Strategic Planning Introduction
Strategic Planning
A company’s true value is largely determined by its long-term performance potential as shaped by management’s decisions made today. These decisions guide the translation of the company’s mission, its purpose for existing, into the products and services it provides and hopefully the market wants.
Strategic planning is an iterative, ongoing process consisting of:
- Analysis: assessment of the internal and external factors effecting the organization’s ability to achieve its mission
- Alternative Development: detailed assessment of the costs, benefits, and risks associated with strategic alternatives including both major, ongoing and newly proposed activities
- Alternative Selection: identification of the current portfolio components and proposed activities that will be pursued and the timeframe for execution
- Resource Projections: aggregation of the personnel, financial, physical, and technological needs including an assessment of the ability to acquire these resources within the needed timeframe
- Plan Development: final validation of the organization’s mission and compilation and approval of its long-range and annual business plans
Execution of these iterative processes takes place throughout the year with a frequency dictated by the pace of market change.
Posts in this category are dedicated to discussing the leading practices of companies that successfully execute strategic planning processes to define objectives, drive alignment and enhance performance.
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Executives and managers maximize their organization’s value through transformative change brought about by the effective execution of a long-range plan. Some executives and managers, by setting long-term goals, the achievement of which is supported by a tactically flexible long-range plan, establish the conditions necessary for their organization to realize the significant benefits of transformative change. In other organizations, executives and managers concern themselves with small incremental improvements, eliminating the possibility of attaining the breakaway successes of truly great organizations.
StrategyDriven Podcasts focus on the tools and techniques executives and managers can use to improve their organization’s alignment and accountability to ultimately achieve better results. These podcasts elaborate on the best practice and warning flag posts on the StrategyDriven website.
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