long range business planning

• Jun 30, 2023

Long-Range Planning (LRP): A Comprehensive Guide To Everything You Need To Know

Updated: Jul 28, 2023

Introduction

Long-range planning (LRP) is a strategic management process that organizations undertake to define their vision, set goals, and develop strategies for the future. It involves analyzing the current business landscape, assessing available resources, and formulating a roadmap to achieve long-term success. In this article, we will explore the concept of long-range planning, its importance, key elements, benefits, challenges, best practices, and real-world examples.

Understanding Long-Range Planning

Long-range planning is a forward-thinking approach that focuses on creating a roadmap for an organization's future success. It involves setting long-term objectives, anticipating changes in the external environment, and aligning resources and strategies to achieve desired outcomes. Long-range planning goes beyond short-term goals and takes into account a broader time horizon, typically spanning three to ten years or more.

Importance of Long-Range Planning

Long-range planning is vital for organizations to thrive in a dynamic and competitive business landscape. It provides a framework for decision-making, resource allocation, and goal setting, ensuring that actions align with the organization's long-term vision. By engaging in long-range planning, businesses can proactively anticipate market shifts, capitalize on emerging opportunities, and mitigate potential risks.

Key Elements of LRP

Successful LRP involves several key elements:

1. Setting Vision and Goals

Defining a clear vision and establishing ambitious yet achievable goals are fundamental to long-range planning. The vision serves as a guiding principle, while the goals provide a specific direction for the organization to strive towards.

2. Environmental Analysis

Conducting a thorough analysis of the external environment is crucial to identify potential opportunities and threats. This includes analyzing market trends, customer preferences, technological advancements, regulatory changes, and competitor activities.

3. Resource Assessment

Assessing available resources, both tangible (financial, physical) and intangible (human capital, intellectual property), is essential for effective long-range planning. Understanding resource strengths and limitations helps in aligning strategies with available capabilities.

4. Strategy Development

Based on the vision, goals, and environmental analysis, organizations develop strategies to achieve their long-term objectives. These strategies outline the action plans and initiatives required to overcome challenges, exploit opportunities, and achieve sustainable growth.

5. Implementation and Monitoring

Executing the LRP and continuously monitoring progress is critical for success. Regular evaluation allows for adjustments and course corrections, ensuring that the organization stays on track towards its long-term goals.

Benefits of Long-Range Planning

Long-range planning offers numerous benefits for organizations:

Strategic Alignment: LRP ensures that all aspects of the organization, including departments, teams, and individuals, are aligned with the long-term vision and goals.

Resource Optimization: By assessing resources and allocating them efficiently, organizations can maximize their utilization and minimize waste.

Risk Mitigation: LRP enables organizations to identify potential risks and develop contingency plans, reducing vulnerability to external disruptions.

Enhanced Decision-making: With a clear roadmap and strategic direction, decision-making becomes more informed and focused on achieving long-term objectives.

Adaptability to Change: LRP allows organizations to anticipate and adapt to market changes, technological advancements, and evolving customer needs.

Challenges in Long-Range Planning

While long-range planning offers significant benefits, it also comes with challenges:

Uncertainty: Long-range planning requires anticipating future trends and events, which can be challenging in an unpredictable business environment.

Complexity: Developing a comprehensive long-range plan involves analyzing various factors and considering their interdependencies, making it a complex process.

Resistance to Change: Implementing long-range plans often requires changes in organizational structure, processes, and culture, which can face resistance from stakeholders.

External Factors: External factors such as economic conditions, regulatory changes, and market disruptions can pose unforeseen challenges to long-range plans.

Best Practices for Effective Long-Range Planning

To ensure effective long-range planning, organizations should consider the following best practices:

Inclusive Approach: Involve key stakeholders from different levels of the organization in the planning process to gather diverse perspectives and increase buy-in.

Continuous Evaluation: Regularly evaluate the long-range plan, monitor progress, and make adjustments based on changing circumstances or new opportunities.

Flexibility: Build flexibility into the plan to adapt to unforeseen events or market shifts, ensuring agility in achieving long-term goals.

Data-driven Decision-making: Utilize data and analytics to inform decision-making during the planning process and measure performance against established goals.

Communication and Transparency: Ensure open communication channels to keep all stakeholders informed about the long-range plan's progress, objectives, and any updates or changes.

Long-range planning is a strategic process that guides organizations towards their long-term vision and goals. By incorporating key elements, overcoming challenges, and following best practices, businesses can leverage long-range planning to drive success, adapt to changing environments, and stay ahead in an increasingly competitive landscape. Embrace long range planning as a vital tool for shaping a sustainable and prosperous future.

FAQs (Frequently Asked Questions)

What is the difference between long range planning and short-term planning? Long range planning focuses on the organization's long-term goals, typically spanning three to ten years or more, while short-term planning is concerned with immediate actions and objectives within a shorter time frame, usually one year or less.

How often should long range plans be reviewed and updated? Long range plans should be reviewed and updated periodically, at least annually, to ensure they remain relevant and aligned with changing internal and external conditions.

What role does leadership play in successful long range planning? Leadership plays a crucial role in long range planning by setting the vision, fostering a culture of strategic thinking, and providing guidance and resources to execute the plan effectively.

Can long range planning help small businesses as well? Absolutely! Long range planning is valuable for businesses of all sizes. It helps small businesses define their direction, allocate resources efficiently, and navigate the challenges of a rapidly evolving marketplace.

How can advanced analytics contribute to long range planning? Advanced analytics can provide valuable insights into market trends, customer behavior, and internal operations, enabling data-driven decision-making and enhancing the accuracy and effectiveness of long range planning efforts.

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What Is Long Range Planning? (Process Steps, Tools, and Implementation Tips)

Long Range Planning is essential for businesses aiming to thrive in today’s dynamic environment. It involves setting ambitious, long-term goals and developing comprehensive strategies to achieve them.

It involves setting goals and objectives that are both ambitious and achievable, as well as identifying potential risks and opportunities. For further insights, read on.

This blog post will discuss the basics of long-range planning, its benefits, tools, and how to start creating your business plan. The post will also provide some tips for implementing the long-range plan.

Long Range Planning Definition

Long Range Planning (LRP) is the process of developing a comprehensive plan to guide an organization’s decision-making throughout its operating cycles.

It also involves creating a timeline and budget for implementing new business initiatives and strategies.

Long range planning

Strategic planning, key elements of long range planning, 1. mission and vision statements.

A mission statement declares the organization’s purpose, while a vision statement defines the desired future state. Both should be clear, concise, and inspiring.

Mission statement

Vision statement.

Creating a vision statement is a bit more involved. It should articulate where the organization wants to be and how it plans to get there. It should be aspirational yet achievable, inspiring employees and stakeholders alike. (e.g., “Our vision is to become the global leader in sustainable innovation”)

Mission and vision statements should be reviewed and updated regularly to remain relevant. They provide the framework for long range planning and help keep everyone focused on their goals.

2. Strategic planning

These plans should align with the organization’s mission statement and help to achieve long-term goals. However, organizations will also need to identify potential obstacles that could prevent them from reaching the goals and develop strategies for dealing with those obstacles.

3. Sales and operational goals

Long-range planning has been a part of corporate life since the early days of the American industry. The world’s economy was stable in the 1950s and 1960s . As a result, many organizations used static planning at that time.

Many crises, like the oil crisis in 1973 , the housing bubble, and the banking crisis in 2008 , impact businesses.

To handle all these problems, organizations implemented long-range planning strategies through some techniques like SWOT analysis .

How to Create a Long-range Plan for Your Business?

You can take several steps to create a successful long-range plan for your business. The long-range planning process steps are as follows.

Let the Plan Reflect the Mission

Discuss your business’s core mission and values with your stakeholders. Consider how these align with current market trends, customer needs, and societal shifts. Reflect on the essence of why your business exists and how it contributes to the world. 

Create Achievable Goals

Identify operational procedures, revise the plan as needed.

Long-range plan is for 5 to 10 years. Hence it is not set in stone but rather a dynamic roadmap that needs periodic adjustment. Identify the changes in the market trend, technology, or internal dynamics of your business and adjust the plan accordingly.

Tips for Implementing Long Range Plan

There are a few tips for implementing your long-range plan successfully:

Benefits of Long Range Planning

Long range planning example.

For example, the CEO of a software company planned a long-range strategy to expand their business into different countries within five years. They believe this move aligns with the company’s mission of providing innovative solutions globally.

A mission statement that associates the long-range plan with the company’s values.

A description of the extension such as the number of countries in which the company plans to extend business.

Detailed information about the departments and their responsibilities in the plan. 

In this way, the CEO initiates the plan during a company-wide meeting and commits to providing monthly updates on the project’s progress to all employees. Each department head sets operational strategies to achieve smaller goals like establishing a deadline for identifying suitable rental options. 

Tools Used for Doing Long Range Strategic Planning

Below are some of the most common tools, including SWOT, business model, and risk assessment.

SWOT analysis

Business model analysis.

The business model analysis is a powerful tool that can help you understand how your business works and generates revenue. 

It can help you boost your bottom line and achieve your desired results. In addition, business model analysis can help you troubleshoot problems and avoid pitfalls.

Risk assessment

Risk assessment can help you identify potential risks to your business and the organization’s strategic plan to respond. This can help you avoid or minimize any negative impacts that these risks may have.

While planning, using past data as a reference will reduce the risk. At the same time, if you are collecting data and setting industry benchmarks, you must involve empirical research data from a leading international journal reputed for publishing original research papers.

Long-range Planning in Manufacturing

It also helps them identify potential problems and take corrective action before becoming too serious.

Establish Goals and Objectives

For example, if your goal is to increase sales by 20%, then one of your objectives might be to improve your marketing budget by 10%. Setting clear and achievable objectives can keep your company on track and ensure everyone is working towards the same goal.

Analyze the Current Situation

To accurately assess your current situation, you must consider your strengths and weaknesses and any external factors influencing your industry. Only with this information can you clearly understand where your business stands and what direction it needs to go.

So, when looking over your current situation, it’s essential to consider all of these factors to get a comprehensive picture.

Similarly, trends can come from inside or outside of your industry. For example, new regulations could change your business, or a competitor’s new product could disrupt the market.

By taking the time to analyze your current situation, you can gain valuable insights that will help you make better decisions for your business’s future.

Forecast Future Demand

Lrp in the supply chain.

Businesses must plan for the future to be as effective and efficient as possible. Long-range planning, or LRP, is a process that allows companies to set long-term goals and develop strategies to achieve them. That helps businesses stay on track and make sure they reach their goals.

What is long-range planning in strategic management?

Long-range planning is a strategic management tool that allows managers to think about and plan for the future. It involves creating a plan that covers a period of more than one year and typically five to ten years.

They will then need to create a strategy that outlines how the organization can capitalize on its strengths, address its shortcomings, take advantage of opportunities, and deal with threats.

What is general planning?

General planning is creating a plan that will allow an organization to achieve its goals. The plan is created by assessing the organization’s current situation and resources and then developing a strategy for using those resources most effectively.

Why is long-range planning important?

What are some challenges associated with long-term planning.

Challenges inherent to long-term planning encompass: Uncertainty : The unpredictable nature of the future makes it challenging to anticipate and account for potential developments. Complexity : Long-term planning requires a comprehensive consideration of numerous factors, making it intricate. Inertia : Implementing significant transformations within an organization, particularly a large and complex one, can be a formidable challenge.

Long-range planning is like mapping out a journey for your business, ensuring you’re equipped for whatever may lie ahead. It’s about setting ambitious yet achievable goals, understanding your strengths and weaknesses, and charting a course for success.

By creating a clear mission and vision, aligning strategic plans, and implementing them effectively, businesses can stay competitive, adapt to changes, and increase profitability.

Tools like SWOT analysis, business model analysis, and risk assessment help in this process, providing insights to make informed decisions.

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Long Range Business Planning: The Path to Your Next

• Goals & Strategies

Planning for the next three, five, or even ten years is a cornerstone for sustained success and growth. Unlike the focused, short-term strategies that address immediate concerns, long-range planning designs a broader, more visionary approach to our businesses’ futures. It’s an exploratory process that outlines where we want to be and identifies the strategic moves necessary to navigate that horizon.

The essence of long-range planning lies in its ability to shift our perspective. Imagine viewing your business from an airplane, observing the broad, diverse terrain beneath you instead of standing on the ground, where the next few feet around you are all you can see—our daily operations. This shift in viewpoint is crucial for distinguishing long-range planning from annual planning. It demands a strategic, broader-stroke approach focusing on the significant issues and strategic moves that will propel a company forward.

Setting the Vision

A clear, compelling vision of the future is at the heart of any effective long-range plan. The process begins with defining this vision, which should articulate where the company aims to be at a specified future date. Whether the goal is to double the company’s size, pivot its direction, or prepare for an exit, the vision sets the stage for all subsequent planning. The CEO or owner plays a pivotal role in crafting this vision, serving as the chief visionary who sketches the future landscape for the company. This requires the skill set to envision. That sounds intuitive and obvious, but frankly there are a lot of business leaders who are solid managers, even high-performance role-players, but who aren’t necessarily strong visionaries. A diverse leadership team can help create the vision. However, it’s equally important that this vision undergoes scrutiny and challenge by the leadership team to ensure it’s robust, attainable, and shared among the key stakeholders.

The Planning Process

Engaging in long-range planning is challenging. It requires focus and can typically be accomplished in a concentrated one—or two-day session rather than being spread out over an extended period. This concentrated effort pulls leadership out of the ‘weeds’ of daily tasks, enabling them to engage fully with the strategic planning process. The goal is to emerge from these sessions with a vision and a consensus-built strategic plan that has the buy-in of all key leadership team members.

Who to Involve in Long-Range Planning

The dynamics of the team involved in long-range planning are critical. The group should consist of individuals who are aligned with the company’s vision and willing to engage in constructive, critical dialogue. The notion of constructive consensus is vital here, where challenges to ideas are encouraged, but always to strengthen the plan rather than torpedoing it. This balanced mix of optimism and skepticism helps refine and validate the planning process.

Flexibility and Revision

A common misconception about long-range planning is its rigidity. On the contrary, successful long-range plans accommodate flexibility, acknowledging that the business environment, market conditions, and company goals will evolve. This adaptability means revisiting and, if necessary, adjusting the plan regularly. This might mean annual reviews for some industries, while others might only need to revisit their plans every couple of years. Regardless, the visionary leader must stay alert to changes on the horizon that could necessitate plan adjustments.

Core Competencies and Differentiators

Understanding your business’s core competencies and unique value propositions is crucial before embarking on long-range planning. Identifying what sets your business apart from competitors and understanding the value you deliver to customers provides a foundation for all strategic planning efforts. This understanding informs the vision and the strategic paths chosen to achieve it.

Long-range planning is a strategic exercise that stretches beyond annual goal setting, inviting business leaders to envision a future that not only anticipates growth but also prepares the organization to navigate the challenges and opportunities that lie ahead. It’s about setting a direction, rallying the leadership around a shared vision, and creating a roadmap that guides the company toward its long-term objectives. With a clear vision, a committed team, and a flexible approach, long-range planning becomes a powerful tool in achieving sustainable business success.

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How to create a long-term plan for your small business.

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I believe a timeless (and entertaining) quote famously attributed to baseball great Yogi Berra should be top of mind for entrepreneurs interested in expanding their business: “If you don't know where you are going, you might wind up someplace else.”

Throughout my 20-plus years of business experience, I've seen many successful companies grow by using tried and true strategies, such as managing cash flow, keeping credit scores strong and obtaining low-cost, outside funding. Another characteristic they share? Each had a solid, multiyear plan. But  a 2018 survey  found that 63% of small business owners only plan roughly a year in advance.

It can be tough for a multitasking business owner to step away from day-to-day tasks and focus on the future. However, I believe taking the time to formulate a strategic plan is one of the best ways to reach short- and long-term goals. “Strategic planning” might sound daunting, but the process doesn’t have to be complex. Once you've developed your three- to five-year plan, you can develop a short-term annual plan that folds right into your long-term goal.

Consider the following five steps when crafting your long-term plan:

1. Write down your mission.

This might sound simple, but there’s something very powerful about putting your plan on paper. I believe the first step to creating a strategic plan starts with making the mission of your business clear. Where are you headed, and what do you want your business to look like in three to five years? Write your answer down so you have something concrete to work toward.

Your answer might be the vision you have for the future. Write down one to two sentences to get started. Be brief and realistic, but don’t be afraid to be ambitious. For example, let's say a woman named Holly runs a bakery. Her mission might look something like this: "Holly's Bakery offers delicious, high-quality, fresh-baked desserts to high-end restaurants in the San Francisco area."

2. Set goals for your business.

These goals, some of which should be financially focused, are what can help you achieve your overall mission. Build a three- to five-year plan and forecast that matches your financial and overall business goals.

To get going, start with the big picture. Write down the ideal future you see for your business, and make sure it's related to your mission. Then use the "SMART" method to craft specific goals. SMART is a relatively common set of criteria I've observed many people use when establishing a goal. It means your goal should be specific, measurable, attainable, relevant and time-bound.

Consider the previous hypothetical example. Holly has four long-term goals for her bakery:

1. To become the No. 1 baked dessert supplier, by dollar volume, in the city of San Francisco to restaurants with five stars.

2. Secure five-star annual ratings from every customer.

3. Grow revenue to $5 million annually by 2021.

4. Generate $350,000 annually in net income by 2021.

Separately, Holly should create a financial plan that indicates her specific goals for the year 2019.

A financial plan is a forecast for your business and includes an estimated balance sheet, income statement and cash-flow projections. This model helps create a road map of income and expenses to indicate where you stand now and where you’re headed in the future. Use your financial plan to determine when and where to invest funds in your long-term plan.

3. Identify broad key strategies.

Once you’ve defined your goals, think about the overall strategies and general tactics needed to achieve these goals. Your strategies might include building out facilities, purchasing equipment, securing enough financing to achieve your plan and more.

Let's look at our bakery example. For Holly to achieve her long-term goals, her key strategies would likely include hiring and training top pastry chefs, building a strong, recognizable brand in her area, developing a vertical supply chain to secure the best ingredients and securing financing to purchase quality equipment.

After you've identified these key strategies, create a specific annual plan for these strategies. For instance, regarding hiring and training pastry chefs, Holly might consider participating in recruiting events or visiting a culinary school for graduates.

A strategy to help you get specific is to look at the end goal and work backward. By reviewing her financial plan, Holly should have a good idea of when she needs a trained pastry chef ready to bake in her kitchen. Identify the costs and time associated with hiring and training, and put steps in place to meet that deadline.

4. Measure Ongoing Results

Now that you have written down your vision, established your goals and outlined strategies and specifics, it’s time to measure your progress. Choose practical benchmarks, and measure how your strategies are performing consistently. Remember to be flexible. If one strategy isn’t performing well, consider changing it so that you can still achieve your goals. As any small business owner knows, there are a number of factors that influence a marketplace. So, your strategies should be measured and revisited when you aren’t hitting results or when major events happen that could impact your business.

In Holly's case, after measuring the effectiveness of direct mail marketing, she found it wasn’t as cost-effective as she thought. So, it's time for her to consider making a change to her marketing tactics.

5. Stay positive.

To set yourself up for long-term success, keep up your efforts — and stay positive. Review and adjust the steps above to make sure you stay on track. Remember that your plan doesn’t have to be perfect to achieve your goals. And possibly most importantly, don’t hesitate to ask for help. A financial professional or even members of your team can offer direction and advice if you’re feeling stuck.

Without a plan, I believe you run the risk of failing. In my experience, a long-term plan can not only strengthen your bottom line but also help keep you motivated as you weather the inevitable ups and downs of entrepreneurship.

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The Ultimate Guide to Successful Long-Term Planning

Long-term planning is a crucial aspect of any successful business or organization. It involves creating a roadmap for the future, setting goals and objectives, and implementing strategies to achieve them. In this article, we will explore the importance of long-term planning, define what it entails, and discuss the benefits it can bring.

What is Long-Term Planning?

Long-term planning refers to the process of setting goals and objectives that extend beyond the immediate future. It involves analyzing current market trends, identifying key milestones, and developing strategies to achieve sustainable growth over an extended period. This type of planning takes into account various factors such as market dynamics, customer needs , and internal capabilities.

The Importance of Long-Term Planning Strategies

Long-term planning is essential because it provides direction and purpose for an organization. It allows businesses to anticipate challenges, identify opportunities, and make informed decisions aligning with their vision. By taking a proactive approach to the future, organizations can stay ahead of the competition and adapt to changing market conditions.

Benefits of Successful Long-Term Planning

Successful long-term planning offers numerous benefits for businesses. Firstly, it provides a sense of direction and purpose that guides decision-making at all levels of the organization. Secondly, it helps align resources effectively by identifying priorities and allocating them accordingly. Additionally, long-term planning enables businesses to build resilience by anticipating risks and developing contingency plans.

Long-term planning strategies are crucial in ensuring an organization's success in today's dynamic business environment. By adopting these strategies, businesses can navigate uncertainties while capitalizing on emerging opportunities.

Remember: Successful long-term planning starts with understanding its importance and what it entails.

Understanding Long-Term Planning

Long-term planning is a crucial aspect of business success, as it allows organizations to set clear goals and objectives for the future. By understanding the fundamentals of long-term planning, companies can develop effective strategies to navigate the ever-changing market landscape and achieve sustainable growth.

Defining Long-Term Goals and Objectives

Defining long-term goals and objectives is the foundation of any successful long-term plan. These goals provide a clear direction for the organization and serve as a roadmap for decision-making. Long-term goals should be specific, measurable, achievable, relevant, and time-bound (SMART). They should align with the company's vision and values while considering external factors such as market trends and customer demands.

Identifying Key Milestones and Benchmarks

To track progress towards long-term goals, it is essential to identify key milestones and benchmarks along the way. Milestones are significant achievements that mark important stages in the plan's execution. Benchmarks, on the other hand, are measurable indicators used to assess performance against predetermined targets. By regularly monitoring these milestones and benchmarks, businesses can ensure they stay on track towards their long-term objectives.

Assessing the Current Market Landscape

Understanding the current market landscape is critical for effective long-term planning. This involves conducting thorough research and analysis of industry trends, competitor strategies, customer preferences, technological advancements, and regulatory changes. By gaining insights into these factors, organizations can identify potential opportunities or threats that may impact their long-term plan. This assessment helps businesses make informed decisions about resource allocation, product development, marketing strategies, and more.

By defining long-term goals and objectives, identifying key milestones and benchmarks along the way, as well as assessing the current market landscape, businesses can lay a strong foundation for their long-term planning strategies. This comprehensive understanding sets the stage for developing an effective long-term plan that aligns with organizational aspirations and maximizes opportunities for success.

Developing a Long-Term Plan

Developing a long-term plan is crucial for the success and sustainability of any organization. It provides a roadmap for achieving goals and objectives over an extended period of time. In this section, we will explore the key steps involved in developing a comprehensive long-term plan.

Creating a Vision Statement

A vision statement serves as the foundation for a long-term plan. It outlines the organization's desired future state and clarifies its purpose and direction. A well-crafted vision statement inspires and motivates employees, stakeholders, and customers alike.

To create an effective vision statement, it is important to consider the organization's values, mission, and unique selling proposition. It should be concise, memorable, and reflective of the organization's aspirations. By clearly articulating where the organization wants to be in the long run, a vision statement sets the stage for strategic decision-making.

Setting SMART Goals

Setting SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals is essential in long-term planning. These goals provide clear targets that can be tracked and evaluated over time.

Specific goals outline precisely what needs to be achieved, while measurable goals allow progress to be quantified objectively. Achievable goals ensure that they are within reach considering available resources and capabilities. Relevant goals align with the overall objectives of the organization.

Time-bound goals establish deadlines or milestones to keep progress on track. By setting SMART goals during long-term planning, organizations can effectively allocate resources and prioritize initiatives that contribute to their desired future state.

Conducting a SWOT Analysis

A SWOT analysis is an important tool in developing a long-term plan as it helps identify internal strengths and weaknesses as well as external opportunities and threats facing an organization.

By thoroughly assessing these factors, organizations gain valuable insights into their current position in relation to market conditions and competition. This analysis enables them to capitalize on their strengths, address weaknesses, seize opportunities, and mitigate potential threats.

A SWOT analysis provides a holistic view of the organization's internal and external environment, which is essential for making informed decisions and formulating effective strategies in the long term.

Strategies for Successful Long-Term Planning

Building a Strong Team

To ensure the success of long-term planning, it is crucial to build a strong team aligned with the company's vision. This team should consist of individuals with diverse skills and expertise, allowing for comprehensive analysis and decision-making. Different perspectives can be considered by fostering collaboration and open communication within the team, leading to well-rounded long-term strategies.

Utilizing Data and Analytics

Data and analytics play a pivotal role in effective long-term planning. Organizations can gain valuable insights into their target market's needs and preferences by leveraging data from various sources, such as market research, customer insights, and industry trends. Analyzing this data enables businesses to make informed decisions about resource allocation, product development, and marketing strategies. By utilizing data-driven approaches in long-term planning, companies can increase their chances of achieving their goals.

Adapting to Changing Market Conditions

In today's dynamic business landscape, market conditions are constantly evolving. Successful long-term planning requires organizations to stay agile and adaptable. It is essential to continuously monitor market trends and competitor activities to identify potential threats or opportunities that may arise. By proactively adapting their strategies based on changing market conditions, businesses can position themselves for long-term success.

By incorporating these strategies into the long-term plan, businesses can enhance their chances of achieving sustained success in an ever-changing marketplace.

Implementing the Long-Term Plan

Implementing the long-term plan is a crucial step in ensuring its success. It effectively allocates resources, establishes clear roles and responsibilities, and monitors and evaluates progress.

Allocating Resources Effectively

Allocating resources effectively is essential for the successful execution of a long-term plan. This involves carefully determining how to distribute resources such as finances, manpower, and technology to achieve the desired goals. Organizations can optimize their efficiency and productivity by strategically allocating resources based on priority and need.

Establishing Clear Roles and Responsibilities

Establishing clear roles and responsibilities is key to avoiding confusion and ensuring everyone understands their part in executing the long-term plan. By clearly defining who is responsible for what tasks, teams can work collaboratively toward achieving common objectives. Effective communication of roles helps streamline processes, minimizes duplication of efforts, and fosters accountability among team members.

Monitoring and Evaluating Progress

Monitoring and evaluating progress is vital to track the implementation of the long-term plan and make necessary adjustments along the way. Regularly measuring key performance indicators (KPIs) allows organizations to assess whether they are on track toward achieving their goals or if any modifications are required. By analyzing progress, organizations can identify areas of improvement or potential challenges that need addressing.

Implementing a long-term plan requires effective resource allocation, clear role establishment, and continuous progress monitoring. By following these strategies diligently, organizations can enhance their chances of successfully executing their long-term plans while maximizing their growth potential.

Overcoming Challenges in Long-Term Planning

Dealing with Uncertainty and Risk. In long-term planning, one of the major challenges is dealing with uncertainty and risk. The future is unpredictable; factors can always derail even the most well-thought-out plans. However, instead of being overwhelmed by uncertainty, successful long-term planners embrace it as an opportunity for growth and innovation. They develop contingency plans to mitigate risks and adapt their strategies based on changing circumstances. By acknowledging and addressing uncertainty head-on, they are better equipped to navigate the unknown and achieve long-term goals.

Managing Stakeholder Expectations. Another challenge in long-term planning is managing stakeholder expectations. Stakeholders may have varying priorities, timelines, and expectations for the plan's outcome. It is crucial to engage all stakeholders early on in the planning process to ensure alignment and avoid conflicts. Effective communication plays a vital role in managing stakeholder expectations throughout the implementation of the long-term plan. Planners can build trust and maintain support from all parties involved by informing stakeholders about progress, proactively addressing concerns, and seeking feedback regularly.

Maintaining Flexibility in the Plan. Flexibility is key when it comes to long-term planning strategies. As circumstances change over time, it is essential to remain adaptable and open to adjustments in the plan. A rigid plan that does not account for unexpected events or new opportunities can quickly become obsolete or ineffective. Successful long-term planners regularly review their strategies and reassess their goals based on market conditions, technology advancements, or other relevant factors. Maintaining flexibility within their plan allows them to seize emerging opportunities or pivot when necessary without compromising their overall vision.

Long-term planning is crucial for organizations to achieve sustained success. Planners can navigate these obstacles by understanding the challenges that may arise, such as dealing with uncertainty and risk, managing stakeholder expectations, and maintaining flexibility in the plan. Organizations can overcome hurdles and achieve long-term goals by carefully considering these challenges and implementing appropriate strategies. Let's embrace the power of long-term thinking and take action for a successful future.

Long-term planning is a crucial aspect of achieving success in any endeavor. By carefully considering the future and developing a comprehensive long-term plan, individuals and organizations can set themselves up for sustainable growth and prosperity.

Strikingly and Your Long-Term Planning Strategy

Strikingly is a website builder that can be used to create a professional website for your business. It offers a variety of features that can be helpful for long-term planning, such as:

• Analytics. Strikingly provides detailed analytics about your website traffic so you can track your progress over time and make necessary adjustments to your long-term plan.
• Goal tracking . You can set goals for your website, such as increasing traffic or generating leads, and Strikingly will help you track your progress toward those goals.

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• Reporting. Strikingly provides reports that you can use to analyze your website traffic and performance. This information can help you make decisions about your long-term plan.
• Integrations. Strikingly integrates with various other tools, such as email marketing platforms and CRM software. This can help you automate tasks and streamline your long-term planning process.

In addition to these features, Strikingly can also help you with long-term planning by providing you with a platform to:

• Create a strong online presence. Your website is your online storefront, and ensuring it's well-designed and informative is important. Strikingly can help you create a website to impress your customers and help you grow your business .

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• Reach a wider audience. Strikingly makes it easy to promote your website through social media, email marketing, and other channels. This can help you reach a wider audience and grow your business .
• Stay ahead of the competition. The business landscape is constantly changing, and staying ahead of the competition is important. Strikingly can help you track your competitors' websites and make sure yours is always up-to-date.

Overall, Strikingly can be a valuable tool for businesses that are looking to create a long-term plan. The platform's features and integrations can help you track your progress, set goals, and make informed decisions about your future.

Here are some specific ways that Strikingly can be used for long-term planning for businesses:

• Set goals. You can use Strikingly's goal-tracking features to set specific goals for your website, such as increasing traffic or generating leads. This will help you stay focused and motivated as you work towards your long-term plan.

• Track progress. Strikingly's analytics features can help you track your website traffic and performance over time. This information can be used to measure your progress toward your goals and make necessary adjustments to your long-term plan.
• Identify opportunities. Strikingly's reporting features can help you identify opportunities to improve your website and grow your business. For example, you could use the reports to see which pages on your website are most popular or which keywords drive traffic.

If you're looking for a website builder that can help you with long-term planning for your business, Strikingly is a good option to consider. The platform's features and integrations can help you track your progress, set goals, and make informed decisions about your future.

The Power of Long-Term Thinking

Long-term thinking allows individuals and organizations to see beyond the immediate challenges and focus on the bigger picture. It enables them to anticipate future trends , identify potential obstacles, and make informed decisions that will benefit them in the long run.

While planning is essential, taking action on those plans is equally important. Implementation is key to turning dreams into reality. By executing their long-term plans effectively and adapting as needed, individuals and organizations can pave the way for a successful future.

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11 Tips for Creating a Long-Term Strategic Plan

7 min. read

Updated October 29, 2023

Strategic planning is a management tool that guides your business to better performance and long-term success.

Working with a plan will focus your efforts, unify your team in a single direction, and help guide you through tough business decisions. A strategic plan requires you to define your goals, and in defining them, enables you to achieve them—a huge competitive advantage.

In this article, we’ll discuss 11 essentials for creating a thorough and effective strategic plan. Each tip is a critical stepping stone in leading your business toward your goals.

• 1. Define your company vision

You should be able to define your company vision in 100 words. Develop this statement and make it publically available to both employees and customers.

This statement should answer the key questions that drive your business: Where is your company headed? What do you want your company to be? If you don’t know the answer to these questions off the top of your head, then you have some thinking to do! If you have the answers in your head, but not on paper—get writing.

If you have them written down, congrats! You’ve completed the first and most critical step in creating a long-term strategic plan.

• 2. Define your personal vision

While your personal vision is just as important to your strategic plan, it does not need to be shared with your team and customers.

Your personal vision should incorporate what you want your business to bring to your life—whether that’s enormous growth, early retirement, or simply more time to spend with family and friends.

Aligning your personal vision with your company vision is key to achieving your personal and professional goals. Just as with your company vision, have your personal vision written down in a 100-word statement. Know that statement inside and out and keep it at the forefront of your decision making.

• 3. Know your business

Conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis. By knowing where your business is now, you can make more informed predictions for how it can grow.

