Strategic planning
A solid strategic planning process delivers valid planning content, applies relevant methodologies, integrates the individual planning steps and tracks implementation. Drawing on our project experience, we have developed a benchmark process for strategic planning that satisfies all these requirements.
In brief
The strategic planning process – a success factor for sustainable corporate development
Strategic decisions prepare the ground for long-term growth that creates value. Top managers accordingly see such decisions as one of their top priorities. Corporate strategy defines the company's vision, sets targets for the long term and outlines the nature and scope of its business. Effective strategies can give a company a decisive competitive edge.
Review your strategic planning process
Existing strategic planning practices often involve inadequate quantitative frameworks; and they fail to state the specific actions that must be taken. Worse still, they frequently do nothing at all to inject innovation into the business system.
There is of course no such thing as the right process for strategic planning. Many existing planning processes do, however, clearly contain avoidable weaknesses. Our crossindustry study of this issue revealed the seven strategic planning pitfalls and a benchmark strategic planning process that are outlined.
Pitfalls in the strategic planning process
- How effective is your early warning system?
- Do you pay sufficient attention to what your competitors are doing?
- Do you underpin your strategic alternatives with quantitative data?
- Is value-based management established firmly enough?
- Is your strategic planning linked to your medium-term and operational planning?
- How effective is your strategy implementation tracking system?
- Are your people sufficiently well informed? Have you secured their active commitment?
A solid strategic planning process delivers valid planning content, applies relevant methodologies, integrates the individual planning steps and tracks implementation. Drawing on our project experience, we have developed a benchmark process for strategic planning that satisfies all these requirements.
