Strategic Planning - Friend or Foe?

My previous article concluded with the importance of strategic planning and a promise to explore it further. For those of us who study strategic planning, the merits or lack thereof, become pretty apparent. When not approached in a committed and disciplined fashion, it can be ineffective and somewhat hypothetical. When lack of follow up is added to the mix, it becomes an outright waste of time & money.

How can this be avoided? How can we use the PROCESS to ensure success?

In this day and age, we like lists; so here are mine:

1) Commitment must come from the top
2) Buy-in/understanding from the management team is crucial
3) It is a PROCESS through which direction is discovered, not mandated
4) The process should be taught, learned, and internalized
5) Communication should be candid, non-threatening, and insightful
6) It takes time
7) Findings should be carefully documented
8) Time lines are created
9) Follow up is not an option
10) Evaluation is frequent and thorough

Too often steps are skipped in our haste to force results. Patience, monitored by the time line and results, offsets this temptation.

Finally, there are 4 things to consider about your business, as part of the process: 1) Your core competencies 2) Your equipment/capabilities 3) Your products 4) Your customers. Simply put, strategic planning is an evaluation PROCESS considering these 4 things and how they interact in the atmosphere of the 10 principles above.