Four Best Practices for Strategic Planning
Nicolas Kachaner, Kermit King & Sam Stewart
The Boston Consulting Group (BCG)
Strategic planning is one of the least-loved organisational processes. But with nearly one-tenth of public companies disappearing each year, it's clear that companies need to devote time to strategy. The problem is that many companies lack an effective strategic-planning process.
The companies that get the most benefit from their strategic-planning activities have four things in common. They explore strategy at distinct time horizons, constantly reinvent and stimulate the strategic dialogue, engage the broader organisation, and invest in execution and monitoring.
Defining the plan is only half the challenge. The other half - translating the strategy into results - can be even harder. Successful execution requires active communication, well-resourced supporting initiatives, success metrics, and aligned incentives.