Strategic planning is essential to career success.

Because they routinely are involved in their institutions' strategic planning processes, financial managers usually are familiar with the analytical steps needed to set goals and objectives and to formulate their accompanying strategies and tactics. At the same time, however, many managers are

Although several popular strategic planning models are available, career evaluation readily lends itself to an approach in which a professional evaluates his or her career strengths, weaknesses, opportunities, and threats (SWOT). As in organizational strategic planning, a SWOT analysis compares internal and external factors. Developing a written analysis and plan in conjunction with a SWOT analysis lessens the chance of self-deception as a person implements a strategic career plan.

Conducting a SWOT analysis

Because of its influence on life decisions, a SWOT analysis should remain objective. An analysis can begin with setting up sheets of paper with headings for each SWOT category divided into two columns, one labeled external, the other labeled internal. Internal factors usually are factors within a person's control; on the other hand, a person often has little control over external factors.

A list of strengths might include good health, education and certification, a supportive family, good financial health, a positive working relationship with one's boss, or the strong financial position of one's current institution.

It is harder to consider weaknesses. Factors that might emerge from an analysis include a person's age, health, work history (especially for someone whose resume shows that he or she has hopscotched through a career), a dual-career clash with one's spouse, a current institution's unstable financial or management situation, and relocation liabilities such as difficulty in selling a home or family members who would object to a move. There are as many factors as there are differences in individual lives.

Developing goals and objectives

Once a person's SWOT factors are outlined, he or she can develop personal goals and objectives. Goals depend on a person's ambition and personal desires. Managers often are trained to think of their careers as a steady upward track. Today, professionals are discovering that personal satisfaction and financial security are not always the pot of gold at the end of an upward career path.

A recent book, Down-Shifting, by Amy Saltzman, addresses a new career phenomenon of the 1990s, the professional who seizes control of his or her career and places limits on its demands. For these people, time with their families, quality of work life, and even community service dictate their career decisions. Although not everyone will follow this trend, the book shows that a person can enjoy a sense of fulfillment even after a career has plateaued.

A strategic career plan becomes extremely important as a person moves from mid-career toward retirement. It then becomes important to carefully assess future security, health, and mobility. Most literature focuses on planning for the next step upward and how to get a promotion. But for a chief financial officer at the top of the financial career ladder, choices may, be more difficult. Framing strategies and tactics

If a SWOT analysis shows that further career development requires additional training or certification, strategies should include steps for fulfilling these missing requirements.

If meeting one's goals and objectives within a certain timetable requires a change of employer, some of the following strategies may be effective:

Networking with friends and colleagues;

Using executive search firms; and

Submitting a resume to services

such as HFMA's Exec-u-Trak.

Networking should be a person's key strategy A professional is five times more likely to get a new position from personal contacts than through search firms or advertisements.

A wealth of strategic and tactical information is available for career planning. No matter what strategies and tactics professionals choose, they should not forget to close the strategic planning loop by periodically reviewing their progress toward personal goals and objectives.