The strategic plan should contain the minimum elements or components below:

 Vision-Mission statement
 Strategic objectives
 Strategies
 Strategy implementation/execution plan
 Monitoring, evaluation and taking corrective actions

It is incumbent upon the top management to develop, institute and implement supportive
policies and guidelines to ensure that the vision-mission statement communicated or made
known to everyone is given the appropriate functional, operational and tactical efforts and a
performance the task demands.

SHORT, MEDIUM, and LONG-TERM PLAN

A shor-term strategic plan- generally refers to a plan to be carried out or achieved within the
ensuing year (or even less).

A medium-term strategic plan- generally covers a period beyond the short term usually ranging
from 1 to 3 years.

Long-term strategic plan- on the other hand, talks about what to achieve beyond the medium
term period usually anywhere between 3 to 5 years or even more.