It is necessary for organisations to have a strategy to ensure an appropriate organisational structure, together with effective and efficient systems. A company that has developed a strategy reduces its risk of failure and increases its chance of success.
The objectives of developing a strategy is to develop a plan which determines where an organisation should go in the long-term .
Several approaches to strategy exist but most strategies involve:
- identifying the organisation's purpose
- selecting goals to be reached for the organisation to succeed
- identifying specific strategies to reach these goals
- create an action plan to implement such strategy
- monitor and update this plan
The strategic plan is to create an original and rigorous-thinking process, supported by tools, frameworks and documents. The format may vary but contain common elements:
- where we wish the organisation to be
- where we are starting from
- how we are going to achieve our vision
These are combined together with milestones or achievements, responsibilities, risks and performance measurement.
When formulating a strategic plan an organisation to ask itself:
- What do we do?
- Who do we do it for?
- How do we become the best at what we do?
The strategic plan will have to be presented to the board/trustees for a formal review and approval. It is important that the minutes of such meeting are recorded and approved in order to have clear evidence that the strategic plan has been approved and can form the basis for the future work of the organisation.
David Hemery CBE - Setting your Vision and Mission
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