There are a few keys to developing a successful strategic plan, and one of them is getting everyone bought into your plan. Without alignment, the whole strategy comes to a standstill, or worse, drags the organization backwards. Even if you have a great strategic plan and very clear benefits and opportunities, it still does not guarantee success until you have everyone bought in.
You can use strategic planning in many occasions in your organization such as:
- 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 update their strategies quarterly, some yearly and others monthly or weekly.
Deciding when and why to work through strategic planning really depends on your industry and how concerned your team is with being proactive (versus reactive) to changes in the business environment.
With ever increasing globalization and the speed at which technology changes, almost every organization should be reviewing their strategy every quarter. This 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. Here are some use cases and benefits they got out of the strategic planning process:
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 jumping straight into revenue generation. This long term strategy has allowed them to gain huge amounts of market share and become the de-facto social network .
Congratulations Team Canada Hockey (Men and Women) as well as all other athletes for their successes in these 2014 Olympic Games.