Given the uncertainty and volatility as organizations reset business strategy, strategic planning can no longer last for months or wait for an annual update. The business context changes too fast and too radically, and scenario plans, enterprise strategy and strategic execution plans need to adapt accordingly.
During the strategic planning process, enterprises, functions and business units identify the choices and actions required to develop the business model. Strategic plans define the roadmap for making these changes. But these processes and plans are often ineffective.
Waste-free strategic planning works from the beginning to quickly produce a clear, effective, measurable, communicable plan by focusing exclusively on a few key components:
- A limited number of highly relevant metrics that define the organization’s current and target end state
- The most critical assumptions underpinning the strategic plan
- The key functional initiatives required to achieve the end state
- A concise statement that distills and communicates the strategic plan
To ensure effective execution of the strategic plan, make sure to focus on the following four imperatives during the planning process.
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