Strategic planning: what it is and what it means

Strategic planning is the continuous process that translates the long-term vision into measurable objectives, priority initiatives and review cadences. It does not coincide with strategy, which defines positioning choices, nor with operational planning, which organizes weekly activities. It must also be kept separate from the business plan, a financial forecasting document meant for dialogue with banks and investors. It works on a 1-3 year horizon and produces and updates the company's objectives and priorities, which guide allocation choices, regardless of the financial window.

Distinctive: continuous process
Distinctive: priority initiatives
Essential: measurable objectives
Essential: review cadences
Essential: long-term vision
Constant: 1-3 year horizon
Constant: allocation choices

Glossary

Strategic planning

A process that translates the long-term vision into measurable objectives, priority initiatives and review cadences.