The most important thing to do is step back and improve your strategic planning process.
Even top performing companies undertake a time-consuming strategic planning process that unfortunately leaves many executives frustrated with the results.
This sense of disappointment was captured in a recent McKinsey quarterly survey of nearly 800 top executives:
- Only 45 percent of the respondents said they were satisfied with the strategic-planning process
- Moreover, only 23 percent indicated that major strategic decisions were made during the process.
The operative question for organizational leadership is: "how can you make your strategic planning process more effective?"
Here are five ideas you can use to make make your strategic planning processes run better.
- Start with the issues - conduct internal and external reviews and a SWOT analysis
- Bring together the right people - involve the most relevant people in the organization, and consider involving external resources for new insights
- Adapt planning cycles to the needs of the business - separate the strategic formulation process from the business planning process
- Implement a strategic-performance-management system - that assigns accountability for results of initiatives and projects established to meet company goals.
- Integrate human-resources systems into the strategic plan - include performance appraisal, 360 feedback surveys and incentive pay based on performance results