Strategic planning is a popular catch phrase for developing long-term strategies to deal with a corporation’s growth and development – particularly for increasing profit margins.
However, a recent survey found that many executives are unsatisfied with their own company’s so-called strategic plans. If fact, many reported that their companies needed to develop more effective methods for developing a strategy and for implementing those plans, according to The McKinsey Quarterly, which conducted the survey.
Key findings of the survey, “Beyond Planning: Creating a Strategy That Promotes Alignment, Agility, and Accountability Best-practice Report”, offers tips executives across many sectors will find useful while developing a strategic plan:
- Set up a solid planning and benchmarking structure.
- Establish a strategic plan to drive accountability and alignment.
- Empower employees to identify opportunities for improvement and growth
- Involve every associate in the planning process, giving them a sense of ownership and thus making the implementation of the finalized plan smoother.
- Make sure all departments are in agreement with the plan, and formalize the agreements.
- Implement the three Cs – consistency, communication, and clarity – throughout the planning process.