What is a Strategic Plan? (+ Examples)

Creating an effective strategic plan consists of five key steps, including: 

1. Define Mission and Vision 

Ensure all board members clearly understand what your organization stands for. Define precisely why your organization exists and what your team aims to achieve. This process often proves more challenging than expected, but clarity prevents inefficiency and time spent on initiatives that don’t align with your vision. Strategic plans that deliver strong results stem from well-crafted mission and vision statements that guide decision-making and set direction.

2. Conduct a Situational Analysis 

Assess your organization’s performance to identify areas your board wants to improve. Use a SWOT analysis to examine your strengths, weaknesses, opportunities, and threats. This tool helps boards prioritize urgent needs and spotlight new opportunities that offer the most value. Analyzing the broader market and monitoring your competitors’ strategies also provides valuable insight into which steps will best position your organization for success.

3. Establish SMART Goals 

Apply the SMART model to prioritize goals that reflect the data gathered during your situational analysis. Evaluate whether your goals are specific, measurable, attainable, realistic, and time-bound. Strong goals check all five boxes, but even goals that don’t perfectly meet each criterion can still succeed if your board thoughtfully addresses any concerns.

4. Develop Strategic Initiatives 

After your board defines what your organization aims to achieve and why, you can more easily create targeted initiatives that support those goals. Develop a detailed action plan to clearly link each initiative to its purpose, providing a roadmap for turning your vision into measurable growth.

Assign clear responsibilities to each board member, committee, department, and leader involved in the implementation. Your plan should outline specific tasks, designate who will complete them, establish timelines for each project, and identify the resources needed at every stage of the initiative.

5. Implement Plan and Evaluate Performance 

Implementing strategic initiatives directly drives your organization’s growth. However, success depends on the thoughtful planning your board completes in earlier stages.

Don’t treat implementation as the final step. Instead, continuously monitor each initiative’s performance and its long-term impact on your organization. Set clear KPIs before launching any initiative. These measurable benchmarks help your board track progress and evaluate whether the initiative is delivering the intended results.