Fix Your Company's Strategic Planning Process

The traditional strategic planning process has serious flaws. For example, it's conducted annually, so it doesn't help executives respond swiftly to threats and opportunities that arise throughout the year. And top leaders usually visit one unit at a time to review their strategic plans, which generates insufficient information.

How to fix the process? Spread strategy reviews throughout the year. That lets you focus on -- and resolve -- one issue at a time and flexibly add issues as business conditions change. One company reviews 2-3 units' strategy per quarter and holds continuous reviews to address each strategic issue on its agenda. Once an also-ran among its peers, it became a top-quartile performer.

Today's Management Tip of the Day was adapted from the HBR article, "Stop Making Plans; Start Making Decisions," by Michael C. Mankins and Richard Steele.

By Editor  |  August 20, 2008; 8:07 AM ET  | Category:  Management Tip of the Day
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