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Strategic planning explained

Strategic planning explained

Strategic planning is the process by which a business seeks to balance the external competitive market with its internal capabilities and competences in order to drive the most economic value for its owners. Strategic planning objectively reviews what a business is doing, how well it is doing it and asks where it can best compete in the future. Strategic planning enables a business to determine its strategic direction, define its strategy and to decide how best to allocate its limited resources amongst its portfolio of activities. Learn more about portfolio management. For most businesses, the strategic planning horizon is 3 to 5 years.

The strategic planning process usually has five distinct stages:

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
1Political, Economic, Social and Technological and 2Strengths, Weaknesses, Opportunities and Threats

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