Riqueza for Financial Consulting prepares financial plans for institutions. The strategic plan is that set by the institution in order to determine how to reach the goals, which is the process by which members of the board can determine the future directions and the perception of the distant future to maximize profits .

About Strategic Plans

Concept of Strategic Plan

Strategic planning is the ability to predict, take advantage of available opportunities; and be careful of threats related to internal and external environment of the institution. It is a unified and integrated plan linking the competitive advantages of the institution and the challenges it faces. It also represents the decisions taken by the strategy planners to achieve goals.

Elements of strategic planning

1. To develop the overall framework of the strategy.

2- To study external environmental factors as well as internal administrative and regulatory factors and to determine their strengths and weaknesses.

3. To develop alternative strategies to achieve goals under existing circumstances.

4. To set and achieve calendar programs.

5. To evaluate the performance; and to review and evaluate these plans under existing

 Circumstances

Outcomes of the Strategic Planning Process:

1- Long-term strategic plan (5-10 years).

2. Medium-term plan (3 years).

3. Short-term plan (annual).

To define future objectives which are goals and results to be achieved during a certain period of time and should be:

1. Compatible with the organization's mission.

2. Measurable.

3. Achievable.

4 – set before previous goals.

5- Not conflicting, i.e.: clear and understandable.

6- Acceptable and flexible.

7. Reflect priorities for business.

The main areas that define the goals are:

1. Promotion of the institution locally, regionally and internationally.

2 - Evolution of the officials performance in the institution.

3 - Evolution of the employees performance in the institution.

4. Development of the organization's systems.

Stages of strategic planning:

Stage 1: Preparation of Planning

1. To select the planning team, to determine responsibilities and to distribute roles over the teamwork.

2. To set time table required to complete the draft plan.

3. To start collecting, arranging and categorizing the required data.

4 - To study the surrounding work conditions.

5. To ensure the Board's involvement and commitment to the planning process.

Stage 2: Studying organizational culture of the institution.

Stage 3: Definition of the institution vision, mission and future goals with the active participation and direct supervision of senior management.

Stage 4: Identification and selection of work plan and strategy.

Stage 5: Assessment of institutional performance by studying, analyzing and evaluating current performance; strengths and weaknesses,Opportunities of improvement and development as well as expected risks for each of the main areas of work.

Stage 6: Compilation of plans of action.

Stage 7: Preparation of alternative scenarios and plans to be applied in emergencies

Stage 8: Implementation of Plans.

Stage 9: Follow-up of the implementation and evaluation of achievement progress.