Despite the hype surrounding strategic planning and its direct correlation to business success, many fail to plan effectively and instead hope that everything will simply work out for the best.
The fear of the unknown has been cited as the main reason that creates this sense of trepidation in adopting and implementing a suitable strategic plan for the company.
In fact, Mckinsey and Company, in a survey of nearly 800 executives across the globe stated that approximately 55 per cent of respondents were dissatisfied with the strategic planning process. Moreover, only 23pc indicated that major strategic decisions were made within its confines!
Thus, it is time that all top management and executives alike put on their thinking caps to comprehend the key ingredients behind an all-encompassing strategic plan.
A well-crafted strategic plan will encompass the following factors that will provide the direction for an organisation for a period ranging from three to five years:
1. The dynamic micro and macro elements surrounding a business.
2. Strengths, weaknesses, opportunities and threats.
3. A core-competency analysis.
4. A clean slate analysis of the current business model in the context of future changes in the business environment.
5. A clear indication of what needs to be done in order to achieve business success given the above analysis.
6. Business and operational strategies in the context of the strategic direction and day-to-day operational challenges.
While it is important to understand that there’s no one formula for strategic planning, there are steps or procedures that one could adopt to enhance the value of the strategic planning process.
MTI has developed a 8s model which is a robust framework that has been used in more than 25 countries, across diverse industries. This framework starts with identifying the scope of the business, scanning the operating environment, setting the sights for the business and formulating strategies that extend to systems, structure, social responsibility and staff.
As Jack Canfield once said “people make their own luck by great preparation and good strategy”.
So what are we waiting for, let’s strategise for a brighter tomorrow.
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