The article, four best practices for strategic planning entails that despite organizational ignorance towards strategic planning considering it certainly vague and irrelevant concern the perception about the process is highly inappropriate and misunderstood. Although, the process is utilized differently within organizations, but through research and studying the different practices the author has considered that there are four basic things in common in companies that utilize strategic planning and reap the best benefits.
The first and the foremost practice is that the companies explore strategy at different and distinct time horizons. Well, looking at the bigger picture and long term goals is important but certainly ignoring short term and medium term goals is also extremely vital. Each time horizons offer different eye towards the values and objectives that the company needs to attain and the article provides sufficient examples to support the arguments.
As long term goals suggest defining, redefining, and validating the vision, mission and objectives of the organizations, medium term goals suggests steps that the organizations need to put forward in order to attain the suggested vision and mission objectives. On the contrary, the short term goals suggests challenging the strategy in placed while evaluating the progress and exploring ways that can help accelerating the progress.
Furthermore, the next step is constantly reinventing and stimulating the strategic dialogue. Well, there’s no denying the fact that constantly improving and improvement help in better yield of the goals and objectives that the company has instilled and looking forward to achieve.
Further ahead, engaging the broad organization is also a key component in making the strategic planning success. All the stakeholders are important for the company and taking suggestions and input from internal and external stakeholders can only be helpful in gaining better suggestions and improvement.
Lastly, investing in execution and monitoring is also highly critical as monitoring the execution plan will help in examining the progress and can be crucial in designing contingency plans. To succeed in this step organizations need to have a clear communication plan which allows everyone to insert their input, need to take high profile strategic initiatives to ensure tractions and develop a dashboard metrics to keep a check on all the variables linked.
The article provides quite an in depth details about the strategic planning and what makes it successful. The article offers the right value and observations that can be vital for any organization. The time has changed and with technological advancements happening quite rapidly, organizations need to think of a global strategy and needs to be on their toes to compete strongly.
Therefore, the article offers the right set of values and ensure that the companies uses the suggested four practices to make their strategic planning process more appropriate. These practices can be crucial in gaining better insights to the plans implemented and suggest continuous improvement which is equally important for success. In my opinion the article is a great read and can be crucial for any organization that aims at succeeding globally.
Nicolas Kachaner, Kermit King, and Sam Stewart (2016). Four Best Practices for Strategic Planning. The Boston Consulting Group.
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