Questions such as “Why is this business important?” and “What does this business do best?” are a great place to start. A SWOT analysis can also help you plan for making improvements.

Questions such as “What needs improvement?” and “What more could the business be doing?” can help guide your strategic plan in a way that closes gaps and opens up opportunities.

For more on completing a SWOT analysis, see our SWOT analysis guide.

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• 4. Establish short-term goals

Short-term goals should include everything you (realistically) want to achieve over the next 36 months.

Goals should be “S.M.A.R.T.” (specific, measurable, actionable, reasonable, and timely).

An example of S.M.A.R.T. goals include “building out a new product or service within the next year” or “increasing net profit by 2 percent in ten months.” If you’ve already conducted a SWOT analysis, you should have an idea of what your business can reasonably achieve over a specified period of time.

• 5. Outline strategies

Strategies are the steps you’ll take to meet your short-term goals. If the short term goal is “build out a new product or service,” the strategies might be:

• Researching competitor offerings
• Getting in touch with vendors and suppliers
• Formulating a development plan
• Outlining a marketing and sales plan for the new offering
• 6. Create an action plan

An action plan is an essential part of the business planning and strategy development process. The best analysis, in-depth market research, and creative strategizing are pointless unless they lead to action.

An action plan needs to be a working document; it must be easy to change and update. But, must also be specific about what you’re doing, when you will do it, who will be accountable, what resources will be needed, and how that action will be measured.

Action plans put a process to your strategies. Using the previous example, an action plan might be: “CMO develops competitor research packet for new offerings by 9/1. Review packet with the executive team by 9/15.”

When The Alternative Board, Bradford West  Director Andrew Hartley was responsible for designing and delivering a three year, $10m environmental business support program, a full and detailed action plan was required for funding.

“That action plan allowed me to 1.) manage and measure the evolving program, 2.) ensure resources and staff were where they needed to be, and 3.) track whether the design of the program was working and delivering the level of results we were contracted to deliver,” says Hartley.

“Even I was surprised about how helpful that action plan was,” he says. “I cannot image approaching any significant project or business without one.”

• 7. Foster strategic communication

To align your team, you must communicate strategically. Results-driven communication focuses conversations and cuts out excessive meetings. Every communication should be rooted in a specific goal.

Include the how, where, when, and most importantly why every time you deliver instructions, feedback, updates, and so on.

• 8. Review and modify regularly

Check in regularly to make sure you’re progressing toward your goals. A weekly review of your goals, strategies, and action plans can help you see if you need to make any modifications.

Schedule time in your calendar for this. Weekly check-ins allow you to reassess your plan in light of any progress, setbacks, or changes.

• 9. Hold yourself accountable

Having a business coach or mentor is great for this. If you have a hard time sticking to your plans, you’ll have an equally hard time meeting your goals.

According to The Alternative Board’s September 2015 Business Pulse Survey, the number one reason business owners choose to work with mentors is accountability.

“Having a close—but not too close—space for advice and accountability is really valuable,” says TAB Member Scott Lininger, CEO of Bitsbox. “Someone who is too close to your business (such as board members) often have a perspective that’s too similar to your own. Over time, your coach comes to know your team, your product, and your business, and they help you work through all kinds of challenges in a way that’s unique.”

“All too often I find that leaders accept underperformance against their strategic plan too easily,” adds Hartley. “A coach can rekindle the resolve and ambition of the leader, resulting in a recovery of lost margins, sales, or output.”

According to Hartley, a coach can build accountability by questioning what’s working, making sure everything’s on track, pointing out areas of underperformance, and asking what corrective action needs to be pursued.

• 10. Be adaptable

Remember: You can’t plan for everything. Just as challenges will arrive, so too will opportunities, and you must be ready at a moment’s notice to amend your plan. Weekly reviews will help enormously with this.

“A strategic plan will likely need to be changed very soon after approval because nobody can accurately predict anything but the very near term future,” says Jim Morris, owner and President of The Alternative Board, Tennessee Valley. “You stay adaptable by monitoring the plan every day. The wise leader will be constantly looking for opportunities to exceed the strategic plan by being opportunistic, creative, and by exploiting weaknesses in the competitive market.”

By doing this, Morris was able to exceed forecast results of every strategic plan he ever approved. “The times when I needed to be flexible were when we met strategic plan goals ahead of time and had to rewrite the plan to keep it current and relevant.”

It’s important to be adaptable because nothing stays the same. “It’s more important to be agile and take advantage of opportunities that weren’t foreseen and make adjustments,” says Morris. “This and a continuous improvement mindset is the best way to exceed plan goals.”

• 11. Create a strategic planning team

As a business owner, you should never feel like you have to do everything alone.

A strategic planning team can help with every phase of the process, from creating a company vision to adapting your strategy week-to-week. Compose your team of key management staff and employees—some visionaries and some executors.

If you think you’re “too busy” for start strategic planning, then you need strategic planning more than you know. Having a focused plan allows you to focus your energies, so you’re working on your business, rather than in it. As a business owner, it is your responsibility to steer the ship, not put out day-to-day fires.

Yes, creating a strategic plan is challenging, and it’s certainly time-consuming, but it will make all the difference in achieving your long term goals. You’ll avoid making bad decisions and expending more effort than you need.

Try these 11 tips to get started, and then be flexible in your ongoing approach. You’ll be amazed at how much more streamlined your business processes will become when you are working with a long-term strategic plan.

Jodie Shaw is The Alternative Board (TAB)’s Chief Marketing Officer. She brings over 20 years of B2B marketing and 10 years in franchising to the role. Prior to to her work with TAB, Jodie served as the CEO and Global Chief Marketing Officer of an international business coaching franchise, serving more than 50 countries.

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What Is Long-Range Planning, and Why Does It Matter?

This article was originally published on onestream.com by whitney gillespie.

For financial analysts, planning for the future is always top of mind.  Most analysts understand the importance of planning, budgeting, and forecasting.  After all, those processes are the bread and butter of Financial Planning and Analysis (FP&A).  Most planning processes, however, focus on a near-term horizon.  Long-range planning (LRP) builds on budgeting, planning, and forecasting processes by focusing on longer-term financial goals and key initiatives that are 5-10 years or more in the future.

Leveraging an effective FP&A software solution to plan, track and achieve longer-term financial plans and goals is, therefore, key to an effective LRP process.

Why Long-Range Planning Matters

With all the volatility in markets and global economies due to the pandemic, it’s no wonder that looking ahead with an LRP process can feel daunting.  Why?  Well, getting a handle on what’s going to happen tomorrow or next week is tough enough, so understanding what might happen in 1-2 years – or in 5 years – seems nearly impossible.

And if the planning process is happening in offline spreadsheets – that’s an even bigger headache.  Putting together a plan that truly represents a vision of the future requires inputs from across the organization, so having to combine various spreadsheets that lack data quality and consistency controls can make any planning process a tedious and time-consuming task.

Despite the above challenges, long-range planning is an important tool for mapping out not only the vision for the future but also the related goals and plans to execute on those goals.  Capturing the inputs within  FP&A software  brings that vision of the future together into one long-range plan – one the entire organization can work toward achieving.

What Is Long-Range Planning?

Long-range planning typically spans a 5- to the 10-year period.  The LRP process differs from not only the near-term budgeting and forecasting activities (e.g., rolling forecasts) that typically span a year, but also the mid-range strategic planning processes.  Essentially, a long-range plan looks to align long-term goals with action plans to execute the strategic planning.  Understanding the strategic direction of the organization helps  FP&A   craft a vision of the future, and vision forms the long-range plan.

Notably, beyond just Finance inputs, the long-range planning process requires inputs from many different stakeholders in the business.  Here are a few examples:

• Operations : Makes strategic decisions about the overhead and personnel required to meet organizational goals.
• Supply Chain : Understands the costs and availability of the materials needed to execute the long-range plan, and makes decisions about alternative suppliers or potential supply disruptions in the future.
• Manufacturing : Look at equipment and machinery purchases, maintenance, and what needs to happen on the production floor to achieve the LRP vision.

For the long-range plan to be successful, those implementing it must understand not only what the plan incorporates as goals, outlooks, and financial impacts, but also how everything will be accomplished.

Key Elements in the Long-Range Planning Process

The ability to understand and align financial and operational goals will ultimately help craft a united vision for the future – one that spans across the organization.  Here are just a few examples of useful components of the long-range plan:

• Mission Statement and Company Vision  – What is the company’s mission?  Understanding where the company currently stands compared to its longer-term mission and vision will inform future direction.
• SWOT Analysis  – A strengths, weaknesses, opportunities, and threats (SWOT) analysis helps define current internal strengths and weaknesses in the business to better understand what can be improved as part of the long-range plan and what should be avoided.  By focusing on both external opportunities and threats, FP&A teams can help drive a dialogue with key executives, one focused on key areas to consider outside the 4 walls of the organization.
• Sales and Operational Goals  – Understanding both the sales and operational goals helps lend insight into the LRP to identify activities that help increase revenue, profits,  and  production rates  to drive overall business performance.

How Financial Software Enables an Effective Long-Range Planning Process

One common pitfall of the traditional long-range planning process is the reliance on manual modeling in custom Excel spreadsheets – a headache to which any financial analyst can relate.  Using spreadsheets means spending hours creating, distributing, collecting, and rolling-up complicated Excel models only to suffer from data inaccuracies, quality issues, and non-conformance problems.  After all, without  traceability  to the data sources and what’s driving the data in the Excel file, there’s no authority in the numbers.  And absolutely no one enjoys standing up and presenting numbers that just can’t be backed up.

Additionally, there’s an inability to adapt the plan as changes occur.  In today’s volatile market conditions, reacting and adapting to change with  speed and accuracy  is critical to driving performance.  Disjointed Excel models simply don’t allow for the type of on-the-fly, what-if modeling or changes that are so crucial to success in modern planning.

Instead, utilizing FP&A software for the long-range planning process has many benefits:

• Saves time in the planning process by providing access to all the data in one place.  Providing all the key stakeholders with access to the same data eliminates offline spreadsheets and siloed processes that create more work to aggregate and validate the data.
• Opportunity to incorporate predictive analytics and  machine learning  to use internal/external insights and data to better understand future fluctuations and changes.  Bringing in both internal data and external trends can layer in additional insights that guide future decision-making and future-proof the plan via the ability to sense fluctuations sooner.
• Provides detailed  reporting and analytics  that can help guide decision-making with a varied audience.  Visualizing the data trends quickly with dashboards and reports that are easily and quickly updated enables better and quicker decision-making.
• Improves  data quality   and accuracy that redirects the time and effort spent from managing manual processes toward better strategic and tactical decision-making.
• Allows leaders to model what-if scenarios and make ad-hoc changes as the plan is executed.  An important aspect of the long-range planning process is managing an ever-changing plan in a fast-paced business landscape.  Managing that plan as conditions change and being able to dynamically update for the changes is crucial to long-term success.

Figure 1: Data visualizations enable faster insights and changes to fluctuations

All these improvements ultimately make long-range planning easier, quicker, and more accurate than a siloed planning process taking place in disjointed Excel spreadsheets.  And that means less of a headache for the financial analysts tasked with putting the plan together.  The improvements also allow leadership to focus more on strategy and execution – and less on worrying about the credibility of data or the reliability of Excel models.

FP&A teams must therefore use processes like LRP to help elevate Finance as a strategic business partner and earn that much-desired seat at the strategy table.  And the first step of achieving those goals requires moving the Finance role past data aggregators and cleansers of complex and messy Excel spreadsheets.  Leveraging effective software to do just that enables the transition into the next stage of Finance.

Long-range planning is an important piece of the financial planning scope – and one that informs tactical budgeting and forecasting cycles and strategic mid-range planning to drive towards future business performance.  In the process, being able to leverage reliable and flexible FP&A software not only improves the quality of life for those tasked with putting together and executing the plan but also allows the organization to remain focused on strategic initiatives and the continued success of the business through uncertain times.

At OneStream, we refer to such effects as practicing Intelligent Finance.

To learn more about how your organization can take steps forward with long-range planning, click  here  to download our ebook on Intelligent Forecasting.

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Long-Term vs Short-Term Planning: Key Differences and Strategies

Throughout history, whether a society focuses on long-term or short-term planning often decides its fate. Those who look ahead tend to keep their culture strong and their society together better than those who only think about immediate gains.

From war generals to founding fathers, this sentiment has been captured in many eloquent ways. Including when Sun Tzu said in The Art of War, “ The general who loses a battle makes but few calculations beforehand .” Or when Benjamin Franklin famously stated, “ If you fail to plan, you are planning to fail .”

One of these men conquered nations, and the other helped to build one. The fact that they both credit strategic planning as one of the essential ingredients for their success merits a closer look from any leadership team at what these processes entail.

You’ll discover that effective workforce planning is an art form as much as a science. And just as history shows us, getting that chemistry right sets the winners apart from the…well, you know.

This article will help you understand the art of planning within your organization. We’ll define what short-term and long-term planning entails, break down key differences between the two, and discover strategies for implementing each in a balanced way. Let’s begin.

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Difference between long-term and short-term planning.

The most distinct difference between long-term and short-term planning is the time frame .

Long-term planning looks at a three to five-year period or even longer; short-term planning covers up to a year. 

This profoundly impacts the goals, KPIs, and projects an organization will choose during each process. That being said, when short-term and long-term planning are leveraged correctly, they always work towards the same vision.

Long-term planning 

Long-term planning determines your organization’s goals in the next five to ten years. Think big. What sustainability, growth, and innovation approach will secure your competitive edge and ensure future relevance? When mapping out your plan, how can you consider market trends, potential disruptions, and strategic opportunities? 

A thorough analysis of your business environment will help you uncover objectives and specific business strategies that align with your organization’s values and vision. Then, by setting relevant Key Performance Indicators (KPIs), you can measure your progress towards them.

Short-term planning 

The goal of short-term planning is to prepare businesses for the near future. It typically includes less than a year and focuses on short-term solutions that serve the organization’s day-to-day needs. 

This planning process is also dynamic by nature and requires constant adjustments. Your focus should be on managing resources, executing projects, and getting quick wins to spur momentum for the organization.

The art of planning

Organizations often need help reconciling the needs of their short-term and long-term plans. This could mean they’re focusing too much on one and not the other. Or that the goals being set are simply in contention with one another.

The art of planning is balancing both short-term and long-term goals, resource allocation, KPIs, and more. Your organization might be subject to changing market dynamics, unforeseeable challenges, and new technologies. You have to stay nimble in the short term without losing sight of the long term. It’s a delicate balancing act.

But according to a study by McKinsey & Company , it’s effective. Organizations that take this balanced approach experience 47% higher revenue growth and 36% higher profitability than companies that focus predominantly on one type of planning over the other. 

Let’s dive a little deeper into the art of planning so you can learn how to implement this balancing act in your own organization.

Time frames in planning

Let’s begin by defining their scope to understand the planning processes better.

Long-term planning time frames

Long-term planning typically covers three to five years but can span as far as decades. Companies will want to consider more significant projects with longer time horizons during this stage in the planning process.

Short-term planning time frames

Short-term planning covers a period of up to one year and is often broken down into quarterly, monthly, and even daily actionable goals and KPIs.

Bridging the gap with medium-term planning

Medium-term planning is another essential function bridging the gap between the immediate actions defined in short-term planning and the blue-sky ambitions of long-term goals.

This type of planning focuses on implementing strategies and initiatives that ensure short-term fixes are not just temporary patches to more significant problems.

For example, an organization might solve a software issue with a quick fix in the short term but secure a service contract with an IT company to receive ongoing maintenance and regular updates as a medium-term approach.

Long-term vs. short-term goals

Long-term goals help to chart a path toward your organization’s future vision. They’re broad and ambitious by nature and include projects such as expanding into new markets, establishing partnerships, and investing in product development. They’re also set over a longer time horizon than short-term goals and often face more risk and uncertainty.

Short-term goals , on the other hand, are about continued progress. When leveraged correctly, they establish momentum for the organization through quick wins and act as stepping stones from short-term success to achieving long-term goals.

Long-term planning in business

Long-term planning takes your organization out of the day-to-day hustle and into the future. Successful organizations start this process with a crystal clear vision in mind. As Jeff Bezos once said, “ Be stubborn on the long-term vision but flexible on the details .” Now, how do you begin thinking about those details? First, you have to be able to see the forest for the trees. 

That’s why strategic analysis should form the foundation of your long-term planning process. Here’s what that should look like:

• PESTEL and SWOT can help you analyze the external market environment and your internal capabilities. 
• Then, you can leverage this data to begin setting objectives for your organization in alignment with your vision. 
• After that, establishing the right KPIs will help you measure your progress and develop short-term goals that keep you on track for achieving these broader objectives. 

Let’s look at an example of how a PESTEL and SWOT analysis can be effective in long-term goal setting.

PESTEL Analysis Example

We’ll use a fictional technology company called Flowbar in this example. Imagine Flowbar is exploring expansion into a new market and needs to understand the macro-environmental factors. A PESTEL analysis would be the perfect tool. 

• P olitically, they would assess the stability of markets and government regulations.
• E conomically, they would look at economic growth, currency exchange rates, and consumer purchasing power.
• S ocially, they might examine cultural attitudes toward technology, digital literacy, and consumer behaviors.
• T echnologically, factors such as the availability of the proper infrastructure would be necessary.
• E nvironmentally, Flowbar should assess regulations and public sentiment towards sustainability practices in their industry.
• L egally, they would review intellectual property laws, data protection regulations, compliance requirements, and the company’s quality control program.

SWOT Analysis Example

In this example, we’ll continue with Flowbar.

• Strengths: This could include Flowbar’s strong brand recognition in current markets and its competitive R&D capabilities.
• Weaknesses: Flowbar will need a more comprehensive understanding of local culture and consumer preferences. Their product offering may also need to be more well-suited to their domestic market, causing a lack of product-market fit in new regions.
• Opportunities: Rapidly growing economies and new available partnerships are potential opportunities for Flowbar when entering these new markets.
• Threats: Flowbar should know the competitive and regulatory landscape in the new markets they hope to enter.

After conducting a PESTEL and SWOT analysis, Flowbar will want to ensure any set goals align with its vision and establish clear KPIs for measuring its success.

Short-term planning and its impact

When done correctly, short-term planning addresses the organization’s immediate business needs and challenges while keeping sight of the long-term vision. It involves setting daily, monthly, and quarterly goals that create momentum for the organization and act as stepping stones toward longer-term goals. 

A recommended framework for setting practical short-term goals is SMART goal setting . 

SMART is an acronym that describes the five essential components of a practical goal.

Let’s take a look at what they are:

• S pecific: Being clear and detailed will help you focus resources and achieve desired outcomes.
• M easurable: Having KPIs tied to your goals allows you to effectively track your progress towards achieving them.
• A chievable: Setting realistic and attainable goals will motivate your teams and increase momentum across the organization.
• R elevant: Short-term goals should always connect to your organization’s long-term objectives. 
• T ime-bound: A precise timeline is crucial for prioritizing tasks and resources and creating a sense of urgency. 

Now that we’ve defined SMART goal setting, let’s look at a real-world example of how to use this framework properly.

Examples of SMART goals

Imagine you’re a software company’s marketing manager wanting to increase monthly product page traffic. A SMART goal would look something like this: 

Increase monthly traffic to the product page by 10% over the next quarter.  

This goal is specific, measurable with standard analytical tools, achievable, relevant to a longer-term goal of increasing market share, and set over a clear time frame of one quarter. 

The SMART framework can be helpful for all kinds of organizations with goals. And now that you’re familiar with how to use it, you’re ready to begin setting short-term goals in your own business.

Balancing long-term and short-term planning

So far, we’ve laid out the difference between a short-term and long-term objective and analyzed the best practices for each. But how do you maintain a balance when implementing them into your organization?

Here are a few well-loved strategies: 

• Ensure you align the short-term business goals with the long-term objectives and desired outcomes. Failing to do so would result in misallocating time and other precious resources. 
• Be flexible. The market changes on a day-to-day basis. Short-term goals should remain Agile and adaptable without losing sight of the longer-term goals they’re working towards. 
• Regularly review and re-prioritize based on stakeholder alignment and available resources. 
• Foster a culture that values and understands the relationship between short-term and long-term goals.

By implementing these strategies, organizations not only achieve successful results in the short term but also lay the groundwork for sustained growth toward their future vision.

Let’s wrap it up

It’s clear at this point that understanding and balancing long-term objectives and short-term planning is vital for achieving success within your organization. And whether it’s Sun Tzu or Jeff Bezos, we’re not the only ones who think so.

By bringing the art of planning into your organization, you can build momentum toward your long-term goals and vision. The result will be a lasting legacy that puts you on the right side of history’s great strategic organizations.

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Long Range Planning

If you’re a small business owner, planning for your future is important. That’s where a long range plan comes in. No matter your industry, a long range plan can help you meet your long-term goals and reach your full potential. Let’s dive deeper into the ins and outs of long range planning so you can determine how it may apply to your unique business. 

What is Long Range Planning?

Put simply, a long range plan is a roadmap that can help your business meet its growth goals. It usually spans a 3 to 5 year period and strives to align long-term objectives or a part of the mission statement with action plans. Depending on the main purpose of the long-range plan, it may have a fixed or rolling deadline. 

A long range plan typically requires the support from various stakeholders in your business, such as those involved in finance , operations, sales, marketing, and manufacturing. All of these stakeholders work together to convert goals into an execution plan that allocates specific tasks to certain resources. 

Long Range Planning vs. Strategic Planning 

Strategic planning is a process your business may use to pinpoint long-term goals after you carefully evaluate where you’re at and where you hope to be in the future. The final strategic plan is typically made up of non-actionable goals. Long range planning is designed to turn the strategic plan into actionable steps that steer you toward success. 

It helps execute strategic planning. While both strategic planning and long range term planning require a significant monetary and time investment, they’re often well worth it. As long as these initiatives are well thought out and properly implemented, they can lead to a variety of benefits for your business, such as goal achievement, growth, and employee satisfaction. 

Key Elements in the Long-Range Planning Process

No two long range plans are created equal. After all, every business has their own unique goals and plans on how to meet them. However, most long range plans involve several important components including: 

Mission: A mission statement explains your purpose and how you serve your customers, employees, and others. 

Vision: You can think of a vision statement as the “why” of your business. It focuses on who you intend to be down the road.

SWOT Analysis: A SWOT analysis explores strengths, weaknesses, opportunities, and threats. It can help you determine what you can improve and what you should avoid. 

Sales and Operational Goals: With a thorough understanding of sales and operational goals, you may identify initiatives or activities that boost revenue and profits to maximize performance. 

How to Create a Long-Range Plan

There’s no set process for long range planning. Every business may have their own particular way of going about it. However, many organizations take all of or some of these steps:

• Reflect on the Mission: First and foremost, it’s a good idea to meet with key stakeholders so you can discuss your mission and what it means to you. Let’s say your mission involves serving customers with environmentally friendly products. This can give your company something to focus on as you build a logical, long-range plan. 
• Create Actionable Goals: Once you choose the part of your mission you’d like to focus on, you can determine the actionable goals that cater to it as well as deadlines for each of them. The goals you set will serve as a backbone of your long-range plan. If your mission relates to green products, one of your goals may be to design green packaging to go along with them. Remember that your goals are not set in stone and sure to change or evolve over time.
• Identify Operational Procedures: The next step is to come up with a plan that will enable your organization to achieve your goals by your desired deadlines. In most cases, your plan will begin at the leadership level and involve the CEO and management team. As soon as they decide how each individual department will contribute to the goals, team managers can create department focused operational plans to help meet them. In the green packaging example, the manufacturing team might have a plan to create the ideal prototypes while the marketing team’s plan is based on new social media or print marketing campaigns. 
• Adjust the Plan as Needed: A long range plan typically takes anywhere from 5 to 10 years to complete. Therefore, there’s a good chance it will require some revisions. If you notice changes in technology, supply chain, and customer demand, for example, don’t be afraid to adjust your plan accordingly. It’s in your best interest to schedule regular meetings to discuss progress and determine whether any modifications are necessary. 

Best Long-Range Planning Tools

Although you don't need to have these tools to create a long-range plan. These tools will set you up for success.

LiveFlow makes financial analysis and planning easy with automatic structured exports of your financial reports. If you're looking to build or update a model, but are not ready to move to a full planning platform, we recommend you start with Liveflow . Liveflow will automate the syncing of your QuickBooks data into Google Sheets following your monthly close process, making your modeling streamlined, accurate, and more efficient.

When you're ready to move to a full-fledged modeling platform, one of the many options we like is Jirav. Their platform will help you create full financial forecasts for yourself or for your clients.  Jirav will also support the reporting and dashboard visuals following the close of each month to help you deliver any analysis you may be looking for. On top of this, Jirav syncs with a handful of HR platforms to help pull in HR data that you may wish to use to structure your model.

Another full modeling platform we love is Basis . Basis not only syncs with your general ledger, but also has a ton of integrations within the HR, PEO, CRM and ERP space. This allows another level of business data to be imported in real time into your model for deep analysis. The output of this data within their reporting and dashboards allow for both financial and business analysis within the platform.

Bottom Line

If you’d like to ensure a successful future for your business or clients, long range planning is not an option... it’s a necessity. In fact, it may be just what you need to harness the power of your current strengths and resources and enjoy a thriving organization for years to come. Through critical thinking, sound strategy, and timely execution, you’ll be able to scale your venture and meet (or even exceed) your long-term goals.

Interested in Long - Range Planning? Contact GrowthLab today!

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Unveiling LRP: Understanding What is Long-Range Planning in Business

Exploring the fundamentals of long-range planning (lrp).

Long-Range Planning (LRP) is a strategic activity that businesses undertake to establish objectives and craft the tactics to fulfill them over a broad timescale, often spanning three to five years, if not longer. LRP equips businesses with a vision for their preferred future, delineating the long-term trajectory and facilitating anticipation of market trends and potential challenges.

This forward-looking approach is vital for various operational aspects, such as scheduling production in the manufacturing sector. Comprehensive LRP endeavors often involve powerful analytical tools, including, but not limited to, SWOT analysis , to uncover opportunities and mitigate risks within the organizational environment.

Additionally, software solutions like o9’s Integrated Business Planning (IBP) software streamline LRP by improving visibility over extended horizons, contributing to enhanced financial outcomes by bolstering operational effectiveness and diminishing unnecessary waste.

The Intersection of Long-Range and Strategic Planning

Visioning the future: crafting mission and vision statements.

Developing compelling mission and vision statements is a pivotal element of LRP, defining the organization’s purpose and aspirations. By cementing these underpinning declarations, an entity crystallizes its strategic direction, providing a beacon for all subsequent decision-making processes.

For instance, a consumer electronics company might devise a mission statement centered around innovation and user experience. In contrast, its vision statement may project becoming a dominant player in emerging tech markets. Financially, these clarifications align budgets and expenditures with strategic priorities, promoting a robust and sustainable expansion. Reflecting this in financial planning involves synchronizing capital investment and resource allocation with envisaged pathways, reinforcing the congruity between monetary policy and long-term corporate ambitions.

Designing a Business Roadmap: Steps to Developing your Long-Range Plan

Identifying goals and setting objectives.

The heart of LRP lies in formulating precise goals that align with an organization’s broader mission. Setting these targets is a multi-faceted exercise involving thoroughly understanding the company’s position and an astute assessment of economic indicators and industry trends. For a healthcare provider, such goals might revolve around expanding patient care services or integrating breakthrough technological solutions.

Mapping these objectives into a feasible plan demands meticulously evaluating internal capabilities against market opportunities . Furthermore, projection exercises play a key role as they enable the estimation of future demand scenarios, providing a factual basis for strategic deliverables. Firms often employ financial models to simulate different futures, helping to insulate the business against volatility and grounding the strategy in practical, achievable expectations.

Conducting Comprehensive Business Analysis

An exhaustive analysis forms the foundation of any robust LRP strategy. Distinguishing it from iterative short-term planning, LRP requires a deep dive into both internal and external factors that could influence the organization’s performance over the years ahead. This may encompass evaluating broad economic conditions, legislations, technological advancements, consumer behavior shifts, competitive landscapes, and operational workflows.

Precision engineering firms, for example, might conduct LRP to anticipate material cost fluctuations, regulatory changes, or new entrants that could disrupt existing supply chains. Resources like intheBlk and o9’s IBP provide insightful analytics that inform these extended-period plans. By leveraging dynamic forecasting tools and revising projections with emergent market data, companies adapt more proactively to industry ebbs and flows, integrating budget and forecast data with enterprise software to refine financial expectations.

Projections and Forecasts: Planning for Future Demand

Accurately anticipating future consumption patterns stands central to effective LRP. A pivotal aspect of this is the generation of forecasts that inform product development cycles, inventory management, and capacity planning. For instance, a luxury goods retailer might leverage historical sales data, economic indicators, and consumer trends to predict future product demand.

Progressive LRP incorporates adaptable forecasting methodologies that adjust for new market intelligence, ensuring plans stay responsive to evolving business climates. Moreover, techniques like scenario planning, which envisage multiple potential future states, aid organizations in navigating economic uncertainty. Essentially, tools that offer potent forecasting capabilities, such as o9’s IBP software, can integrate multifaceted data streams, providing a comprehensive view that aids in refining supply chain robustness, minimizing risks, and sharpening competitiveness.

LRP in Action: Implementation Strategies

Translating LRP into practical steps is vital for tangible outcomes. Adeptly laying out these steps involves crafting actionable initiatives that mirror strategic objectives. For businesses in the renewable energy sector, this could include investment timelines for infrastructure development or diversifying into new markets. Integration of advanced planning tools for risk assessment, business model analysis, and operational feasibility studies is crucial.

Financial Planning & Analysis (FP&A) platforms distinctly contribute to translating from plan to action. A clear distinction exists between budgeting and forecasting within this context—while budgeting tightly controls immediate fiscal periods, flexible forecasts adapt to immediate dynamics. These components, loaded into accounting systems, streamline monitoring processes and allow for agile responses to business performance against set benchmarks.

Maximizing the Benefits: Tools for Effective Long-Range Planning

Utilizing swot for strategic advantage.

A SWOT analysis is an influential tool in devising effective LRP, beneficial for dissecting an organization’s relative competencies and identifying market gaps potentially conducive to expansion. Augmenting LRP with a SWOT examination provides a four-pronged dimensional view of the business landscape.

For example, a software development company leveraging SWOT might highlight its efficient, agile development methodologies (strength), recognize an overreliance on a single client (weakness), capitalize on the burgeoning demand in mobile apps (opportunity), and protect against intensifying competition (threat). SWOT prepares businesses to allocate resources prudently and ascend market positions by examining internal and external factors.

Additionally, it aids proactive threat mitigation by anticipating and planning against potential disruptions, such as new regulatory policies or disruptive innovations, ensuring resilience and sustained growth.

Understanding Business Models with In-depth Analysis

LRP pivots around an astute understanding of business models to navigate the future effectively. A comprehensive business model analysis discerns the operability and profitability of an enterprise’s strategic approach in prospective environments. For an e-commerce retailer, this may comprise scrutinizing their distribution networks, customer acquisition strategies, and partnerships.

In-depth analysis affords a close examination of the various components that constitute the business model to identify potential refinement or expansion areas. By meticulously assessing key factors such as revenue streams, cost structure, and value proposition alignment, LRP helps ascertain current-state robustness and future-state adaptability. Tools like SWOT analysis, alongside scenario simulations, extend critical insights that facilitate strategic adjustments.

Evaluating and Mitigating Risks

Risk evaluation and mitigation represent indispensable components of a far-reaching LRP. This calls for organizations to hypothesize potential adversities and configure strategies to buffer potential repercussions. For instance, a global logistics company may examine geopolitical tensions that could impede international shipping lanes.

Undertaking such an appraisal allows for formulating countermeasures, such as establishing alternative routes or diversifying vendor bases, thereby sustaining operational continuity amid disruptions. By incorporating risk assessment into their long-term financial planning, businesses steel themselves against future uncertainties and hone their predictive abilities to anticipate industry volatilities, regulatory shifts, and systemic threats before they crystallize into concrete challenges.

Long-Range Planning in Specific Contexts

Lrp considerations in manufacturing.

Manufacturing entities benefit from LRP as it underpins production cycles, demand forecasting, and strategic investments. In this dynamic sector, the longevity of planning assumes pronounced significance given the industry’s capital-intensive nature. Through detailed LRP, manufacturers can align capital outlay with anticipated market expansions, such as a biotech firm earmarking funds for next-generation gene therapies.

This thorough planning enables resource allocation that reflects anticipated growth and emergent sector trends, reinforcing a firm’s position amid competitive landscapes. Capacities such as o9’s IBP software cater to these strategic imperatives by providing integrated planning systems that synthesize disparate data for an end-to-end perspective, amplifying financial foresight and operational scalability.

