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Many organizations lack a clear strategic action plan, despite the necessity for direction, akin to coordinating a family vacation. A well-known saying states, "a goal without a plan is just a wish." Two common reasons for ineffective strategic planning are that leaders feel too busy or lack knowledge on how to proceed. A study indicates that only eight percent of leaders excel at both strategy and execution. Based on experience with various organizations, there are four key elements to effective strategic planning. Firstly, gathering broad input from a diverse range of stakeholders is essential to understand their perspectives.
