One of the benefits of doing a huge number of strategic plans is that we get to see lots of variations. I started my work in strategic planning with a suspicion that I knew the right number of market segments to analyze. Actually developing a plan with more – or less – market segments, however, […]
Continue readingAn unfortunately frequent request I get is to do the entire strategic planning process in one day. While this looks like an efficient way to do things, there are three pitfalls I’d rather see you avoid. Expecting to have all the information you need to create good strategy without spending time on the process of […]
Continue readingWhat is your biggest strategic planning problem? I always ask seminar attendees “What is your biggest strategic planning problem right now?” I inevitably hear the response “Strategy Implementation”. Without question, this is one of the biggest issues for any company trying to accomplish anything at a strategic level. Execution seems to inevitably fall short of […]
Continue readingHow do food companies position themselves for growth as demographic growth slows? Tyson Foods, for example, faced this dilemma. Clearly, consumer preferences changed with a desire for prepared foods. Ultimately, Tyson knew that consumers were turning away from their traditional meat products and moving towards ready-to-eat foods. They realized they had the basic ingredients, but […]
Continue readingOne of the big issues we run into in strategic planning is the overwhelming pressure to maximize profits. I’m not saying profit is a bad thing. Profit is, after all, what attracts investors and often, good management. In our society, it’s accepted that the primary responsibility of the company and its management is to optimize […]
Continue readingMany companies could do better strategic planning. Often, the process consists of a group of staff people going off to a resort or someone’s cabin in the woods for a weekend to hash out what they conceive is a strategic plan. All too often, though, this exercise is more of an excuse to get away […]
Continue readingOne of the key concepts in successful strategic planning is your organization’s strategic competency. Simply put, a competency is a set of skills, processes and knowledge which are used to create value for your customers. We often use the term “know-how” to sum this up. Know-how that is strategically useful is rarely something you can […]
Continue readingPreviously, I discussed the dubious reasons why some want to write the mission statement earlier in the strategic planning process. To read my previous article, click here. Today, I’d like to discuss the positive reasons why it makes sense to write the mission statement later. This will round out your understanding of this part of […]
Continue readingSome people are confused by the intentional delay of considering the mission statement to the second meeting. The arguments against doing the mission statement later fall into three categories: It’s the most important thing in strategic planning Everything else will change, depending on what your mission is You cannot do (some specific step) if you […]
Continue readingGE Learns Its Lesson the Hard Way Jack Welch transformed GE’s portfolio of businesses by concentrating on businesses that were number one or two in their markets. Businesses that were positioned to get to number one or two also qualified. He did this because statistics show that those with significant market share are usually more […]
Continue readingI have some clients that do their strategic planning irregularly. They will plan annually for a couple of years, and then take a break for a year or two. While sometimes skipping a cycle makes sense, doing strategic planning routinely every year is tremendously valuable. First, implementation is the main reason consistent, routine strategic […]
Continue readingObjectives are one of the key outputs of the strategic planning process. Your team’s strategic planning discussions accomplish three broad results. First and foremost are your strategies: Strategies are your sense of vision as to the course and direction of the company. What will you do in each of your market segments – your core […]
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