Strategic Planning: The Purpose Of Strategic Management

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One of the toughest things to coach is how to think long-term when everyone around us is focused on short-term, immediate gratification. We have video that disappears in 24 hours, so watch Periscope now. We have texts that self-destruct seconds after we read them. Thanks to live streaming, we are constantly entertained whenever we want. So how can we develop teams of thought leaders who are thinking and planning decades in the future? The purpose of strategic planning The purpose of strategic planning is to set overall goals for your business or organization and then develop plans to achieve them. The most difficult part of strategic planning is to go outside of what we consider is possible now, and imagine what is possible for the future.…show more content…
A strategic plan is not a business plan. A strategic plan focuses on long-term goals and outlines the basic actions for achieving them Strategic planning is risky business Making decisions to grow a business means understanding and embracing the risks that come with potential growth. As the business evolves, strategy formulation becomes more sophisticated. As Peter Stark, author of The Competent Leader, says, "Operations kills strategy." Strategic planning is thinking about what can be, not what we can do now. When big thinkers pitch their ideas to their teams, the operations people are the first to protest, "We can't do that." While we can't do it now, it doesn't mean that we can't do it in the future. Three key elements of strategic planning Developing a strategy for growth requires a deeper understanding about who we serve in the future. What will our customers need and want? How can we meet and exceed their expectations? Start by asking: 1. Where is our business now? How are we operating? What is profitable? What are our margins? How do we compare to our…show more content…
Many executives try to have strategic planning sessions as part of a normal workday, but real strategic planning is tough to do in short bursts. Successful organizations tend to hold strategic retreats at locations other than the workplace to stimulate creativity and ideas. Points to consider The world is changing so fast that valid strategies for success, even from a year ago, may no longer be relevant and may need adjusting. Brainstorming, deep thinking, and considering multiple ideas is extremely challenging. Most groups get sidetracked or distracted with conversations about past initiatives and frustrations, which wastes time. An outside coach or facilitator may be extremely valuable getting the group out of past constraints and pushing the group to stay focused and complete the agenda. Strategic planning is uncomfortable, and the process can be emotional. Tempers may flare. Again, a skilled facilitator or coach can help the group navigate through discussions and channel that energy into breakthrough thinking and ideas. Once the strategic planning has a solid foundation, leaders can move toward implementation and greater success when

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