Strategy is one of those concepts that we’re all familiar with, but can be difficult to explain. Medtronic VP Ellie Pidot’s definition is to the point, with a sense of humor: “Strategy is a fancy word for coming up with a long-term plan and putting it into action.” Strategic planning is generally done as part of an annual business planning exercise. The plan may reference the organization’s mission statement and include strategic analysis, development of goals and objectives and an associated budget. There is a 3-step strategic management process, including strategic analysis, strategy formulation, and strategy implementation.
Seneca, a Roman philosopher, statesman, and dramatist said “If a man does not know to what port he is steering, no wind is favorable to him.” This quote is as applicable to strategic planning as it is to sailing—or any other initiative. As an organization, you need to have a common mission or purpose and an associated operating framework, which includes your culture and core values. In order to create this framework, you need to conduct a situational analysis. In other words, you have to figure out what is important to your organization. 
An organization’s mission is its purpose or reason for existence, something that Simon Sinek, best-selling author and inspirational speaker, refers to as its “why.” In one of his most famous TedTalks, emphasizes that “people don’t buy what you do, they buy why you do it.”[1] And this notion of having “a Why” applies to your consumers, employees, candidates and stakeholders broadly. Sinek claims that your “why,” explains why you do business in the manner that you do as an organization.
Sinek, Simon. “How Great Leaders Inspire Action.” TEDxPuget Sound. September 2009. Accessed July 29, 2019.