Strategic Planning Requires Planning
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:
1. Set up a solid planning and benchmarking structure.
2. Establish a strategic plan to drive accountability and alignment.
3. Empower employees to identify opportunities for improvement and growth
4. Involve every associate in the planning process, giving them a sense of ownership and thus making the implementation of the finalized plan smoother.
5. Make sure all departments are in agreement with the plan, and formalize the agreements.
6. Implement the three Cs – consistency, communication, and clarity – throughout the planning process.
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