Add light in the Strategic Plan

Aug 6th, 2022
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How to add light in the Strategic Plan

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ROGER MARTIN: This thing called planning has been around for a long, long time. People would plan out the activities theyre going to engage in. More recently, has been a discipline called strategy. People have put those two things together to call something strategic planning. Unfortunately, those things are not the same, strategy and planning. So just putting them together and calling it strategic planning doesnt help. What most strategic planning is in the world of business has nothing to do with strategy. Its got the word, but its not. Its a set of activities that the company says its going to do. Were going to improve customer experience. Were going to open this new plant. Were going to start a new talent development program. A whole list of them, and they all sound good, but the results of all of those are not going to make the company happy because they didnt have a strategy. [MUSIC PLAYING] So whats a strategy? A strategy is an integrative set of choices that position

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What are the 5 steps in strategic planning? Step 1: Assess your current business strategy and business environment. Step 2: Identify your companys goals and objectives. Step 3: Develop your strategic plan and determine performance metrics. Step 4: Implement and share your plan. Step 5: Revise and restructure as needed.
2. Future state section Strategic objectives. Vision statement summarizing the companys aspirations for the future. Mission statement and core values and any anticipated changes. Broad, high-level goals, expressed in long-term statements. Future business model this can be described with a business model canvas.
5 Elements of Effective Strategic Planning Take time to get it right. Understand your organizations capacity. Be open and honest. Include stakeholders and gather feedback. Include a plan to follow through.
The four most widely accepted key components of corporate strategy are visioning, objective setting, resource allocation, and prioritization.
Noun. That which provides guidance in times of uncertainty.
An effective strategy contains these key elements: Arenas, Differentiators, Vehicles, Staging, and Economic Logic. Its important to consider each of the five elements in the strategy diamond model below because they are all interrelated and mutually reinforcing.
We know that for business to survive it is critical for changes to be managed carefully and to stick. We have a proven approach based on five Strategy Implementation Principles: Purpose | People | Practices | Platform | Performance that may help.

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