All business leaders are human and some get overly enamored with and excited about a particular business opportunity. These business leaders then direct either a business case or project plan to be developed which is immediately funded; circumventing the organization’s business planning process. In these cases, the initiative’s ability to meet the organization’s business objectives and goals remains uncertain and consideration of competing opportunities is forfeit. In some organizations, entire portfolios are determined in this fashion; leaving leaders blind with respect to their ability to optimally achieve the organization’s mission goals.
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The following StrategyDriven recommended best practices are designed to reduce the likelihood of circumventing the business planning process:
- Alternative Development Best Practice – Organizationally Developed Options
- Strategic Planning Best Practice – Shared Accountability
- StrategyDriven Podcast Special Edition 32 – An Interview with Nilofer Merchant, author of The New How
Additionally, StrategyDriven‘s Strategic Organizational Alignment model reveals the typical executive and managerial responsibilities associated with the business planning process.