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Strategic Planning is Driving Measurable Results and Sustainable Growth
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Many of today’s business leaders, when planning for growth, admit to lacking a clear view of how to achieve their aspirations, and they say they are distracted by a wealth of potential opportunities. Strategic planning is a process in which an organization's leaders define their vision for the future and identify their organization's goals and objectives. The process includes establishing the sequence in which those goals should be realized so that the organization can reach its stated vision. Strategic planning typically represents mid- to long-term goals with a life span of three to five years, though it can go longer. This is different than business planning, which typically focuses on short-term, tactical goals, such as how a budget is divided up. The time covered by a business plan can range from several months to several years. The benefits of strategic planning extend beyond achieving organizational objectives. It fosters a culture of accountability, employee engagement, and direction. Engaging stakeholders throughout the planning process ensures commitment and alignment, resulting in efficient resource allocation.
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KEY CLIENT CHALLENGES
Our clients tell us that their challenges to develop strategies are as follows:
Our people are great at what they do, but we don’t have a business strategy to provide common purpose and direction to further drive value.
Our current strategy is not delivering the growth or efficiency we aim for.
We are aware we need to incorporate ESG into our business plans, but we are not sure how to do this.
Companies need relevant data, experienced staff, a transparent process, and a monitoring system to develop excellent strategic plans. Measuring results is essential to providing business or customer insights, making data-driven decisions, and achieving set objectives. In summary, strategic planning is critical to achieving long-term growth and success in the market. It requires access to resources and an understanding of the value of measuring results, and when approached strategically, it creates a culture of accountability, employee engagement, and direction.
Types of strategic plans
Strategic planning activities typically focus on three areas: business, corporate or functional. They break out as follows:
- Business. A business-centric strategic plan focuses on the competitive aspects of the organization — creating competitive advantages and opportunities for growth. These plans adopt a mission evaluating the external business environment, setting goals, and allocating financial, human and technological resources to meet those goals. This is the typical strategic plan and the main focus of this article.
- Corporate. A corporate-centric plan defines how the company works. It focuses on organizing and aligning the structure of the business, its policies and processes and its senior leadership to meet desired goals. For example, the management of a research and development skunkworks might be structured to function dynamically and on an ad hoc basis. It would look different from the management team in finance or HR.
- Functional. Function-centric strategic plans fit within corporate-level strategies and provide a granular examination of specific departments or segments such as marketing, HR, finance and development. Functional plans focus on policy and process — such as security and compliance — while setting budgets and resource allocations.
In most cases, a strategic plan will involve elements of all three focus areas. But the plan may lean toward one focus area depending on the needs and type of business