Strategic Planning takes many different forms, but must tick the following 4 boxes
1. be planned, via stages and targets
2. have a range of choices
3. be executable in stages
4. operate into the long term.

1. Planning: This should include operational and financial targets over a longer-term period, enabling an evaluation of how you are tracking against it.

2. Choice: Options should be a long list of strategies. Ensure nothing is left out. Don't just consider strategies that you have already pursued or considered before. Consider left-field strategic alternatives. And an independant viewpoint can help prevent blinkered vision.
3. Execution: Having chosen the optimal strategy, you need to come up with 'lower-level actions' of 'how' success will be achieved. Marshal your resources, make sure all are available at the time they are planned to be needed.

4. Time-Frame: The strategic period should be 'long term'. Three to five years. External changes can take five years to occur. Shorter periods only identify existing issues.
Economic impact and Industry evolution need to be considered prior to establishing processes to deal with them.