Effective Annual Strategic Planning - Best Practices

The annual strategic planning process, when owned and driven by the CEO, can provide valuable guidance for your entire organization.

Here are some generally accepted best practices for conducting an effective annual strategic planning meeting:

• Limit attendees to key decision makers — the CEO, CFO and key executives. (no more than 10 attendees. )
• Recognize that the meeting(s) involve in-depth discussions - and schedule enough time.
• Hold the planning meeting(s) off-site. This eliminates disruption and encourages focus.
• Engage an outside facilitator to run and document the meeting.
• Avoid combining annual strategic planning with budget discussions. (Short-term financial issues can take over the discussion, and restrict the creative idea-generation process.)
• Hold your financial/budget discussions at another time of the year or once you have settled on the major strategic elements of your annual strategic plan.

BOTTOMLINE: In order for the annual planning process to have real value, the documented results need continual followup, which includes tying results to your plan. Continual measuring and monitoring is the key.