Navigating Supply Chain with Long-term Goals

In the intricate domain of supply chain management, LRP facilitates benchmarking efficiencies and strategic planning of logistic frameworks. Effective LRP capacitates companies to preempt resource shortages, map out logistics for new product introductions, or reconfigure distribution channels due to shifting consumer purchasing patterns.

For instance, a multinational pharmaceutical company might plan for patent expirations and the subsequent generic drug competition by enhancing its supply chain flexibility. Strategic supply chain LRP integrates principles from the broader planning process, leveraging tools such as detailed demand forecasting and robust risk management to sustain current operations and prepare for and profit from future market developments.

Addressing FAQs about Long-Range Planning

Long-range vs. short-term planning: key differences.

Long-range planning contrasts with short-term planning in scope and scale. LRP centers on envisioning the future and aligning financial tactics with long-term strategic objectives. It delves into strategic alignment, extending beyond immediate operational concerns to encompass expansive timeframes and profound organizational impacts. Conversely, short-term planning addresses imminent financial needs and adapts swiftly to market fluctuations and operational difficulties.

For example, a telecommunications operator might employ LRP to pivot services towards nascent technologies like 5G while concurrently utilizing short-term planning to address quarterly earnings targets. Both approaches are valuable, with LRP providing a strategic scaffold for enduring growth and short-term planning, offering the flexibility to react adeptly to changing circumstances.

Tackling Challenges in Long-Term Planning

Navigating the complexities of LRP entails playing a long game against uncertainty and change. The challenge lies in crafting plans resilient to immediate disruptions and agile enough to seize evolving opportunities. A broad spectrum of industries, from manufacturing to finance, rely on LRP to forecast market movements, technological evolutions, and consumer tendencies while tempering ambitious growth plans with realistic risk projections.

LRP symbiotically interacts with other financial tools in a company’s arsenal, ensuring synchrony and supporting organizational visions. It deploys projections not as fixed trajectories but as guides that inform and flex with a business’s journey, acknowledging the mutable nature of markets. Tools like o9’s IBP software enhance LRP by delivering scalable, insightful planning functions that marry detailed financial data to strategic organizational aims.

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6 Ways to Optimize Your Long Range Planning

Long-range planning—the process by which companies determine the best strategy for succeeding in the market and moving forward towards strategic objectives. Used to optimal efficiency, a company implementing long-range planning will see assets allocated more efficiently, develop projects with a superior market impact, and make ideal investments of finances, personnel, and other resources for long-term prosperity. 

Compared with the dated sequential planning process, long-range  planning positions businesses better for achieving long-term goals, eschewing moment-to-moment reactive revisions and thus avoiding the natural pitfalls of the sequential approach.

Many major businesses in industries like energy, pharmaceuticals and oil & gas, already take a long-range approach to planning as a matter of course--with the outcomes of exploration or research not paying off for decades, no other planning method works. But even those companies which already understand the value of long-range planning rarely achieve the degree of success with it they should—a conundrum we hope to help with, with these six pointers on optimization.

Six Long-Range Planning Tips

Think "holistic".

Take a holistic approach to strategizing. According to research by Ventana Research, those companies which report a high degree of integration between their high level strategies and their individual project strategies also report the highest levels of satisfaction with their process, improves efficiency, and superior outcomes. When your company develops a high level strategy for success, it’s important that the individual projects making up your overall push all unite behind that same strategy, instead of producing contradictory and inefficient outcomes. A holistic approach to strategizing will thus inevitably help you optimize your long-range planning

Amp up your software

Utilize better software for processing the complexities of modern business. Modern businesses operate on a level of complexity few could imagine even a few short decades ago, yet the software many use to make important long-range planning decisions remains the same. Spreadsheets, for all their admirable traits, simply cannot be expected to keep up with the complexities of modern business—a minor change half the globe away can completely alter the financial calculus of your business strategies, and only modern prescriptive analytics platforms can be expected to keep up with that level of complexity. So if you want to optimize your long-range planning, make sure you have the right tools for the job.

Integrate long-range planning with the budgeting process. It may seem an obvious move in hindsight, but many companies don’t integrate their long-range planning process into their budgeting process, producing inevitable points of conflict between day-to-day finance and long-term financial goals. As with our first point about keeping high and low-level strategies synchronized, taking this step towards uniting your planning process from top-to-bottom is crucial for getting the most out of your long-range planning process.

Know your revision points

Understand the key revision points of your business. It’s a cliché of war that no plan survives first contact with the enemy, a truth which holds its own just as well in the modern business world. Whatever your industry, there will certainly be periods that make or break your ongoing strategies; the outcomes of drug trials for a pharmaceutical company, government budgeting for contracted businesses, etc. Understanding when these periods occur in your industry is crucial to keeping your long-range planning appropriately reactive and relevant as the ‘situation on the ground’ develops.

Think "scientific precision"

Value data appropriately and act upon your analytics. Long-range planning without proper data collection and action based upon hard facts is little more than guesswork, no matter the genius of the planners or strength of the planning tools. Make sure that you’re gathering relevant data, parsing it to a useable form, and taking action in line with that data over ‘gut feelings’ and the rumor mill—long-range planning is a science, so scientific precision based on hard fact is crucial to optimizing outcomes.

Optimize your business end-to-end

Optimize at all stages of business; strategic, tactical, and operational. Long-range business planning isn’t a concept which sould be solely applied to the highest levels of your business strategy. Look at each aspect of your company; the strategic long-term goals, the major moves which position you within the industry. Your tactical methods, which you utilize to maintain dominance in the short-term and position yourself against the competition on a daily basic. Your operational methodologies, which determine the efficiency of your logistics , your worker output, how your cash flows. Nothing is too trivial to include in your long-term planning, so long as you have the data and planning tools necessary to make rational moves forward.

Final Thoughts

Long-range business planning is criminally underutilized by most businesses, with even the savviest failing to integrate long-term strategies thoroughly into how they do business. With the right tools easing the process and a solid understanding of your industry, long-range planning can and will improve profits, secure your company’s position in the industry, and pay dividends well worth the investment of effort and resources.

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Stop Making Plans; Start Making Decisions

• Michael Mankins
• Richard Steele

In most companies, strategic planning isn’t about making decisions. It’s about documenting choices that have already been made, often haphazardly. Leading firms are rethinking their approach to strategy development so they can make more, better, and faster decisions.

The Idea in Brief

Most executives view traditional strategic planning as worthless. Why? The process contains serious flaws. First, it’s conducted annually, so it doesn’t help executives respond swiftly to threats and opportunities (a new competitor, a possible acquisition) that crop up throughout the year.

Second, it unfolds unit by unit—with executive committee members visiting one unit at a time to review their strategic plans. Executives lack sufficient information to provide worthwhile guidance during these “business tours.” And the visits take them away from urgent companywide issues, such as whether to enter a new market, outsource a function, or restructure the organization.

Frustrated by these constraints, executives routinely sidestep their company’s formal strategic planning process—making ad hoc decisions based on scanty analysis and meager debate. Result? Decisions made incorrectly, too slowly, or not at all.

How to improve the quality and quantity of your strategic decisions? Use continuous issues-focused strategic planning . Throughout the year, identify the issues you must resolve to enhance your company’s performance—particularly those spanning multiple business units. Debate one issue at a time until you’ve reached a decision. And add issues to your agenda as business realities change.

Your reward? More rigorous debate and more significant strategic decisions each year—made precisely when they’re needed.

The Idea in Practice

To create an effective strategic-planning process:

Link Decision Making and Planning

Create a mechanism that helps you identify the decisions you must make to create more shareholder value. Once you’ve made those decisions, use your traditional planning process to develop an implementation road map. Example: 

At Boeing Commercial Airplanes, executives meet regularly to uncover the company’s most pressing, long-term strategic issues (such as evolving product strategy, or fueling growth in services). Upon selecting a course of action, they update their long-range business plan with an implementation strategy for that decision. (By separating—but linking—planning and execution, Boeing makes faster and better decisions.)

Focus on Companywide Issues

During strategy discussions, focus on issues spanning multiple business units. Example: 

Facing a shortage of investment ideas, Microsoft’s leaders began defining issues—such as PC market growth and security—that are critical throughout the company. Dialogues between unit leaders and the executive committee now focus on what Microsoft as a whole can do to address each issue—not which strategies individual units should formulate. Countless new growth opportunities have surfaced.

Develop Strategy Continuously

Spread strategy reviews throughout the year rather than squeezing them into a 2-3-month window. You’ll be able to focus on—and resolve—one issue at a time. And you’ll have the flexibility to add issues as soon as business conditions change. Example: 

Executives at multi-industry giant Textron review two to three units’ strategy per quarter rather than compressing all unit reviews into one quarter annually. They also hold continuous reviews designed to address each strategic issue on the company’s agenda. Once an also-ran among its peers, Textron was a top-quartile performer during 2004–2005.

Structure Strategy Reviews to Produce Results

Design and conduct strategy sessions so that participants agree on facts related to each issue before proposing solutions. Example: 

At Textron, each strategic issue is resolved through a disciplined process: In one session, the management committee debates the issue at hand and reaches agreement on the relevant facts (e.g., customers’ purchase behaviors, a key market’s profitability figures). The group then generates several viable strategy alternatives. In a second session, the committee evaluates the alternatives from a strategic and financial perspective and selects a course of action. By moving from facts to alternatives to choices, the group reaches many more decisions than before.

Is strategic planning completely useless? That was the question the CEO of a global manufacturer recently asked himself. Two years earlier, he had launched an ambitious overhaul of the company’s planning process. The old approach, which required business-unit heads to make regular presentations to the firm’s executive committee, had broken down entirely. The ExCom members—the CEO, COO, CFO, CTO, and head of HR—had grown tired of sitting through endless PowerPoint presentations that provided them few opportunities to challenge the business units’ assumptions or influence their strategies. And the unit heads had complained that the ExCom reviews were long on exhortation but short on executable advice. Worse, the reviews led to very few worthwhile decisions.

• Michael Mankins is a leader in Bain’s Organization and Strategy practices and is a partner based in Austin, Texas. He is a coauthor of Time, Talent, Energy: Overcome Organizational Drag and Unleash Your Team’s Productive Power (Harvard Business Review Press, 2017).
• RS Richard Steele ( [email protected] ) is a partner in Marakon’s New York office.

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How Relevant is Long-Range Strategic Planning?

Strategic planning concepts and the notion of long-range planning will continue to be integral parts of responsible management. But they may require a substantial rethinking if they are to remain relevant. For example, they will have to be applied more selectively, depending on such things as the industry, the nature of competition, and the speed with which a particular organization's environment is changing. And there is a question about whether a sufficient cadre of managers is being prepared to do this. These are conclusions resulting from a reading of responses to this month's column.

In defense of strategic planning, Greg Martin said, "Same story, different day: in times of change it is practically irresistible to not throw the baby out with the bathwater. While technology has and will continue to accelerate the pace of change…it can also be cleverly leveraged to facilitate an iterative, evergreen process of strategy formulation and implementation."

David Wittenberg added, "Strategic planning, especially long-term strategic planning, is no less necessary in a fast-changing world. Clayton Christensen reminded us that the root cause of every business disaster is mistakenly pursuing short-term goals ahead of long-term ones." Daniel T. C. Lee commented, "Traditional or not, strategic planning has never restricted new innovation…. The issue is the extent and depth of the analysis."

Several argued along with Munyaradzi Mushato, who said, ''the need for a sustainable strategy is actually higher in a volatile market space … why deliberately go out to plan to build a short-lived competitive strategy?" Paul Tiffany commented that the question we should be debating revolves around the tools that are most appropriate to the task today, such as David Teece's ''Dynamic Capabilities'' model.

Huw Morris was among those suggesting adaptation. He regards current strategic planning concepts as relevant, but warned that they need to be used to promote agility. For example, he said, ''by strategy task forces that 'hack' rather than as part of a long annual strategic planning process." Gary Johnson put it this way: "Competitive advantage and a business without strategy-one that is in constant reactiveness, seem to be an oxymoron; a 'living' strategic plan will always help a business be more competitive." Shadreck Saili said that while long-range strategic planning may still be relevant to some degree, ''the frequency of monitoring and evaluating of strategic plans becomes therefore a relevant factor to consider." Edward Hare suggested that, "What organizations need to do is break old habits of practicing planning as ceremonial processes that are conducted periodically. That'll probably happen … Those that don't just won't survive."

This led to the question of why managers have been reluctant to adopt new methods of planning. Janice Maffei framed the case by saying that "We need to influence leaders to envision longer term possibilities while creating short term experiments." Shann Turnbull warned this may not be easy, commenting: "The establishment of 'smaller, faster, more agile organizations' is inherently a governance problem…. The problem is that network governance is not taught in business schools or any other faculties." How can strategic planning be adapted to changing needs? What will it take? What do you think?

Original Article

From time to time thinking converges around a set of ideas. For us this month, the topic is strategy planning and organization. Conventional thinking and organization that has encouraged us to seek sustainable competitive advantage in the past is being questioned in today's business environment. Some are even suggesting that the mind set that has given us strategic planning concepts such as SWOT (strengths, weaknesses, opportunities, threats) analysis, the "five forces," growth share matrices, five-year plans, and an emphasis on core competencies of the firm may lead to competitive disadvantage in a technology-transformed world in which markets, employee and customer mind sets, and innovations, evolve at a rapid rate.

The conversation was stimulated (can it be 16 years ago?) by Clayton Christensen's work leading to his book, The Innovator's Dilemma . In one sense, the book was mistitled. Some of its most salient material concerned issues confronting large corporations facing innovative upstarts with disruptive ventures, the non-innovator's dilemma. But it also dealt with the challenges of achieving innovation in a world of entrenched ideas about how products are developed and used. Implicitly, the book questioned traditional concepts of strategic planning in an environment populated by increasingly innovative and agile competitors.

Now comes a new book, The End of Competitive Advantage , by Rita Gunther McGrath. Hers is a frontal attack on accepted strategic planning methods designed, in her opinion, for another time. These are methods based on the presumption that competitive advantage is sustainable. It's a presumption that she claims "creates all the wrong reflexes" in a world in which the best one can hope for is "transient competitive advantage."

McGrath's prescription for achieving transient competitive advantage includes such things as smaller, faster, more agile organizations--and where management-by-consensus is a thing of the past. The emphasis is on marshalling rather than owning assets, including talent. In order to ensure the appropriate deployment of these assets from one opportunity to another, it will be necessary to recentralize control over the resource allocation process, moving it out of strategic business units (SBUs). It raises questions about the relevancy of SBUs as opposed to transient teams as a form of organization.

These organizations engage in "shape shifting" based on systematic innovation and the constant testing of assumptions, all required to maintain transient advantage. They are organizations designed to create and test options, practicing "continuous deployment," doing things "fast and roughly right" rather than relying on strategic planning as we have known it.

McGrath makes her points forcefully, but laments the slow rate at which these changes are being adopted in large organizations. If these ideas are so powerful, she asks, "why hasn't basic strategy practice changed?" Is her thinking on target but just a bit ahead of the curve? How relevant is long-range strategic planning and its assumptions of sustainable competitive advantage? What do you think?

To Read More:

Clayton M. Christensen, The Innovator's Dilemma (Boston: Harvard Business School Press, 1997)

Rita Gunther McGrath, The End of Competitive Advantage: How To Keep Your Strategy Moving As Fast As Your Business (Boston: Harvard Business Review Press, 2013)

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Long-Range Planning vs. Strategic Planning: Meaning, Differences

In today’s rapidly changing business landscape, organizations need to adopt effective planning strategies to thrive and remain competitive. Long-range planning and strategic planning are two approaches commonly used to set goals, define objectives, and chart a course for the future. While these terms are often used interchangeably, they have distinct characteristics and serve different purposes. In this article, we will delve into the differences between long-range planning and strategic planning, explore their unique benefits, and examine how organizations can effectively leverage both to drive success.

Understanding Long-Range Planning

Long-range planning involves setting goals and establishing a framework for achieving those goals over an extended period, typically ranging from three to five years or more. It focuses on forecasting future trends, market conditions, and potential challenges to develop a roadmap for the organization. Long-range planning provides a broad view of the organization’s desired outcomes and outlines the steps required to reach them.

Benefits of Long-Range Planning

1. vision and direction.

Long-range planning allows organizations to articulate a clear vision and direction for the future. By envisioning what they want to achieve over an extended period, organizations can align their resources, strategies, and actions accordingly.

2. Goal Alignment

Long-range planning facilitates the alignment of short-term objectives with long-term goals. It enables organizations to break down ambitious goals into manageable milestones, ensuring consistent progress toward the desired outcomes.

3. Resource Allocation

Long-range planning helps organizations allocate resources effectively. By understanding future requirements, organizations can make informed decisions about investments, budgets, and resource allocation to support their long-term objectives.

