What is a strategic initiative plan?

A strategic initiative is a comprehensive plan that an organization sets out for achieving its strategic goals or long-term visions for improvement. If a goal asks what you want to achieve, a strategic initiative explains how you can achieve it. It’s a map route to your destination.

What are examples of strategic initiatives?

Examples of Strategic Initiatives

  • Raise brand awareness with a social-media campaign.
  • Acquire or merge with a critical supplier of raw materials.
  • Launch a strategy to reduce outsourcing.
  • Open more customer-facing retail outlets.
  • Offer more products and services online.

What are key strategic initiatives?

Strategic initiatives are key action programs focused on achieving a specific objective or closing a gap between a measure’s performance and its target.

How do you develop a strategic initiative?

There are five steps to a well-made strategic initiative.

  1. Step 1: Set a Goal. Before you get started, you have to know what it is you’re starting.
  2. Step 2: Set Objectives. As noted, objectives are specific, measurable and realistic long-term goals.
  3. Step 3: Set the Strategy.
  4. Step 4: Set Up a Plan.
  5. Step 5: Execute the Plan.

What are the 5 steps in strategic planning?

5 steps of the strategic planning process

  1. Determine your strategic position.
  2. Prioritize your objectives.
  3. Develop a strategic plan.
  4. Execute and manage your plan.
  5. Review and revise the plan.

How do you evaluate strategic initiatives?

Measurement for the right side

  1. Good project plan with the right milestones and deliverables.
  2. Clear objectives for the project to deliver after implementation.
  3. Customer involvement to define the quality specifications and delivery date.
  4. Allocated funds to assure the project can pay for the resources it needs.

How do you write a strategic plan example?

The Elements of a Strategic Plan

  1. Vision – where you want to get to.
  2. Values – how you’ll behave on the journey.
  3. Focus Areas – what you’ll be focusing on to help your progress.
  4. Objectives – what you want to achieve.
  5. Projects – how you’ll achieve them.
  6. KPIs – how you’ll measure success.
  7. Vision – where you want to get to.