Strategic Plan

5 Components of a Strategic Plan

904 509 David DeWolf

Strategy can seem daunting. But it really doesn’t have to be. To create a comprehensive strategic plan all you really need is a little bit of time to think and a single sheet of paper.

A comprehensive strategy is made up of the following components.

WHO (Also Known as: Core Values)

Validity: Enduring

Question: What is core to our existence? What do we hold so dear, value so much, that regardless of ramifications we will not waiver from?

What it looks like:

  • A bullet list of 3-4 Core Values
  • A bullet list of 3-5 Characteristics that Define Your Culture

WHY (Also Known As: Mission, Purpose)

Validity: Enduring

Question: What is our reason for existence? What is our fundamental belief or inspiration that we can all rally behind?

What it looks like:

  • An emotional statement of belief.

WHERE (Also Known As: Vision, BHAG)

Validity: Decade(s)

Question: Where are we going? What are we trying to accomplish? What does it look like once we do?

What it looks like:

  • A statement of aspiration
  • A vivid description of what it looks like when you arrive.

HOW (Also Known As: Strategy)

Validity: Years

Question:What is our unique approach? How do we intend to arrive at our vision? How will we be different from those with who we are competing?

What it looks like:

  • A statement of your unique value proposition
  • A summary that defines your “strategic envelope”

WHAT (Also Known As: Product or Service)

Validity: Months or Years

Question: What is it that we do? How do we make money?

What it looks like:

  • A list of products or services that will be offered to the market