4. Risk Mitigation

Long-range planning enables organizations to identify potential risks and challenges in advance. This proactive approach allows them to develop contingency plans and mitigation strategies, minimizing potential disruptions to the business.

5. Stakeholder Engagement

Long-range planning promotes collaboration and engagement among stakeholders. By involving key individuals from different departments, organizations can foster a sense of ownership and collective responsibility toward achieving long-term goals.

Understanding Strategic Planning

Strategic planning focuses on the formulation and execution of strategies that position an organization to achieve its long-term objectives. It involves analyzing the internal and external factors that impact the organization’s success and designing strategies to exploit opportunities and overcome challenges. Strategic planning provides a roadmap for achieving the long-term goals outlined in the long-range plan.

Benefits of Strategic Planning

1. competitive advantage.

Strategic planning helps organizations gain a competitive edge in the market. By conducting thorough analyses of the industry, competitors, and customer needs, organizations can identify unique value propositions and develop strategies to differentiate themselves from the competition.

2. Adaptability and Agility

Strategic planning equips organizations with the ability to adapt to changing market dynamics. It enables them to anticipate trends, identify emerging opportunities, and adjust their strategies accordingly, ensuring they stay ahead of the curve.

3. Resource Optimization

Strategic planning allows organizations to optimize resource allocation. By identifying areas of strength and weakness, organizations can allocate their resources strategically, focusing on activities that yield the highest return on investment.

4. Alignment and Focus

Strategic planning ensures alignment across the organization. It provides a framework for setting priorities, making decisions, and allocating resources, fostering a sense of direction and focus among employees at all levels.

5. Continuous Improvement

Strategic planning promotes a culture of continuous improvement. By regularly reviewing and evaluating strategies, organizations can identify areas for refinement and enhancement, enabling them to stay relevant and responsive to market changes.

Key differences between Long-Range Planning and Strategic Planning

It’s important to note that while these differences exist, long-range planning and strategic planning are complementary and should be integrated to achieve organizational success.

Balancing Long-Range Planning and Strategic Planning

While long-range planning and strategic planning serve different purposes, they are not mutually exclusive. In fact, successful organizations recognize the importance of integrating both approaches to achieve sustainable success. Here are some key considerations for balancing long-range planning and strategic planning:

1. Alignment

Ensure that the goals outlined in the long-range plan are closely aligned with the strategies developed through strategic planning. This alignment will ensure that the organization’s long-term objectives are supported by actionable and effective strategies.

2. Flexibility

Recognize that both long-range planning and strategic planning need to be flexible to adapt to unforeseen circumstances. Regularly reassess and adjust plans as needed to respond to changes in the market, technological advancements, and shifts in customer preferences.

3. Communication

Foster open and transparent communication between all stakeholders involved in the planning process. Ensure that there is a shared understanding of the long-term goals and strategies, and encourage feedback and collaboration to refine and enhance the plans.

4. Execution

Effective execution is key to realizing the benefits of both long-range planning and strategic planning. Establish clear responsibilities, milestones, and metrics to track progress and ensure that the plans are implemented successfully.

Long-range planning and strategic planning are essential tools for organizations to navigate the complexities of the business landscape and achieve their long-term goals. While long-range planning provides a roadmap for the future, strategic planning ensures that the organization remains adaptable, competitive, and responsive to market dynamics. By striking a balance between these two approaches, organizations can set themselves up for sustainable success, driving growth and innovation in an ever-changing world.

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Strategic planning: How to set and meet your long-term goals

July 1, 2024 - 10 min read

Strategic planning is an ongoing process that defines your business goals and creates a roadmap for achieving them. Done well, strategic planning will help you focus on your long-term business development, instead of just reacting to changes and challenges in the market.

Strategic planning is important for:

• Creating a framework to track your progress
• Defining the KPIs to measure your performance effectively
• Identifying and eliminating mistakes in your planning
• Proactively identifying new opportunities and threats to your business
• Informing your resource allocation
• Aligning your stakeholders around a shared purpose and objective, even when they're working across departments

It’s important to remember that strategic planning is a tool that informs your decision-making process rather than a list of steps set in stone at the start of a new business phase. Strategic plans are also different from tactical plans, which are action-oriented steps to take, or project plans, which relate to a specific aspect of your company’s work.

So, in this post, we’ll show you the  essential parts of a truly flexible and responsive strategic plan , take you through the steps to create one, and show you how to implement it in a way that supports your team.

Essential elements of a strategic plan

Let’s start with the common elements of a strategic plan and the things you can consider as you lay one out. 

The more you understand these aspects, the easier it will be to create a plan that bridges the gap between your planned strategy and the real-world work it entails. 

Values statement

Your values are the principles that guide your professional behavior and the decisions you make. In a values statement, you define what’s important to your organization and how you want to conduct business. 

Values statements influence the way businesses work internally as well as the way they build relationships with their customers. For example, values can inform everything from workplace communications , to the training and support you provide, to the way you recognize achievements within your team. 

There’s a lot of overlap between business values and company culture , and this internalization is what makes values so central to strategic planning. 

When you look at your goals for the next three to five years (the period typically covered by a strategic plan), you should make sure your plans align with the way you want your employees and customers to experience your business. 

Clarifying your values at the beginning of the strategic planning process helps you keep this in mind, even if your plan evolves.  

Vision statement

Your organization’s vision statement sets out your long-term aspirations, focusing on what you want to achieve in the future. Vision statements should be concise, aspirational, and connected to your business’s core values — like the ones you laid out in the first section of your strategic plan. 

Because of the motivational element of a vision statement, it can be helpful to involve different stakeholders from across your organization (and even your client base) when you write it. This helps create a vision statement everyone feels represented by, which you can rally around when your work runs into challenges later. 

Mission statement

In contrast to the vision statement, your organization’s mission statement describes why it exists, who it serves, and what it does. It also explains — in a nutshell — how you intend to achieve your vision. 

For example, a creative and design agency’s vision statement might be:

“ To be the premier creative agency in our city, transforming businesses through innovative visual experiences. ” 

This could translate into a mission statement of: 

“ To create exceptional, user-centric designs that combine creativity and modern techniques to drive client success. ” 

As you can see, the mission statement switches focus from the ideals laid out in the vision to the practical steps that make those ideals a reality. 

SWOT analysis

SWOT stands for strengths, weaknesses, opportunities, and threats. SWOT analysis helps you understand the internal factors that could impact your strategic plan (your strengths and weaknesses). It also gives you a broader understanding of how your organization fits into the business landscape (the opportunities and threats). 

Another useful term for some business models is “PEST analysis,” which stands for political, economic, social, and technological. This type of “environmental scan” can give business leaders a deeper understanding of the external factors that could influence the entire organization during their next planning cycle. 

Understanding the internal and external pressures on your business before you start implementing your strategic plan will help you position yourself for success, develop strategies to gain a competitive advantage, and manage potential risks .

The business goals section of a strategic plan explains what your company wants to achieve in concrete terms. 

One of the most popular ways to approach goal setting is to use SMART principles , choosing goals that are specific, measurable, achievable, relevant, and time-bound. 

With SMART goals, you gain a clear sense of purpose (from the specificity of the plan), motivation (from the achievability and relevance of the goals), and an additional push from a deadline. What’s more, the measurable aspect means you can gauge your progress and compare your achievements to the anticipated results. 

Other goal-setting techniques used by businesses include: 

• The balanced scorecard (or BSC) approach, which considers the goals from four perspectives: financial, customer, internal process, and learning and growth. This aligns the planned business activities with the company’s core vision and values, not just the finances.
• Objectives and key results (OKR) frameworks, which look at the history, benefits, and key components of your goals to determine your focus. 
• Management by objectives (MBO), which emphasizes the importance of clear goals, involves employees in decision making, and bases evaluations on whether the goals were achieved. 

Your objectives are the actions you’ll take to achieve your goals. 

To return to the agency example above, if one of the goals was to build long-term relationships with clients to ensure their ongoing success, the objectives could include:

• Establishing a system for gathering feedback and reviews 
• Conducting regular client satisfaction surveys 
• Regularly sharing actionable client insights with your wider team 

Objectives start to put your strategic plan into more practical terms, so you can order or categorize them as you lay them out. Grouping or prioritizing your objectives will make it far easier to manage your resources, delegate tasks, and show your team which of the objectives they should address first. 

Action plans

Finally, your action plans , which are sometimes described as “tactics” or “approaches,” outline the specific steps you’ll take to achieve your objectives. These plans break your objectives down into actionable tasks and subtasks — the stepping stones that take you through your strategic plan.

Action plans address the way the rubber hits the road, so it can be helpful to include some buffer room in this area of your strategic plan. Some businesses even make contingency plans at this stage before introducing the plan to their team members. 

Considering contingencies now means that when changes occur, you should be able to adjust your plan rather than starting from scratch once the emergency has passed. 

When you truly get to grips with these elements, you’re more likely to see the benefits of strategic planning when work begins. These benefits include: 

• A clear direction and focus for your team
• Increased engagement from teams that understand their roles and goals
• Effective decision making informed by up-to-date information
• A proactive management approach , set up to take advantage of opportunities and address challenges as they arise
• Long-term sustainability , based on an understanding of the business environment and risk mitigation 

Having said this, it’s essential to remember that any of these aspects could change over the course of the years you’ve planned for. Considering the vision, values, and opportunities that drive your business — and the steps you’ll take to put them into practice — should be an ongoing process as your work develops. 

When you get to grips with the idea of using your strategic business plan as a shared reference rather than a rulebook, you’re ready to create a plan of your own. 

Now, we’ll look at the strategic planning process in more detail. The examples here will show you how to bring an effective strategic plan together, align your  work with your goals, and put your team in the best position to focus, prioritize, and achieve their ongoing goals.

How to make a strategic plan: Step-by-step guide

The steps we detail here can help you create a solid but responsive strategic plan. 

1. Assess your business environment

• Analyze internal pressures within your business 
• Research the external environment you’re operating in
• Gather data and feedback on your team’s past performance 

Strategy formulation starts with a thorough understanding of what’s going on inside your business and in the external environment. Alongside the SWOT analysis we discussed above, many strategic frameworks start with an analysis of your company’s current position, including your performance in the previous fiscal year or planning cycle. 

With this assessment, you’ll set yourself up to create and measure the short- and long-term goals that can bring your company’s vision to life. 

To make these judgments more accurately, strategic planners often pull up the following records at the very beginning of the process (and then continue to reference them as time goes on): 

• Time tracking reports to assess what the team has been able to achieve in their billable hours and identify areas for improved efficiency 
• Cash flow data to assess their budget, find out where investments can be made, and identify areas where they need to reduce waste
• Feedback reports from customers, clients, or their team to quantify what the business does well, and identify areas where they’re not fully addressing a pain point 
• Resource allocation, including the way tasks are delegated among the number of team members available (this information is particularly useful for human resources teams at the start of a new phase, as they may have to, for example, hire additional employees to tackle a larger project)

Once you’ve identified any issues with past performance, you can consider areas for improvement, what you can realistically achieve, and take the other factors that will impact your desired outcomes into account. 

2. Define goals, strategic objectives, and performance metrics  

• Write out your long-term goals and break them into achievable steps
• Decide how best to measure and compare your progress 
• Find a logical way to visualize your tasks and your progress to keep your team on track

With the groundwork in place, you can turn your focus to operational planning and strategy development. 

In this planning phase, you consider the common goals shared across your organization. Then, you start to break them down into the short-term tasks you’ll need to achieve, and even the milestones that could make up those individual projects. 

With the goals as a framework, the next stage is to plan how to measure and visualize your progress. 

Consider which teams or team members need an overview and how to present the information in a way that fits their work. For example, while a marketing team might view a product launch as a series of dependent steps, the development team behind the scenes might be dealing with a backlog of tickets or bugs, where a linear overview doesn’t fit their more cyclical methodology. 

Finally, identify the first tasks in your strategic plan and decide who to delegate them to, how to communicate this, and how you’ll make sure the team members have the tools they need to start. This will make the execution phase much smoother. 

3. Implement and share your plan

• Onboard your team
• Delegate tasks 
• Ask for initial feedback 

Prior to this stage of the process, strategic planning was largely the responsibility of senior leadership. Now, you move to strategy implementation, where you bring your team members up to speed, assign ownership of the different aspects of the plan, and give them the tools they need to track their work and collaborate. 

Your exact strategy execution depends on the size of your organization, the planning tools you prefer to use, and the structure of your teams. 

For example, you might share a plan document, explaining the next steps while emphasizing your intention to adjust the steps if necessary. Other teams might invite employees to a shared workspace where they’ll find the goals and milestones. Some teams might hold a formal meeting to launch the new strategy, whereas others will see it as an extension of their current work.

However you approach this implementation, once the team is up to speed, you can start working toward your strategic goals. Remember, it can be beneficial to ask for feedback from your team, even at this early stage, to promote transparency and make sure you’re on track. 

4. Revise and restructure 

• Gather data on your progress 
• Create and share reports with your team and key stakeholders 
• Respond to changes and communicate the updated strategic plan

As we said above, successful strategic planning can respond to change. When you set out to create a strategic plan rather than a project plan or an annual business plan, you expect to adjust it as you learn more. The framework you create in the first three steps puts you in a strong position to do this. 

As your team starts to work through the action plans, you should monitor: 

• Task status data , which can help you identify or preempt delays and bottlenecks
• Your team’s capacity , to avoid burnout, reassign tasks, or adjust resource allocation
• Your KPIs , to see how your real-time performance matches up to any projections or expectations you created in the initial planning phases 

Sharing reports with this information with stakeholders can motivate your team, help them adjust their priorities, and invite suggestions for improvements. The most useful reports will be based on real-time data, so you know you’re acting on the latest information, staying agile, and adjusting your plan as necessary. 

It is possible to plan for and implement these steps with spreadsheets, emails, and shared documents, but it’s not ideal. 

With several potential versions of your plan in play, it can be difficult to locate the most up-to-date information in email chains, announcements, or shared documents.

With work shared across your company, it can be hard to communicate and share resources without creating delays, bottlenecks, and information silos. 

And with collaborative, aspirational goals, you need to find a way to unite your team around your shared purpose.  

So now, let’s turn to the software features that can help you assess, define, implement, and refine your strategic planning and support your team as you put it into action.

Get the essential tools for strategic planning with Wrike

With Wrike, you can: 

• Assess a wealth of data relating to your work , whether you’re making a new strategic plan or adapting as you go
• Implement your plan easily , and help your team see how their tasks contribute to your organization’s goals
• Align your entire team , even when multiple, distinct departments have a role to play 

Note: Wrike gathers data on your team’s work, performance, and capacity as they move through their tasks, and we use this information to generate the highly detailed, targeted insights you need for ongoing strategic planning. You can also import data from XLS spreadsheets , Outlook Tasks, or MS Project when you set up Wrike, so you can start with all this essential planning data at your fingertips. 

Generate comprehensive overviews and reports to align your teams

Wrike’s real-time, dynamic workspaces make it effortless to set and share your organizational goals. In your workspace, you can list every task that makes up an objective and every milestone that represents a goal, and make sure everyone on your team knows the role they have to play. 

Most importantly, Wrike gives you multiple ways to create a business strategy map, so every subteam — and even the individuals who make them up — can view their progress in a way that makes sense for them. 

Try adding some of these views to your organization’s workspace:  

• The Table view gives you a spreadsheet-style overview of your tasks, folders, projects, or spaces.
• A project dashboard is configured with widgets to filter your work management data to show the headline statistics, track your key performance indicators, alert you to risks, and show you the project status information you need to plan your approach.
• A Gantt chart helps you visualize your project timeline , find the critical path , and plan for the task dependencies that inevitably arise when a large team collaborates.
• The Kanban board represents your tasks as cards, giving you an instant overview, helping you identify bottlenecks, and visualizing where each task sits in your workflow.
• Wrike’s workload management tools help you accurately assess your team’s capacity and easily reassign tasks to help you meet your deadlines and goals.

Cross-tagging for effortless resource sharing 

Wrike’s unique cross-tagging feature is a game changer for organizations that need to bring scattered or cross-team employees together. 

Put simply, cross-tagging simplifies asset management, leads to better connectivity within and across teams, and dismantles the information silos that can slow a project down. 

Seamless communication in one platform

With Wrike, you can communicate seamlessly across your entire organization, with an intuitive system of notifications and automations. 

For example, whenever someone in your workspace is assigned a new task, they’ll receive a notification in Wrike, and also through one of the messaging platforms Wrike integrates with if you choose. The task (along with all the files and information they need to get started) will automatically appear in their personal dashboard, and they can start planning their approach straight away.

