30 Day Trial

ORTHOWORLD » Other Articles of Interest

Follow These Six Steps to Execute a Strategic Planning Process

As 4Q18 approaches and you're engaging in strategic planning, we felt compelled to share with you this timeless article, originally published in 2013 and authored by consultant Don Urbanowicz.

The advice you will read here can be used as a roadmap to creating and executing an effective strategic planning process for your company. We hope that you find it as helpful, insightful and relevant as we do. 
 

By Don Urbanowicz

A strategic planning process (SPP) provides a systematic way of mapping the handful of key decisions that an organization must get right in order to survive—and thrive—during the next several years.

By definition:

         
           

Strategic = gaining a competitive advantage, long term
Planning = preparation for certainty
Process = systematic approach to a conclusion

The proposed annual six-step strategic planning process may prove essential for those working in most corporations. It provides an opportunity for senior leaders to assist in formulating a company’s strategic plan, implementing the strategic plan and connecting strategy and implementation to a rewards system.

First, before starting the process, secure the commitment of the leadership team up front—or quickly abort. Bring the right people together. Those who carry out strategy should develop it. And remember, if you want to accomplish a strategy, agree to focus on it, and then plan ahead to make it an ongoing process.



The Six Steps of the Strategic Planning Process

Steps 1-3: Strategy Formulation: Looking Within, Looking Around, Looking Ahead

Step #1 in the process consists of conducting an internal strategic audit—or critically looking within your own organization—to answer where are we now?

  • Determine your competitive strengths—measurable attributes that make you better than your competition
  • Determine your competitive weaknesses—what prevents you from achieving better results; identify recurring weaknesses
  • Determine people opportunities, challenges and concerns
  • Determine if you can finance the future


Takeaway: Never state a critical weakness unless you make a commitment to fix it.

Read more in BONEZONE

0 COMMENTS

Name
Comment