Elements of Successful Strategic Plans

Deirdre Gillespie, an experienced leader within the private and public life sciences sector, currently serves as the CEO of Invigor Consulting. In this capacity, Dr. Deirdre Gillespie helps pharmaceutical and biotechnology companies with several areas of business, including the development and implementation of strategic plans.

Although there are a number of strategic planning methods that companies can pick from depending on their individuals needs, management style, and industry, there are certain basic elements that all successful plans share. Following are just four elements often found in strategic plans.

1. A mission defines exactly why an organization exists. It details where a company is going and states a clear purpose. The mission also instills a sense of pride among those connected with the company by detailing an inspirational and noble purpose.

2. Value propositions explain the value that individuals provide to the various shareholders within their organization. This section shows why customers continue buying from a particular company, and what shareholders can expect in terms of returns.

3. Detailing the destination points identifies where a company is looking to go within a certain amount of time. Through this process, everyone involved can align their efforts and decide on the best possible changes of course that are needed for success.

4. Integrating programs helps a company identify specific resources and timetables for the strategic process. It links the basic strategic plan with an operations plan and sets up systems for feedback during long-range efforts.