A Theory of Change is a powerful framework that enables a venture to articulate what it does and why. It also enables the venture to express what it hopes to achieve and what strategies will enable those outcomes. So if you have ever found yourself struggling to explain the short term and long term impact of your organization, you need a Theory of Change.
A strategic plan helps you develop roots before launching branches – it challenges you to invest in the underlying framework of what you are seeking to achieve with your venture and the processes required to achieve those objectives. Strategic planning saves you time in the long run and gives you guidance through the journey.
For all its relevance, a strategic plan by itself does not equate to a well-defined strategy, and strategy is not a static exercise. As a well-oiled machine, a functional organization must regularly revisit its strategy to ensure that it is staying relevant in a rapidly shifting world and responding to the most important opportunities in its environment while remaining focused on its mission.