HotWifi management team and I subscribe to this ever-true valid point that operating without a strategic plan is like sitting in the passenger seat of your own business. You see it accelerates into overdrive and passes one milestone after another. Eventually, however, you helplessly watch as it swerves aimlessly or, worse, crashes and burns.

Strategic planning puts you behind the steering wheel. It serves as a roadmap that defines the direction a company must travel, and that helps leaders prepare for potential roadblocks. Companies and markets without this foundation and foresight are far more likely to get lost, stuck, or wrecked.

As an experienced manager, I have been repeatedly questioned of the important role and the nature of strategic planning, therefore, it could be concluded that scientifically speaking Strategic planning is a systematic process for developing an organization’s direction. It also articulates the objectives and actions required to achieve that future vision, and outlines metrics for measuring success.

By helping you refocus on your foundational purpose, your goals, development and your opportunities, strategic planning reintroduces you to “the big picture.” It’s the basis for business owners to achieve their vision, which they communicate to stakeholders in a strategic business plan and program.

It’s common to confuse a strategic plan with a business plan, which is used to start a business, obtain funding, or direct operations and generally covers one year.

A strategic plan, on the other hand, is about high-level thinking and generally looks at 3 to 5 years. It can be created at any time and should be regularly revisited. Key points to review the plan include whenever a company begins a new venture (like launching a new product), if the economy or competitive landscape changes, or when new regulations or trends affect the business environment.

A diverse arrays of researches carried out by HotWifi research team had undeniably proved and even justified the ever-increasing Importance of Strategic Planning which can be explained in the following paragraph.

Taking the time to identify exactly where your business and your executive team are headed (and how you’ll get there) can help mitigate the risks associated with business growth. In fact, the strategic planning process can fuel long-term success by bolstering these five key areas:

• Focus and direction
• Operational efficiency
• Competitive environment
• Employee morale
• Stability and longevity

The Strategic Planning Process in Hotwifi is as follows:

1. Identify Your Strategic Position
2. Gather People and Information
3. Perform a SWOT Analysis
4. Formulate a Strategic Plan
5. Execute Your Strategic Plan
6. Constantly Monitor Performance

I provide six strategic planning examples which we have been using in HotWifi company for years:

SWOT is perhaps the most common tool used in the strategic planning process, but it’s not right for everyone. Some critics think it’s too limited in scope and doesn’t encourage deep analysis. That’s why business advisors have created several alternatives, each with its own structure.

A SOAR analysis is a common, more positive twist on SWOT. It stands for Strengths, Opportunities, Aspirations, and Results, and the goal is to use appreciative inquiry to focus on what works, rather than perceived weaknesses or potential threats.

NOISE stands for Needs, Opportunities, Improvements, Strengths, and Exceptions. This solution-focused process looks at what works and what should improve, and also encourages you to explore opportunities you didn’t realize existed.

The Five Forces framework examines competitive rivalry, supplier power, buyer power, threat of substitution, and threat of new entry. It can help companies assess industry attractiveness, how trends will affect industry competition, which industries a company should compete in, and how companies can position themselves for success.

Hambrick and Fredrickson’s Strategy Diamond framework consists of five essential parts that together should form a unified whole: Arenas, Vehicles, Differentiators, Staging, and Economic Logic. It’s intended to serve as a concise way to show how the parts of an organization’s strategy fit together.

STEEPLE is an acronym for Social, Technological, Economic, Environmental, Political, Legal, and Ethical—and each is an external factor you’ll judge using this tool. (There are several similar variations on this external-focused model, including PEST and STEEP).

A CORE assessment uses a strictly financial perspective to craft a business strategy and long-term plan. It looks at a company’s capital investment, site, ownership involvement, risk factors, and exit strategy.

HotWifi management team and I are of the opinion that Elements of Strategic Planning Implementation is as follows:

A strategic plan is useless if it sits on a shelf-collecting dust. That’s why implementation is perhaps the most critical step of the planning process. It’s what turns strategies and plans into actions and successes. The plan is the what and why, but implementation is the equally important who, where, when, and how.

Strategic plans fail for many reasons, including lack of ownership or confusion about the plan among stakeholders, lack of accountability or empowerment, not tying strategy to budgeting, not linking employee incentives to strategy.

It has been a long-proven reality which I subscribe to this academically proven reality that a business’s Strategic plans fail for many reasons, including lack of ownership or confusion about the plan among stakeholders, lack of accountability or empowerment, not tying strategy to budgeting, not linking employee incentives to strategy.

Success hinges on a quality implementation plan. It starts with the top brass, who should take responsibility for spearheading execution. It’s essential, however, that all stakeholders are involved.

Start by assessing whether you have the appropriate and sufficient budget, people, resources, content and systems in place to execute on the plan. Shore up any weaknesses before trying to put the plan in motion.

As with most things, communication is key. Educate stakeholders about why the company participated in strategic planning, how the plan and specific objectives support the company’s mission and values, and how employees’ day-to-day work affects the company’s success.

Establish responsibility for tasks to the appropriate parties, a scorecard for tracking and monitoring progress, and a performance management and reward system.

Educate managers on how employee work translates into meeting goals, and regularly check in with them on progress. In fact, it should become the norm to hold structured performance conversations throughout the entire company.

Hold quarterly strategic reviews to monitor progress and make small or big adjustments as needed. During annual reviews, revisit all elements of the plan. Conduct new assessments and adjust objectives and KPIs accordingly.

As a professional manager of HotWifi, I strongly acknowledge the fact that Strategic planning should be an essential part of any company’s decision making process. No matter how large or successful your organization is, this process can help you to excel when faced with tomorrow’s business challenges.

The process provides an effective framework for transforming your personal vision of your company into a clear and concise road map that will help to guide your organization’s response to every new challenge and opportunity.