This is a fantastic way to speed up your review and approval workflows . Simply set tasks to notify designated approvers when they reach a certain status, or tag requested changes to team members with a simple @mention. 

This system speeds up your work and saves the confusion of endless internal email chains. It also builds the accountability and sense of ownership that can help keep your team on track to achieve their strategic goals. 

Strategic planning templates to get started fast

With Wrike, you can build a custom, automated workspace that meets all your team’s needs. 

Whether you’re looking for a single platform to track progress for a compact team or you need to scale up as you grow, Wrike helps you draw your strategic plan from a central source of truth and keeps everyone in the loop as you work toward your goals. 

To make strategic planning even easier, Wrike includes templates to help you build your workspace with your goals in mind. 

For example: 

• The strategic action plan template gives you features to optimize your task management , with departmental folders; daily, weekly, monthly, and quarterly dashboards; and a clear picture of your objectives.
• The OKR template helps you define and work toward your objectives and key results at an earlier stage of the strategic planning process. This template is set up to record specific goals and metrics and determine the tactics to help you achieve them in Wrike. 
• The business goals template will help you set clear objectives and simplify your internal strategic planning. This template focuses on assigning accountability and tracking your project milestones, so you can set solid targets, communicate effectively, and collaborate cohesively from the very beginning of your new planning cycle.

Plan strategically, optimize with Wrike 

Strategic planning requires oversight, nuanced understanding, and an element of flexibility. When your team works in Wrike, you access all this, and more, with ease. 

Take a look at some of the results our customers have seen: 

• Staffing and recruiting company Aerotek cut weeks from its planning time and reduced internal emails by 85–90% .
• Manufacturing and technology specialist House of Design saved 16,600 hours in three years by streamlining its workflows and collaboration systems.
• TV advertising agency Marketing Architects slashed the response time on approvals from one day to only 20 minutes .
• Health, technology, and software company Fitbit is saving over 400 hours in meetings each year, and spending 50% less time on timeline building and management. 

From your first goal-setting meetings, to bringing your team on board, to honing your plans as you learn more, Wrike gives you all the tools you need to make your strategic planning successful. 

Morgan Jones

As a Content Marketing Manager at Wrike, Morgan is focused on developing and creating content for various channels, including blog posts, articles, social media copy, and email newsletters. With 10+ years of marketing experience, she has created content and marketing materials for various industries, including tech, franchise operations, financial institutions, and an international professional association. Her interests are in communication, collaboration, and productivity. She lives outside Orlando, Florida, with her husband and three children.

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How to Use a Business Roadmap Template for Strategic Planning

Strategic planning plays a crucial role in the success of any business. It allows organizations to set clear goals, align resources, define priorities, and make informed decisions. However, developing a strategic plan from scratch can be a daunting and time-consuming task. That's where a business roadmap template comes in handy. In this article, we will explore the importance of strategic planning in business and delve into the details of using a business roadmap template effectively. What is Strategic Planning? Strategic planning is the process of charting a course for the future of an organization. It involves analyzing the current state of the business, identifying opportunities and threats, and defining a clear direction for future growth. Without a well-defined strategic plan, businesses can easily lose focus, miss opportunities, and fail to adapt to changing market conditions. Similar to a roadmap, a strategic plan lays out the plan for achieving the organization's long-term objectives. It includes a framework for decision-making, helps allocate resources effectively, and assists in anticipating and adapting to any changes in the market. Key Elements of Effective Strategic Planning Clear vision and mission statements: These statements define the organization's purpose, values, and aspirations. They provide a sense of direction and inspire employees to work towards a common goal. Situational analysis: This involves assessing the internal and external factors that may impact the business. By understanding the business's strengths, weaknesses, opportunities, and threats, businesses can make informed decisions and develop strategies that leverage their strengths and mitigate potential risks. Goals and objectives: These are specific, measurable targets that the organization aims to achieve. Setting clear goals and objectives provides a sense of focus and direction, enabling employees to align their efforts towards achieving them. Strategies and action plans: These outline the approach and steps required to achieve the goals. Strategies provide a roadmap for how the organization will reach its objectives, while action plans break down the strategies into actionable steps, assigning responsibilities and timelines. Performance measurement: This requires tracking progress towards the goals and making necessary adjustments. By regularly monitoring key performance indicators and evaluating the effectiveness of strategies, organizations can identify areas for improvement and make informed decisions to stay on track. What Are Business Roadmap Templates? A business roadmap template is a pre-designed document that outlines the strategic goals, activities, timelines, and dependencies of a project or initiative. It serves as a visual representation of the planned journey towards achieving the desired outcomes, and it typically includes sections for defining goals, identifying tasks, allocating resources, and tracking progress. These templates tend to come in various formats, like spreadsheets, presentations, and online tools. Factors to Consider When Choosing a Template Choosing the right business roadmap template is essential so that it aligns with the organization's goals and requirements. When making a selection, it is important to consider several factors that can contribute to the effectiveness and usability of the chosen template. Flexibility: Confirm the template allows for customization and adapts to the unique needs of your business. A flexible template can accommodate changes and updates as the organization's goals and strategies evolve over time. User-friendly: Look for a template that is intuitive and easy to use, even for users with limited technical skills. A user-friendly interface can save time and reduce the learning curve, enabling teams to focus on the content and analysis rather than struggling with the tool itself. Compatibility: Verify that the template can be easily integrated into your existing tools and workflows. Compatibility with commonly used software platforms, such as Microsoft Office or project management tools, can streamline the process of creating and sharing the roadmap. Visual appeal: A visually appealing template can help engage stakeholders and make the information more accessible. Clear and attractive visuals, such as charts, graphs, and icons, can enhance comprehension and retention of the roadmap's content. Common Types of Business Roadmap Templates There are various types of business roadmap templates available, depending on the specific needs and goals of the organization. Each template serves a different purpose and provides a framework for planning and tracking different aspects of the business. 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Step-by-Step Guide to Using a Business Roadmap Template for Strategic Planning Now that you understand the importance of strategic planning and how to choose the right business roadmap template, let's dive into the step-by-step process of using the template effectively: Setting Your Strategic Goals Consider the long-term objectives of your business and identify specific outcomes you want to achieve. Make sure your goals are SMART (Specific, Measurable, Achievable, Relevant, Time-Bound) and aligned with your vision and mission statements. Filling Out Your Business Roadmap Template Enter the goals in the designated section and break them down into smaller, actionable tasks. Assign owners, set deadlines, and establish dependencies between tasks. Use visual elements such as timelines, Gantt charts, or progress bars to make the information easier to understand. Reviewing and Adjusting Your Strategic Plan Monitor progress towards your goals, track key performance indicators, and gather feedback from stakeholders. Based on these reviews, make necessary adjustments to the plan and update the roadmap template accordingly. Overall, strategic planning is essential for business success, and a business roadmap template can greatly simplify and streamline the process. By understanding the importance of strategic planning, choosing the right template, and following a step-by-step guide, businesses can effectively utilize a business roadmap template for their strategic planning needs. Leverage a business roadmap template with Wrike's strategic planning tools. Start a free trial today and guide your business towards strategic success. Note: This article was created with the assistance of an AI engine. It has been reviewed and revised by our team of experts to ensure accuracy and quality. 

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The successful implementation of organizational strategies is key to achieving strategic success. However, this is often easier said than done, as organizations face various hurdles along the way. In this article, we will explore the common hurdles in strategy implementation and provide insights into how organizations can overcome them to achieve their desired outcomes. Understanding Organizational Strategies Organizational strategies are the plans and actions that organizations put in place to achieve their long-term goals and objectives. These strategies provide a detailed outline for how an organization will allocate its resources, compete in the market, and ultimately achieve success. Organizational strategies are not just limited to large corporations. They are equally important for small businesses, non-profit organizations, and even government agencies. Regardless of the size or nature of the organization, having a well-defined strategy is crucial for long-term success. The Importance of Strategic Planning Helps organizations anticipate and adapt to changes in the business environment. By conducting a thorough analysis of internal and external factors, organizations can identify potential opportunities and threats.  Assists in aligning the efforts of employees and departments. When everyone in the organization is aware of the overall goals and strategies, they can work together towards achieving them.  Provides a roadmap for resource allocation. By setting clear goals and objectives, organizations can prioritize their resources and investments.  Common Hurdles in Strategy Implementation Despite careful planning and preparation, organizations often face hurdles when it comes to implementing their strategies. These hurdles can hinder progress and prevent organizations from realizing the full potential of their strategic initiatives. Let's explore some of the common hurdles in strategy implementation. Lack of Clear Communication When the strategic goals and objectives are unclear or not effectively communicated to all levels of the organization, it can result in confusion and employees not understanding their roles and responsibilities. This lack of clarity can greatly impact the successful implementation of the strategy. Clear communication is essential in ensuring that everyone in the organization is on the same page. It helps align everyone's efforts towards the common goal, and it fosters a sense of unity and purpose. Overall, this can be accomplished by providing regular updates and feedback to employees. Open and transparent communication channels create an environment of trust and collaboration, enabling employees to contribute their ideas and concerns, ultimately enhancing the strategy implementation process. Resistance to Change Employees may resist changes that come with the implementation of new strategies due to fear of the unknown, concerns about job security, or the perception that the changes may not be in their best interest. As such, overcoming resistance to change requires effective change management strategies. Leaders need to address employees' concerns and fears by providing clear explanations of why the change is necessary and how it will benefit both the organization and the individuals within it.  Additionally, creating a supportive and inclusive culture that embraces change is crucial. Leaders should encourage open dialogue, provide training and development opportunities, and recognize and reward employees' efforts and contributions during the implementation process. Insufficient Resources Without the necessary resources, organizations may struggle to execute their strategic initiatives successfully. Therefore, it becomes imperative to secure sufficient resources and then allocate them accordingly. All of this involves careful planning, as organizations need to assess their current resource capabilities and identify any gaps that need to be filled. What's more, they need to prioritize and allocate resources based on the critical areas that will have the most significant impact on the strategy's success.  In addition, companies can explore partnerships and collaborations to access additional resources. By leveraging external expertise and resources, organizations can overcome resource limitations and enhance their strategy implementation capabilities. Overcoming the Hurdles While these hurdles can be daunting, there are strategies that organizations can employ to overcome them and ensure successful strategy implementation. Let's explore some of these strategies. Building a Strong Communication Framework Effective communication is key to overcoming the hurdle of lack of clear communication. It is essential for organizations to establish a strong communication framework that ensures the strategic goals and objectives are clearly communicated to all employees. This involves regular communication channels, such as team meetings, email updates, and intranet platforms, to keep everyone informed and aligned. In addition, organizations can leverage technology to facilitate communication. They can invest in collaboration tools that enable real-time communication and document sharing across teams and departments. These tools not only improve efficiency but also promote collaboration and knowledge sharing, which are crucial for successful strategy implementation. Managing Change Effectively To address resistance to change, organizations must manage the change process effectively. This involves providing employees with the necessary information, training, and support to help them adapt to the changes brought about by the implementation of new strategies. Engaging employees in the change process and addressing their concerns can significantly reduce resistance and increase buy-in. One effective strategy for managing change is to create a change management team or committee within the organization. This team can be responsible for developing and implementing a comprehensive change management plan that includes clear communication, training programs, and support mechanisms. Businesses can also provide ongoing support to employees during the change process. This can mean coaching or mentoring programs to help individuals navigate the challenges associated with change.  Allocating Resources Wisely Organizations should carefully allocate their resources to maximize the chances of successful strategy implementation. This involves conducting a thorough resource analysis to identify any resource gaps and then allocating resources in a strategic and prioritized manner. Effective resource allocation ensures that the necessary tools, technology, and talent are available to support the execution of the organizational strategies. Companies can consider leveraging partnerships and collaborations to optimize resource allocation. By forging strategic alliances with external organizations or industry experts, organizations can access additional resources and expertise that may be otherwise unavailable. Furthermore, organizations can invest in continuous learning and development programs to enhance the skills and capabilities of their workforce. By providing employees with opportunities to expand their knowledge and acquire new competencies, organizations can strengthen their resource base and increase their capacity to execute strategies effectively. The Role of Leadership in Strategy Implementation Effective leadership plays a crucial role in driving successful strategy implementation. For instance, leaders must clearly articulate the vision and purpose behind the organizational strategies. They need to craft a compelling narrative that resonates with employees and inspires them to actively participate in the implementation process. By providing a clear sense of direction, leaders can create alignment and drive momentum towards the achievement of strategic goals. Leaders must also encourage team collaboration, by creating an environment that fosters open communication and values diverse perspectives. By promoting teamwork and collaboration, leaders can leverage the collective intelligence and creativity of their teams, leading to innovative solutions and successful strategy implementation. Implementing organizational strategies is a complex process that requires careful planning, effective communication, and perseverance. By understanding the common hurdles faced during strategy implementation and employing the strategies outlined in this article, organizations can overcome these hurdles and achieve strategic success. Through clear communication, effective change management, and resource allocation, organizations can navigate the path towards successful strategy implementation, ultimately driving sustainable growth and competitive advantage. Unravel strategic success by overcoming common hurdles in implementing organizational strategies with Wrike. Start your free trial now and set your organization on the path to success. Note: This article was created with the assistance of an AI engine. It has been reviewed and revised by our team of experts to ensure accuracy and quality.

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Writing an Effective One-Page Business Plan: What You Need to Know (+ Free Template)

By Homebase Team

If you’ve started—or are starting—a small business, you’ve probably heard the words ‘business plan’ thrown around. That’s because a business plan is an important document with important information! Even a one-page business plan can help you address key questions early in the planning process.

That’s right—we said  one page. In many cases, there’s no need for a supermassive document that takes ages to create. In this article, we walk you through what a good business plan needs—and what a business plan one-pager should contain. 

Whether you’re writing your business plan for the first time or giving your existing plan a refresh, we’ve got your back. We’ve even got a free, downloadable business plan template to help you get started. Let’s get into it!

Why do you need a business plan?

A business plan is a blueprint for your business. It outlines everything your business needs, from goals to market to the steps you need to implement.

Business plans serve two main purposes:

• To help you set your business up for success. As you put together your business plan, you’ll be forced to think strategically about all your business goals and activities . Are they realistic? Is something likely to go wrong? What haven’t you thought of? The goal is for you to walk away feeling confident in the future of your business.
• To communicate the value of your business to others. It’s rare that entrepreneurs like yourself will go it 100% alone. You’ll likely work with partners, investors, or vendors to bring your small business to life. A business plan gives your collaborators confidence in you and your business and helps them support you in the best way possible.

Taking the time to create a business plan can feel like you’re wasting all-too-precious time, but it can help keep you focused and increase efficiency down the road. It’ll also help you make better business decisions off the bat so you can grow your small business quickly and wisely. 

What are the 7 main points in a business plan?

Every business plan is unique, which is part of the reason writing one can feel a tad overwhelming. You can’t just copy and paste the plan from another business—instead, you need to assess your business’s idea within its niche.

Luckily, the skeleton of every plan is usually very similar. Whether you’re creating a plan for a neighborhood daycare or that cool new bar down the street , here are a few main points to put into any comprehensive business plan.

1. Executive summary

Your executive summary is an overview of your business plan. 

Think about this section like a TL;DR or too long, don’t read . If someone wants to understand the gist of your business plan in just a few minutes, what information would they need to know?

2. Company overview and description

In this section, you should introduce your business to the reader. By the time they finish reading this section, they should have a good idea of who you are, what you do, and what you sell—in other words, your business’s niche.

Don’t be afraid to dive into your own background and why you decided to start this business. Building a small business is personal, and your story can go a long way in giving the reader some context.

3. Market and competitive analysis

Every business needs customers. Here’s where you’ll detail who they are and the potential target market of your business, including your ideal customer.

You’ll also want to take note of potential competitors that may impact your business. These might be direct competitors, but could also be similar businesses that may compete for your customers’ time and money. For example, if you’re opening a cycling studio, you might consider any other type of fitness studio to be a competitor.

Competition isn’t a bad thing, but being aware of your competition is one way to ensure your business stands out from the crowd. 

4. Business offerings

Here’s where you’ll outline what products or services your business will offer in more detail. It doesn’t have to be a complete laundry list, but it should give readers a general idea and show a certain degree of forethought and attention to details.

For example, if you’re opening a bakery , this might be a sample of your menu. Or if you’re an HVAC repair company , you might share an overview of the services you’ll offer your customers. This section might even mention the products or services you won’t offer and why, especially if it helps clarify how your business is unique.

