Strategic Planning

DEFINITION

The ability to develop a detailed strategic plan to achieve goals

WHAT IS IT?

Strategic Planning is a highly sought after skill for leaders. Strategic Planning guides an institution, idea, or effort by modeling the future. Leaders with strong strategic planning skills understand how to plan for the future and into the future. They outline different potential outcomes, forecast the likelihoods of different situations, construct ideal courses of action, and develop contingency plans.

WHY IS IT IMPORTANT?

Projects and organizations live and die based on strategic planning. A leader’s ability to plan for the future and then adapt to change as that plan is executed can determine the ultimate outcome. Leaders need to cultivate strategic planning skills in order to increase the likelihood of success in spite of potential unforeseen obstacles. Advanced Strategic Planning skills can also increase the accuracy of of budget, time, and scope forecasts.

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Suggestions for Improvement

Review Case Studies
Reading general business cases will give you a better understanding of how various organizations approach and plan for projects. History is full of examples of companies that have succeeded and companies that have failed. Review both types of cases to uncover how businesses have won and lost in the past and why. You will uncover the strengths and weaknesses of the initial plans that were put in place.
Seek Leadership Opportunities
There are opportunities for leadership all around us. These could be anything from volunteering at your church to helping out with a youth sports team in your community. Find an opportunity where you can lead and thus practice forecasting and making decisions about the future, no matter how big or small the opportunity is.
Create A Personal Strategic Plan
Consider writing a strategic plan for yourself. Map out where you want to be in a year, or five years, or ten years. Include ideal outcomes, potential obstacles, and contingency plans. This can be a good start for you if you do not currently have an opportunity to practice strategic planning within an organization. No matter your situation, having a clear direction for your life and career can be a productive exercise that defines personal goals and gives you the opportunity to practice strategic planning.

Books to Read

Scaling Up: How a Few Companies Make It…and Why the Rest Don’t

In Scaling Up, Harnish and his team share practical tools and techniques for building an industry-dominating business.

Strategic Planning: As Simple as A,B,C

This book demystifies the strategic planning process, written by an accomplished businessman and former military strategic planner.

Strategic Planning That Actually Works: A Step-By-Step Guide to Get it Done Faster, Cheaper, and Better Than Ever

Strategic Planning is woefully out of fashion, with many bloggers and thought-leaders claiming it is, in fact, dead. They couldn’t be more wrong!

Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant

Based on a study of 150 strategic moves (spanning more than 100 years across 30 industries), the authors argue that lasting success comes not from battling competitors but from creating “blue oceans”–untapped new market spaces ripe for growth

The Art of Strategy: A Game Theorist’s Guide to Success in Business and Life

Using a diverse array of rich case studies―from pop culture, TV, movies, sports, politics, and history―the authors show how nearly every business and personal interaction has a game-theory component to it. Mastering game theory will make you more successful in business and life, and this lively book is the key to that mastery.

Websites to Visit

Five Ways To Make Strategic Plans Succeed

This article provides interesting, practical opinions on how to have success in strategic planning.

Five Questions To Consider During Strategic Planning Sessions

A great start to any strategic planning session is knowing which questions to ask. This article provides a good start.

Yes, You’re Ready to Do Strategic Planning

For the more cautious leader, this article outlines strategic planning and signs that you are ready to put it into practice.

Strategic Plans Are Less Important Than Strategic Planning

Although having a plan can be comforting, failing to adapt that plan to changing circumstances can seriously harm an organization.

The Top 6 Steps of Strategic Planning

This article gives six steps towards building an internal, long-term strategic plan for your business.

Strategic Planning

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