Strategic planning explained
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The strategic planning process usually has five distinct stages:
- Situation analysis including Porter’s five forces, PEST1, key factors for success, competitor and SWOT2 analyses
- Identification, development and evaluation of alternative strategic options
- Statements of mission, vision, strategy and core values
- The 3 to 5 year plan including key initiatives, financial projections, opportunities and risks
- Implementation including monitoring performance
Nevertheless, however brilliantly conceived, a strategic plan’s ability to succeed hinges critically on the capabilities of the business to execute.
It is estimated that 2 out of 3 strategic plans fail and that less than 1 in 10 are effectively executed. Learn why strategies fail.
Some do’s
- Allocate sufficient time free from interruptions and distractions
- Team work and build consensus
- Focus and do less better
- Communicate, communicate, communicate and widely
- Seek expert professional help
Some do not’s
- Skip steps
- Extrapolate business as usual
- Ignore the other 6S’s
- Underestimate the execution challenge
- Guard as top secret
To discuss your business critical issue
Please call Paul New on 020 8390 9972 or 07790 501225 or send a message.