2003 Q4 Strategic Planning Checklist
While many companies update their strategic plans during the fall of each year, we are often asked about the essentials of a well thought-out plan. Over the years SPG has developed a checklist which provides some assistance in developing a plan. A few key checkpoint items include:
| Is the scope of the mission statement broad enough to allow for future growth and diversification? | |
| Has the size of the industry been described in measurable terms? | |
| Have the company’s major served markets and potential new markets been identified? | |
| Has a thorough assessment been made (and quantified) of the current level of customer satisfaction? | |
| Have all pertinent macro business environment trends and issues which will affect the company been clearly defined, e.g. economic, demographic, technological, social/cultural and political/legal factors? | |
| Has the company identified all of its major direct and indirect competitors? | |
| Is the company clearly stronger than its major competitors in each of the business strengths described? | |
| Are the non-financial objectives both achievable and well focused on the company’s business strengths and weaknesses and its market opportunities and competitive threats? | |
| Are the financial objectives proposed by the company both achievable and aggressive enough based on the company’s business strength and the attractiveness of the market? | |
| Have one or more strategies been established in support of each long term goal, including an explanation of how the strategy will help make short term progress in accomplishing the long term goal? | |
| Are the key assumptions used as the foundation for the strategy rationale valid and reasonable, given the company’s business? |