Strategic planning for BIAs
The board of directors creates a strategic plan for the BIA, setting out the mission, vision, values and direction. A strategic plan establishes direction and helps the board make informed business decisions.
This plan should be the main reference document when establishing the budget. The plan should be reviewed and assessed regularly, with financial aspects tracked and monitored at each board meeting.
A strategic plan should:
- determine what your BIA is, what it does, and why
- set overall direction and priorities
- encompass three to seven years
- allocate and prioritize resources
- outline budgeting activities
- be sustainable and future focused
- help achieve objectives
- be an internal planning tool
Strategic plans vary in how they are written; however, a comprehensive plan will include the following information:
- introduction
- executive summary
- overview
- important issues
- objectives
- priority initiatives
- employee expectations
- tactics supporting the strategy
- success measurements