Final answer:
Identifying key stakeholders is a critical step in strategic planning, involving an assessment of all relevant individuals and groups that can influence or are influenced by the organization's strategic goals. This aligns with the 5 W's of goal-setting to create a focused and effective strategic plan.
Step-by-step explanation:
In the article 6 Steps to Make Your Strategic Plan Really Strategic, identifying the key stakeholders in the organization is an imperative step in strategic planning. This step is crucial because stakeholders can have a significant influence on the success of the organization’s strategic goals. Stakeholders include internal and external groups or individuals with an interest in the outcomes of the organization's strategic plan. Internal stakeholders often consist of employees, managers, and executives, while external stakeholders can include clients, suppliers, investors, community members, and regulators. To make a strategic plan truly strategic, one must assess who these stakeholders are, their levels of influence, and how they can impact or be impacted by the strategic plan. This consideration allows for a more tailored approach that aligns with the needs and expectations of those involved, ultimately attending to the 5 W's of goal-setting: Who is involved, What do you want to accomplish, Where will it be done, When it needs to be accomplished by, and Why the goal is important.