Answer this series of questions and you as CFO are well on your way to help develop a strategic plan for your firm.
Overall corporate strategy
__What is the future direction of the organization in terms of developing new products, entering a new market, increasing current market share, developing corporate competence and capacity?
__Is everyone in the organization aware of the company’s direction?
__What support is needed by the employees of the organization to implement the strategy?
__Do the employees understand the organization’s vision, mission, values and industry direction?
__How much emphasis should be placed on innovation in the organization?
__Has the organization identified potential partners and competitors?
__Has the organization identified a company to acquire or merge with?
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Business Unit Strategy
__Is the strategic plan developed at the headquarters level or at the business unit level?
___Does the business unit have its own vision, mission and plan? If so, ate the business unit’s mission, visions and plans aligned with the strategic plan developed at headquarters?
__What resources should be invested in innovation?
__What types of innovation should the organization focus on?
__How will this innovation align with the organization’s strategy/
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Risk Management
__Is risk addressed within the strategic plan?
__Does the strategic plan create any new risks for the organization?
__Are there compliance issues that need to be considered?
__Are there cybersecurity issues that need to be considered?
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Human Resources Management
__Does the strategic plan require additional resources or new levels of competence within the organization?
__Does the organization need to hire new talent or should the organization implement a training and development plan?
__Are employees compensated according t professional and industry market standards?
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Management and Performance
__Does the management establish performance requirements for employees?
__Do performance requirements align with the organization’s strategic plan?
__Is the management team of the organization held accountable for meeting the goals and objectives
defined in the strategic plan?