Imagine setting off on a prospecting adventure with nothing but a backpack. In the distance are expansive, snow-capped mountains, perhaps full of gold, solitude, or other treasures. It looks promising!
But you realize you have no map. How far away are those mountains? What barriers exist between here and there? Are you prepared to survive in extreme weather conditions?
Oh, and by the way, you’re leading a group of people. They want to know where you’re headed, why you’ve set your sights there, what’s required from them, and how you all plan to get there. Soon enough they’ll turn a critical eye your way when something goes wrong.
Being an effective leader is not easy, but it’s possible if you arm yourself with a strategic plan. Taking the time to develop a strategic plan shows you’re serious about pursuing a common goal, you’ve thought about what you’ll need to overcome, and you’ve brought the right people to the table who have a stake in your combined success.
In this article, you will learn what a strategic plan is, why it’s important, and what should go into one.
Strategic plans can take many forms, but their common goal is to provide a north star, inspiring your team and intriguing investors. Not only do they communicate where you’re going, they break down how you’ll get there.
Strategic plans are needed at different levels of an organization, including:
There is no single authority defining the absolute components of a strategic plan, so think of it as another tool in your product management toolbox. Understand its purpose, then tune it to meet your team’s specific needs. Some plans might manifest as a five-page presentation; others might be a large, formal document. Either way, strategic plans at all levels generally consist of:
Before creating a strategic plan, consider why you need one, who else needs it, and what’s in it for them. Your strategic plan is, effectively, a product. Create it the same way you would create a product — bring the right people around the table, including representatives from each of those core areas we just discussed above:
But your job isn’t done. Next you’ll support the development of the operational plan, including prioritizing features and non-functional requirements, managing and coaching your team, and helping them remove blockers. In turn, they’ll self organize, define the key elements of a release plan, and together, you’ll make incremental progress towards those objectives.
There’s one final element of a strategic plan that shouldn’t be overlooked: communication. Part of your strategic plan should be defining how you’ll communicate frequently with all your stakeholders.
You can use the following template to help you get started:
[Product name] strategic plan
Vision | Craft a simple statement defining who / what you want to be
Prompts:
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Mission | Craft a simple statement defining your purpose
Prompts:
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Objectives | Define 2-5 specific, measurable, achievable, realistic, and time-bound (SMART) goals
Prompts:
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Operational plan | Create a short, mid, and/or long-range roadmaps
Prompts:
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Work with Program Management and HR to add staffing and resource plans
Prompts:
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Release plans showing tasks, dependencies, and milestones
Prompts:
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Communication plan* | How will you communicate updates to everyone as the strategic plan evolves? |
*This part may be mental, but is nonetheless a commitment that you make to yourself and your stakeholders to keep everyone informed.
Developing a strategic plan for your product(s) will help you:
Communicate. Motivate. Empower. That is, in essence, the purpose of your strategic plan.
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