5. Management and operational plan

From managing employees and inventory to securing equipment and a lease, there’s a lot that happens behind the scenes to keep things running smoothly. Every business plan should touch on how you’ll manage the day-to-day of your business.

This is also a great place to indicate key milestones and timelines so you know that you’re on track for a successful grand opening. 

6. Sales, marketing, and PR strategy

Now that you’ve got all the research and operational plans in place , it’s time to start attracting customers and securing those sales. Even with the best products or services in town, every business can use a little marketing boost. Feel free to get creative. From social media to paid ads, there are tons of ways you can spread the word about your budding business . 

7. Financial forecast and budget

No one loves to crunch financials, but when it comes to business, money talks. And a strong financial plan is key to the long-term success of your business.

This final section of your business plan should estimate the costs, revenue, and profits of your business in the short and long term. How do you plan to finance your business? What costs will you incur before opening day ? What are the ongoing costs?

Not only will this give your vendors and investors confidence in your business, but it helps you make sure that your business is profitable in the long run.

What is a one-page business plan?

A one-page business plan is essentially a condensed version of a full business plan.  

It covers all the core information about your business without overwhelming the reader with details. The goal is to summarize your business plan for yourself and potential stakeholders so they can understand your business at a glance.

Depending on your business needs, this concise document may even be all you need to get your business off the ground. Or it could serve as a stepping stone to a more robust plan in the future. 

Top benefits of a one-page business plan.

Bigger isn’t always better—and one-page business plans are here to prove it.

Here are some benefits and reasons why you might opt for a one-page business plan:

• To kickstart your business planning: A full business plan can be incredibly daunting. A one-page business plan gives you a place to start without feeling overwhelmed with the nitty gritty. 
• To share and distribute: Sometimes potential vendors, partners, or investors want to get more information about your business before they sign on officially. Instead of leaving them with a massive document, a one-page business plan helps you share the relevant need-to-know information easily.
• To focus on the key details: If you’re early on in the business ideation process and want to make sure you have all the important information, a one-page business plan can help you easily validate your business plan.
• To save time: In the long term, you may still expect to put together a full business plan at some point. However, if you’re in a time crunch, a one-page plan can help you get the important insights without the time commitment.
• To easily edit: In an ever-changing business environment, a one-page business plan is much easier to keep updated. 

Key details to include in a one-page business plan.

Above, we outlined the key components of any business plan. The key with a one-pager is to keep it brief without losing any of those important details. 

Let’s look at the sections of a business plan one-pager and dig into how you can adapt them to cover all the details of your business—all on one page. 

Summary and overview

Start your one-page plan by sharing the name of your business, what you do, and your main value proposition.

The problem—and your solution

In a few sentences, share the problem that your business solves and how you solve it. This clarifies why your business should exist, so it’s an important section!

Depending on your business, you may also want to share a few of your team members to help readers put a face to your business. Great examples include the executive chef for a restaurant, or the lead veterinarian for your vet clinic.

Target market

Briefly describe who you expect to be a customer and their characteristics. This could be in the form of a short “ideal customer” profile.

Competitor overview

Here, you’ll touch on potential competitors and what makes your business stand out.

Business timeline

Share the key milestones for your business. For example, pitch when you’ll start marketing your business, when you’ll hire employees , and when you expect to open.

Sales and marketing plan

Here, you’ll quickly highlight the key marketing activities that you’ll use to drive new customers to your business. Try to stick to the most interesting or high-value stuff, like a website or social media .

Financial projections

Outline your expected revenue , expenses, and profits to give the reader an idea of your financial future.

Our tips for creating a one-page business plan.

If you’ve ever written something with a limited word count, you know that sometimes keeping things concise can be easier said than done.

As you get writing your one-page business plan, here are some of our top tips so you can make the most of that one page.

• Focus on the need-to-know information.
• Avoid fluff and keep your sentences short.
• Link out to additional resources and material if more information is necessary.
• Don’t be afraid to strategically incorporate visuals to emphasize the important points.
• Feel free to up sections or have different versions of your one-page business plan based on who’s reading it. 
• Get creative with formatting to keep information organized.

One-page business plan example.

If you’re skeptical that all that information can fit on one page—we have proof!  Here’s an example that you can use to start thinking about your business plan.

Download our free one-page business plan template.

A one-page business plan is one of the most important pages you’ll write for your business. While there’s a lot to think about, it’s worth the effort to give both you and your partners peace of mind.

The good news is that we’ve done the heavy lifting for you! If the above one-pager looks good to you, we’ve pulled it together as a download for you. All that’s left for you to customize it for your unique business, fill in the sections, and get ready to launch your business.

Download your one-page business plan template PDF

Get your team in sync with our easy-to-use, all-in-one employee app.

One-page business plan FAQs

Why should you create a business plan.

There are several reasons you should create a business plan, such as:

• Improving your decision-making as you start and grow your business.
• Setting realistic goals and timelines.
• Attracting top-notch suppliers, investors, and even employees.
• Keeping your business profitable and your financials in order.

What types of companies need a business plan?

From brand-new small businesses to established corporations, companies of all shapes and sizes need a business plan. It’s a key part of setting your business up for success and improving your business trajectory.

Even if you already have a business plan in place, revisiting it from time to time can help you stay on track with your goals and adapt as your business changes.

Can a business plan be one page?

Yes, in many cases a business page can be one page. The trick to creating an effective one-page business plan is making sure that you’re covering the most important pieces of information. 

Our top tips? Keep it as concise and organized as possible, so you can effectively communicate the value of your business to your audience.

Writing a one-page business plan is simple. You can create a business plan from scratch or use a free template like the one above to stay on track, but generally, the steps to writing a one-page business plan include:

• Start with a short executive summary and value proposition to introduce your business.
• Share the problem your business solves and your solution.
• Give an outline of top competitors and how your business compares.
• Create a timeline of key milestones.
• Outline your sales and marketing plan for attracting customers.
• Summarize your financial projections and funding plans.

Remember:  This is not legal advice. If you have questions about your particular situation, please consult a lawyer, CPA, or other appropriate professional advisor or agency.

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Ukraine war latest: Putin says he will take Trump 'seriously' on ending war

Vladimir Putin has said Russia takes Donald Trump's declaration that he could end the war "completely seriously", although he doesn't know the details of the proposals. The US presidential candidate previously claimed he could create peace in 24 hours if he makes it to the White House.

Thursday 4 July 2024 22:05, UK

• Putin says he will take Trump 'seriously' on ending war | Zelenskyy challenges former US president to reveal peace plan
• Kremlin dismisses idea that Turkey could help end war
• Indian PM to visit Russia next week
• Number killed in Dnipro attack rises - as city observes day of mourning
• Exclusive : Russia, Glasgow and why the cost of living crisis came to an end
• Your questions answered: Has the West been honest about Ukraine's failures? | Is Kyiv next?
• Listen to the Daily above and tap here to follow wherever you get your podcasts
• Live reporting by Bhvishya Patel

We'll be back soon with more updates on the war in Ukraine.

Russian strikes killed two people and wounded 26 in Ukrainian regions stretching from the south to the east and northeast today, local authorities have said.

A missile strike in southern Odesa region killed a woman, injured seven people and damaged port infrastructure, regional governor Oleh Kiper said on Telegram.

Meanwhile, in the northeastern Kharkiv region, a second woman was killed and a man wounded in a strike by a Russian guided bomb on the village of Ruska Lozova, according to regional governor Oleh Syniehubov.

Nine others, including four children, were wounded in a drone attack and shelling in the town of Novohrodivka, in the frontline Donetsk region, governor Vadym Filashkin said.

Elsewhere, Dnipro regional governor Serhiy Lysak reported seven wounded in the southern town of Nikopol. 

All the affected regions have been subjected to repeated attacks since the start of Russia's full-scale invasion in February 2022.

Russia denies targeting civilians or civilian infrastructure, but thousands of people have been killed and wounded.

Turkish President Recep Tayyip Erdogan has told his Chinese counterpart Xi Jinping that he wants Turkey-China ties to continue improving.

He has also said steps taken to improve such ties would benefit both countries.

Both the Turkish and Chinese leaders met at the Shanghai Cooperation Organisation summit in the Kazakh capital Astana today and discussed the Russia-Ukraine war and the fighting in Gaza.

During the meeting, Mr Erdogan called for "effective measures" by the international community to prevent either conflict from spreading.

One civilian has been killed after a ballistic missile struck the southern port city of Odesa.

Governor Oleh Kiper said at least seven others had been injured after the attack on the region and houses and port facilities had been damaged.

"The civilian port infrastructure is under attack," Mr Kiper said on Telegram .

Odesa has been a frequent target of Russian forces in the war, with many attacks aimed at the city's port facilities. 

Russia denies targeting civilians or civilian infrastructure.

The Hungarian prime minister will meet Vladimir Putin in Moscow tomorrow, according to Radio Free Europe/Radio Liberty (RFE/RL) . 

Viktor Orban will be accompanied by Hungary's foreign minister Peter Szijjarto, the outlet reports, citing an unnamed Hungarian government source.

The reported visit comes days after Mr Orban urged Volodymyr Zelenskyy to consider a ceasefire to accelerate an end to the war with Russia.

Mr Orban, who is an outspoken critic of Western military aid to Ukraine and has the warmest relations of any EU leader with Mr Putin, held talks with Mr Zelenskyy during his first trip to Kyiv in more than a decade yesterday.

Mr Orban said he asked the Ukrainian leader to think about a ceasefire before the follow-up international summit Kyiv hopes to hold later this year.

Apple has removed 25 VPN mobile apps from its AppStore in Russia, following a request by Russia's state communications watchdog Roskomnadzor, Interfax reports.

Demand for VPN services soared in Russia after Vladimir Putin ordered troops into Ukraine in 2022 and the authorities restricted access to some Western social media.

Russian communications watchdog Roskomnadzor has already blocked access to some large VPNs, but others remained available.

Images are emerging of the damage inflicted on Chasiv Yar in eastern Ukraine after months of Russian assault.

The Ukrainian army said today they had retreated from an area on the outskirts of the strategically important city in the Donetsk region after a 10-month battle there.

Months of relentless Russian artillery strikes have devastated Chasiv Yar, leaving homes charred.

Ukrainian commanders in the area say their resources remain stretched, largely due to a months-long gap in military assistance from the US which threw Ukraine's military onto the defensive.

Around 190,000 recruits have signed contracts to join the Russian military so far in 2024, the state-run RIA news agency reports, quoting former president Dmitry Medvedev.

Mr Medvedev, who is deputy chairman of Russia's Security Council, said the current average recruitment rate was about 1,000 people a day.

For context : Russia is encouraging people to sign up for the war in Ukraine by paying them above average wages. 

Vladimir Putin has said Moscow has no need to enforce a new round of compulsory mobilisation because so many men are signing up on voluntary contracts.

A duo of Russian pranksters who often target and compromise people the Russian state is interested in have been given a top state award in the Kremlin, the RIA state news agency reports.

Vladimir Kuznetsov and Alexei Stolyarov, who use the aliases "Vovan and Lexus", were presented with the award by the Kremlin at a ceremony yesterday.

The award is given to Russian and foreign nationals for strengthening peace, friendship, cooperation and understanding between Moscow and other nations, among other criteria.

There was no immediate word from the Russian pranksters, who last month released footage of a video call they had with UK Foreign Secretary David Cameron after tricking him into thinking he was speaking to a former Ukrainian president.

During the hoax call, Lord Cameron thought he was speaking with former Ukrainian president Petro Poroshenko.

The duo are well-known inside Russia, having duped a string of politicians over the years, including Italian Prime Minister Giorgia Meloni, Turkish President Recep Tayyip Erdogan, and, in 2022, Britain's then-defence minister, Ben Wallace.

Vladimir Putin has said his preference for Joe Biden remains unchanged after watching fragments of the debate between the US president and Donald Trump.

Asked by a state television reporter if Mr Biden or Trump was better, if his publicly stated preference for Biden had changed after the debate, and if he had seen it, Mr Putin said: "Nothing has changed."

"Did we not know what could come? We knew," the Russian president added.

Mr Putin has several times said he feels Joe Biden is preferable as the future US president to Trump, even after Mr Biden cast the Kremlin chief as a "crazy SOB".

Mr Putin said he had seen parts of the debate between both Mr Biden and Trump but he had other things to attend to.

"I saw some fragments," Mr Putin said. "But I have enough to do."

Asked about Trump's statements that he could end the Ukraine war swiftly if he won the presidential election, Mr Putin said Russia took him seriously but had no sense of the details of any of Trump's peace proposals.

"The fact that Mr Trump, as a presidential candidate, declares that he is ready and wants to stop the war in Ukraine, we take this completely seriously," he said.

What else did Putin say today?

The Russian leader also reiterated that Moscow would not declare a ceasefire in Ukraine until Kyiv takes steps that are "irreversible" and acceptable to the Kremlin.

He said it was pointless for Russia to attempt to appeal to the Ukrainian parliament when it came to Moscow's ideas to end the conflict between the two countries.

Mr Putin said last month that Russia would end the war in Ukraine only if Kyiv agreed to drop its NATO ambitions and hand over the entirety of four provinces claimed by Moscow, demands Kyiv swiftly rejected as tantamount to surrender.

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Spirited ‘Funny Girl’ captures excitement of early musical theater

The show that made Barbra Streisand famous is playing at Maine State Music Theatre through July 13.

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Jenna Lea Rosen as Fanny Brice with the cast of “Funny Girl” at Maine State Music Theatre. Photo by MSMT/Jared Morneau Photography

Who are the luckiest people in the world? At least for theater fans, the answer is “people who need people,” a line made famous well over half a century ago by Barbra Streisand in the original production of the musical “Funny Girl.”

THEATER REVIEW

WHAT: “Funny Girl: the Musical” by Maine State Music Theatre

WHERE: Pickard Theater, Bowdoin College Campus, Brunswick

REVIEWED: June 28 (matinee); continues through July 13

TICKETS: Starting at $93

CONTACT: 207-725-8769, msmt.org

On the heels of the show’s recent Broadway revival, the Maine State Music Theatre has opened a spirited production of the classic musical on its home stage at the Pickard Theater on the campus of Bowdoin College in Brunswick.

The show primarily captures the rousing excitement of early musical theater while unavoidably making us think about how it launched the career of Streisand. At a lengthy but enjoyable two-and-one-half hours, plus intermission, it’s a show that still charms with its memorable songs, old-style comedy and bittersweet love story.

The impressive production, directed and choreographed by Kenny Ingram and with the time-honored music of Jule Styne, lyrics by Bob Merrill and book by Isobel Lennart, tells the semi-fictionalized story of Fanny Brice, a real-life figure who rose from humble origins to showbiz stardom as a give-it-everything-you’ve-got performer in the early 20th century.

At first socially awkward and vulnerable, but with a unique talent and an admirable determination to succeed, Fanny gained the attention of famed impresario Florenz Ziegfeld, Jr. and went on to star in many of his glitzy stage shows. At the same time, Fanny’s personal life was a bit of a rollercoaster ride.

Jenna Lea Rosen takes the lead role and scores comedically with her initially wide-eyed approach to Fanny’s personal and professional challenges. Armed with a feisty “New Yawk” accent, the actress easily takes charge of backstage, front stage and offstage scenes. Her vocals are compelling on both comic numbers (“Sadie, Sadie” and “Rat-Tat-Tat-Tat”) and in more intimate moments (“People” and “Don’t Rain On My Parade”). Advertisement

Douglas Raymond Williams plays Fanny’s handsome rogue of a love interest who brings her to a fuller life but fails her in the end. His opera-trained vocals alongside Rosen (“I Want to be Seen With You” and “You are Woman, I am Man”) establish both the heat and uncertainties within their relationship.

Among the many standout secondary actors and choristers, Tyler Johnson-Campion is a tap-dancing whiz. His work with Sue Cella, who plays Fanny’s mom, is a treat on “Who Taught Her Everything.” Cella also has some fun moments squabbling with a competitive friend played by Maine State favorite Charis Leos.

Tommy Betz shines as a Tenor and David Girolmo returns to the Pickard stage as the stern but supportive Mr. Ziegfeld. Jeremiah Valentino Porter gets to toot a hot horn on “Cornet Man.”

The Maine State Music Theatre Orchestra, led by Jason Wetzel, mixes up the period flavors with a newer Broadway expansiveness. The costumes designed by J. Theresa Bush and scenic design by Jeffrey D. Kmiec take the audience back to a distant era when musical theater and its early stars were on the rise.

Steve Feeney is a freelance writer who lives in Portland.

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