THE 4 STEPS OF STRATEGIC PLANNING PROCESS

Strategic planning is a crucial part of any business’s future. The ones best suited to organize strategic
planning process are business school graduates. More specifically, MBA graduates. Their finely tuned
coursework will help them develop the skills needed to succeed. Graduates from OLLU’s MBA program
will know how to develop strategic plans and how to enact them in a number of different fields.

The world’s greatest companies all have one thing in common — vision. The process of achieving that
vision is called strategic planning. Even the smallest companies have to engage in some level of strategic
planning if they want to create a formidable, enduring business model. Individuals who are interested in
business leadership will find that embracing the four steps of the strategic planning process is an
important part of being successful, regardless of the industry they’re in.

Environmental Scanning

Environmental scanning is the process of gathering, organizing and analyzing information. In addition,
it’s a process that surveys and analyzes relevant data to identify opportunities and threats. The goal is to
gain a clear understanding of your industry’s current landscape in order to better inform future
decisions and achieve your long-term vision. How a company goes about this process depends on many
factors, including long-term goals and size. A large company may decide to form a smaller committee
comprised of cross-functional team members, while a small company may limit it to the executive team.
Depending on a company’s objectives, this can entail gathering internal and/or external data. For
example, if one of your company’s primary objectives is to improve overall company culture and internal
communication, you may want to explore how other successful companies have achieved this — have
they adopted new software, integrated more common areas into the office design, or sent out quarterly
employee surveys? By identifying existing processes, challenges, and potential solutions, you can begin
to formulate a winning strategy.

Environmental Scanning

Environmental scanning is the process of gathering, organizing and analyzing information. In addition,
it’s a process that surveys and analyzes relevant data to identify opportunities and threats. The goal is to
gain a clear understanding of your industry’s current landscape in order to better inform future
decisions and achieve your long-term vision. How a company goes about this process depends on many
factors, including long-term goals and size. A large company may decide to form a smaller committee
comprised of cross-functional team members, while a small company may limit it to the executive team.
Depending on a company’s objectives, this can entail gathering internal and/or external data. For
example, if one of your company’s primary objectives is to improve overall company culture and internal
communication, you may want to explore how other successful companies have achieved this — have
they adopted new software, integrated more common areas into the office design, or sent out quarterly
employee surveys? By identifying existing processes, challenges, and potential solutions, you can begin
to formulate a winning strategy.
Strategy Implementation

The most important part of implementing a strategy may be communicating it clearly to begin with. The
entire company should be engaged and made aware of the company’s long-term vision. Each individual
should understand how their role contributes to the bigger picture. Once everyone in the organization
— and in particular, stakeholders and owners of specific action items — are aligned, it’s time for “a little
less conversation, a little more action.” All the steps outlined during the strategy formulation process
should be put into motion during strategy implementation.

Strategy Evaluation

Every organization should strive for continuous improvement, and so part of the strategic planning
process is taking a moment to monitor and adjust as needed. By implementing checkpoints into your
overall plan, business leaders can identify what’s working and what’s not, and pivot accordingly.
Strategy evaluation involves setting and adjusting benchmarks as needed, gathering feedback and
measuring performance. The results of strategy evaluation can help establish best practices and inform
future strategies.