- Looking at new markets to enter
- Planning growth and overall business strategy
- Dealing with competitors
- Creating action plans with your team
- Choosing between different strategic investments
- Predicting uncertainty in the future
- and much more.
Deciding when to do strategic planning and what you should focus on as part of your planning process really depends on where what your organization is dealing with in the present.
Some organizations do strategic planning quarterly, some do it yearly and some do it daily.
Why and when to do strategic planning really depends on how concerned your team is with being reactive and proactive to changes in the business environment.
With ever increasing globalization and the speed at which technology changes, almost every organization should be doing strategic planning on a quarterly basis.
That might just mean discussing key priorities as part of your strategic plan, or breaking down the strategic plan into smaller chunks.
We've worked with many clients who were wondering why they do strategic planning- and here are some use cases and benefits they got from it.
Anyone can make a strategic plan, but everyone knows executing on the plan is the hard part.
Creating tasks, setting KPI's and creating project plans are only part of the equation when it comes to leading a team or guiding a company towards success and growth.
When it comes to strategic planning, getting alignment and getting buy in are two ingredients that will help increase the likelihood of success and improve the overall environment in an organization.
This environment creates greater employee engagement and is hard to measure when it comes to bottom line revenue. When done properly greater employee engagement translates into greater output, greater employee (and customer) satisfaction, and greater retention of skilled staff (which is getting harder and harder to come by).
When it comes to your business strategy or strategic plan there's a strong emphasis that is put on the values of the company aligning with the values of the people within it.
We all know that Facebook and Mark Zuckerberg know what they are doing when it comes to a business strategy that works; They went against conventional wisdom when starting off and focused on acquiring users instead of revenue generation. This long term strategy has allowed them to gain huge amounts of market share and become the de-facto social network .