Faster markets demand more nimble approaches to strategy development.
Most organizations are dissatisfied with the way they develop strategy. They see their approach as too rigid, bureaucratic, reactive, and disconnected from execution. Even more troubling, they doubt their process can see around the bend to reveal the big, disruptive opportunities that drive long-term value creation.
At the heart of these concerns is the misconception that strategic planning is just about annual budgets and five-year plans. These.
Other strategic environments call for different approaches that match the clock speed of planning to that of the market. They also call for fresh approaches. When done right, strategic planning yields not only better plans but also a leadership team better prepared to react to disruptions, a stronger strategy team, and greater organizational engagement and alignment around the strategy.
Taking Action to Improve the Strategic-Planning Process
. However, the companies that benefit most from their strategic-planning activities emulate four best practices: