Speaker 1: Strategic planning is like a roadmap to achieve business goals. Strategic planning is a process where an organization's leaders define their mission statement and vision for the future. It includes establishing the sequence in which certain goals should be realized in order to reach that vision. Strategic planning typically represents long-term goals, spanning three to five years, or even longer. Here, we'll explore the five main phases of strategic planning. To develop your own strategic plan, click the link above or in the description for free templates and examples to follow. And be sure to subscribe to Ion Tech for the latest tech videos. There's a variety of ways to approach and execute strategic planning, but most cycles follow these five steps. Identify. First, determine your business's current position. This can be done through the use of needs assessment or SWOT analysis to understand the state of the business and the path ahead. Prioritize. Next, set objectives and initiatives that will move the business toward achieving its goals. There may be many goals, so it's important to prioritize the most important, relevant or urgent ones. Develop. This involves formulating the steps or tactics to attain an objective and may involve numerous short-term business plans. Developing the plan may involve tools like a strategy map, as well as cost and opportunity trade-offs. Implement. This is when the developed plan is put into motion. Implementing a plan requires clear communications across the entire organization to set responsibilities, make investments, adjust policies and processes, and establish measurement and reporting. Update. Finally, strategic plans should be consistently reviewed and revised to reflect changing business conditions. Reviews of metrics can happen quarterly, while adjustments to the plan might be done annually. Performance can be assessed with balanced scorecards and other tools. Effective strategic planning forces businesses to be aware of business opportunities and challenges, as well as anticipate risks and understand resources. It can also marshal individuals around a common mission while creating standards and accountability. Has your business created a strategic plan? When was the last time it was reviewed or updated? Share your experience in the comments below and be sure to hit that like button.