What is typically considered the first step in strategic planning?

The first step in strategic planning often involves developing a vision statement. A vision statement provides a clear picture of what the organization aspires to achieve in the long term, laying the groundwork for the strategic planning process. It serves as a guiding star, inspiring and aligning the organization’s strategies and initiatives toward a common goal.

Establishing objectives typically follows the development of a vision statement, as objectives are derived from the broader aspirations articulated in the vision. Similarly, while a mission statement defines the organization's purpose and primary goals, it also comes after the vision because it is more about the present operations and identity of the organization, while the vision looks toward the future.

Securing capital to operate is more of a functional or tactical step that can occur at various points in a company's planning but is not fundamentally linked to the strategic planning framework. Therefore, starting with a vision statement is crucial as it shapes the entire strategic direction and priorities of the organization.