análisis PESTEL, el análisis FODA, el análisis de las cinco fuerzas de Porter o el análisis de los grupos de interés.

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3 Review your vision and mission

The third step to ensuring that your strategic plan remains relevant is to review your vision and mission statements. Your vision statement describes your long-term aspiration and direction for your business, while your mission statement defines your purpose and value proposition. You need to ensure that your vision and mission statements are clear, concise, and compelling, and that they reflect your core values and beliefs. You also need to ensure that they are consistent with your goals and actions, and that they resonate with your stakeholders. By reviewing your vision and mission statements, you can reaffirm your identity and direction, and inspire your team and customers.

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Juan Lamas

LION+17.7K I help Entrepreneurs, CEO’s and Companies on seeking and achieving superior performance. I can help your business navigate difficult times and make strategic decisions to protect and maintain financial health
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Para que tu plan estratégico se alinee con tu misión y visión, es necesario que las revises periódicamente y las adaptes a los cambios del entorno y del mercado. La revisión de tu misión y visión implica: Evaluar si tu misión y visión reflejan los valores, la cultura y las aspiraciones de tu empresa. Comparar tu misión y visión con las de tus competidores y tus clientes potenciales. Identificar las brechas o inconsistencias entre tu misión y visión y tu plan estratégico. Modificar tu misión y visión si es necesario para que sean claras, concisas, inspiradoras y diferenciadoras. Comunicar tu misión y visión a tus empleados, socios y clientes para generar compromiso y lealtad.

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4 Update your goals and actions

The fourth step to ensuring that your strategic plan remains relevant is to update your goals and actions. Your goals are the specific, measurable, achievable, relevant, and time-bound (SMART) objectives that you want to accomplish, while your actions are the specific steps that you will take to achieve them. You need to ensure that your goals and actions are aligned with your vision, mission, and environment, and that they are realistic and flexible. You also need to ensure that they are communicated and delegated clearly and effectively, and that they are monitored and evaluated regularly. By updating your goals and actions, you can maintain your focus and momentum, and achieve your desired results.

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Juan Lamas

LION+17.7K I help Entrepreneurs, CEO’s and Companies on seeking and achieving superior performance. I can help your business navigate difficult times and make strategic decisions to protect and maintain financial health
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Los objetivos y las acciones de tu plan estratégico son los resultados que esperas lograr y las actividades que realizarás para conseguirlos. Para que tu plan estratégico se ajuste a la realidad y a las necesidades de tu empresa, es necesario que actualices tus objetivos y acciones periódicamente. La actualización de tus objetivos y acciones implica: Revisar si tus objetivos y acciones son SMART (específicos, medibles, alcanzables, relevantes y temporales). Comparar el avance y el desempe?o de tus objetivos y acciones con los indicadores y las metas establecidos en tu plan. Identificar los factores internos y externos que facilitan o dificultan el cumplimiento de tus objetivos y acciones.

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5 Communicate your plan

The fifth step to ensuring that your strategic plan remains relevant is to communicate your plan to your stakeholders. Your stakeholders are the people who are affected by or have an interest in your business, such as your customers, employees, partners, suppliers, investors, and regulators. You need to ensure that your stakeholders are aware of and understand your vision, mission, goals, and actions, and that they are engaged and committed to your plan. You also need to ensure that you solicit and incorporate their feedback and suggestions, and that you acknowledge and celebrate their contributions and achievements. By communicating your plan, you can build trust and loyalty, and foster collaboration and innovation.

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6 Learn and improve

The sixth and final step to ensuring that your strategic plan remains relevant is to learn and improve from your experience. You need to reflect on your performance, results, and feedback, and identify the lessons learned, best practices, and areas for improvement. You also need to apply your learning to your plan, and make the necessary changes and adjustments. By learning and improving, you can enhance your effectiveness and efficiency, and ensure that your strategic plan is always relevant, realistic, and responsive.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How can you ensure that your strategic plan remains relevant?

1

2

3

4

5

6

7

1 Assess your progress

2 Scan your environment

3 Review your vision and mission

4 Update your goals and actions

5 Communicate your plan

6 Learn and improve

7 Here’s what else to consider

Business Administration

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How can you ensure that your strategic plan remains relevant?

1

2

3

4

5

6

7

1 Assess your progress

2 Scan your environment

3 Review your vision and mission

4 Update your goals and actions

5 Communicate your plan

6 Learn and improve

7 Here’s what else to consider

Business Administration

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