Best Practices in Strategic Planning

An overview approach to Strategic Planning, along with 4 best practices to ensure effective Strategic Planning.

by Flevy
Best Practice Frameworks & Tools (used by Fortune 100) - Strategy, OpEx, Digital, Change, ProcessFollow

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Description
Strategic Planning is a process of defining the organization's strategy and making decisions on allocating resources to pursue this strategy. It's a crucial process, but often poorly executed that leads to poor translation from strategy to execution.

In most companies, executives complain that their Strategic Planning is overly bureaucratic, insufficiently insightful, and doesn't accommodate today's rapidly changing, digital markets.

This framework presents an overview approach to Strategic Planning, along with 4 best practices to ensure effective Strategic Planning that leads to successful Strategy Execution:

1. Explore Strategy at 3 Time Horizons - We evaluate short term, medium term, and long term horizons

2. Constantly Reinvent and Stimulate the Strategic Dialogue - To break out of this cycle, we can follow the same Strategic Planning process, but refresh it with different questions each year. Great strategists need to learn the “art of questioning.” Question-driven strategic dialogue is an iterative process.

3. Engage the Broader Organization - Organizations that engage a broad, decentralized group (of both internal and external) stakeholders in their strategic development efforts yield stronger results than organizations that leave strategy in the hands of a small, centralized team.

4. Invest in Execution and Monitoring - Strategy Execution consists of an ongoing, interactive process of 4 phases.

Topics covered include the 3 Strategy Time Horizons, Strategic Dialogue, Art of Questioning, Strategic Initiatives, Strategy Dashboard, among others. The concepts discussed are based on the research and thought leadership of BCG.

This document also contains templates for you to use in your own business presentations.

This Best Practice includes
23-slide PowerPoint