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Inspiration

Chart the course, not just the next step

n a fast-moving payments industry, it's easy to get 1. Assess your current state: Analyze financial per-
caught up in closing the next deal, resolving a ser- formance, customer feedback, competitive position-
vice issue or deploying a product update. Tactical ing and industry trends. Be candid about strengths,
I and operational planning helps you handle those weaknesses, opportunities and threats.
immediate priorities. But strategic planning is different.
2. Define your vision and mission: Clarify your long-
Strategic planning defines where you want your term aspiration (vision) and your organization's pur-
organization to be in three to five years and the key pose (mission). These anchor every strategic choice.
initiatives that will get you there. It's not a list of daily
tasks; it's a roadmap for aligning resources, investments 3. Set measurable goals: Identify three to five over-
and talent toward long-term goals. It accounts for market arching objectives that will define success over the
shifts, competitive pressures and emerging opportunities, next few years.
factors that often get overlooked in short-term planning.
4. Choose strategic initiatives: Determine the high-
How it differs from other types of planning impact projects or programs needed to achieve those
goals.
Operational planning focuses on the "how" of daily
execution: meeting this quarter's targets, launching a 5. Align resources: Ensure budgets, teams and tech-
product on schedule and resolving customer complaints, nology support your priorities.
for example. Tactical planning bridges the gap between
strategy and operations, breaking down bigger goals 6. Monitor and adjust: Review progress regularly,
into annual or quarterly actions. adapting to new data, regulations and market dy-
namics.

Strategic planning addresses the "why" and the "where," In our business, strategic planning isn't a luxury; it's the
for instance, why you should pursue certain markets compass that ensures today's investments of time, energy
and not others, and where you should invest to create and capital position you for tomorrow's growth. And that
a competitive advantage. It's the difference between compass may become your most valuable tool.
adjusting your sails to catch the next gust (tactical) and
charting a course to a distant port (strategic).
Getting started

Here are six steps to help you plan strategically:

Kate Gillespie, President and CEO

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