Value of strategic planning

23. December 2017 21:00 by Jason Kelley in

                                                    

We see the value of strategic planning being made at several levels. Organizations, small and big, private and listed, often tend to be focused more on short-term operational issues than long-term strategic objectives. Taking some time to step out of the daily routine will facilitate taking a longer term perspective, while also potentially positively influence operations in the shorter term.

An important benefit of strategic planning is to create focus on the strategic direction of the organization. In a properly executed strategic planning process, one asks relevant, sometimes tough and difficult, questions meant to generate a critical thought process. Subsequent thinking and discussions should be performed with an open mindset, not restricted to existing solutions, including stepping outside of one’s comfort zone, acknowledging that the future may be very different to the current situation.

With a strategic plan developed a road map is in place for driving the organization forward with execution discipline being key. Keeping in mind that the only thing certain about the future is that it is uncertain and full of unknowns, both known and unknown, everything will definitely not go as planned, neither should one slavishly follow the plan come hell or high water. What the strategic plan does provide is direction and guidance with regards to what the organization wants to become and how to get there. An organization’s vision and long term objective may not necessarily change due to unforeseen events, but a detour may be required, in which case it is important not to lose track of your destination and ensure you continue to move forward in the right direction.

Finally, does a defined strategic plan stop you from being opportunistic? Not at all. To the contrary, it may actually serve as a support tool to improve decision making as whenever an opportunity arises, asking questions such as “does this fit with my strategic objectives?” and “can this decrease my execution risk” can actually improve the quality of decisions, e.g. through ensuring that opportunities accepted are coherent and aligned.

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