The joys of strategic planning

The beginning of a new year brings with it the giddy anticipation of a clean slate and the opportunity to set new goals. If one of your goals is to grow your business, it's imperative that you have a written plan. And if you want your plan to be strategic, you need to create it with a time frame of at least three to five years.

I fell in love with strategic planning when I worked for a hospital system in Arizona. When a senior marketing executive stood at the flip chart and walked us through the process, I was smitten. I thought, "If this works for a hospital, I bet it would work for me." Over the years I've experienced the joys of strategic planning, using the process to chart my own career path, including my transition from employee to entrepreneur. I've used strategic planning to achieve my goals while helping others achieve theirs.

Here are some things to include when creating your strategic plan:

Begin by developing your Situation Analysis. This is a snapshot of where your company is in the marketplace today, including:

• Clients or customers and markets you are currently serving

• A SWOT analysis (Strengths, Weaknesses, Opportunities and Threats)

• Any other existing resources, strategic partnerships and/or alliances currently available to you

Next, identify your mission, vision and values. These are important to document so that everyone understands and agrees on these core principles. Mission, vision and values are the bedrock of a plan and typically don't shift over time.

Once these principles are documented, identify your:

Goal: This is the big picture, the difference you want to make in the world. An example: "To make a difference with our clients by providing consulting services to business owners so that they, in turn, can be of service to their clients." Goals are most powerful when they reflect your commitment to your clients or customers.

Objectives: These are specific, measurable bench marks, a declaration with a deadline. Examples: "Grow revenue XX percent by 2020" or "Increase revenue by X percent, year over year." Ideally these objectives are ambitious but achievable (sometimes called "stretch goals").

Strategies: Strategies answer the question, "How will we get there?" Solid strategies are "evergreen" in that they are relevant enough to serve the organization over time. "Maintain and enhance client satisfaction" is an example of a strategy. Strategies are like railroad tracks that move you toward your goal and objectives. Ideally, a plan has between six and eight strategies: too many can dilute your efforts and exhaust the resources of your company and your people.

Tactics: Each strategy is then supported by a list of tactics or action steps. Like objectives, tactics are specific and measurable, and they work best when tied to timelines, the people accountable for implementation, and budgets. Tactics show up on our calendars and our to-do lists. A good discipline is to review your to-do list and for each activity ask yourself, "What strategy does this support?" If it's not tied to a strategy, it very likely is a waste of time or resources.

Dwight D. Eisenhower, former president of Columbia University and a five-star general who went on to become the 34th president of the United States, once said "Plans are nothing. Planning is everything." He knew that the power of strategic planning isn't in the document - it's in the process of leaders working with their teams to set a course for the future. Without a plan, you're in danger of becoming a victim of your to-do list and at risk of chasing after the next bright shiny object you see.

• Vickie Austin is a business and career coach, professional speaker and author of "Circles of Gold: Honoring Your Network for Business and Career Success." You can visit her website at www.choicesworldwide.com and connect with her on LinkedIn or Twitter (@Vickie_Austin).