101: Strategic Planning
In business, it's not enough to go with the flow, day to day. Some planning needs to take place to ensure your actions meet — and hopefully exceed — your company's goals for profits, growth or structure. Does it matter who does the planning, or when it's done? Yes and yes. Here are three things to keep in mind when you chart your course:
Ban vague language. You've heard the phrases. “Leverage our World Class Operating Capabilities,” or head-scratching aspirations like “Reshape Our Pricing and Trade Strategy to Effectively Drive Demand While Maintaining Market Access.” A Logan Chandler blog post at Harvard Business Review says “fuzzy language” like this is ripe for not only misunderstanding, but is a signal that the team as a whole doesn't have the information it needs to succeed. He mentions a CEO of a large company who banned words like “synergy” from the office for just this reason. “Make sure that it's more than just a corporate exercise — or bad theater,” Chandler writes.
Ban vague action steps. Saying “We'll work smarter,” is not enough. There need to be measurable tasks laid out to achieve the goal. “One element of my strategic plan is to be recognized as a thought leader,” says an article by Bill Connerly at Forbes.com. “It's a useless strategy without something concrete to do.” In his case, writing for the website is his action step.
Timing is everything. There are good times to plan and ensure your group yields the most effective results. For instance, says an article at ManagementHelp.org by Carter McNamara, strategic planning is beneficial when an organization starts; before a new venture, like developing a new product line; and at least once a year. The annual planning “should be conducted in time to identify the organizational goals to be achieved at least over the coming fiscal year, resources needed to achieve those goals, and funds needed to obtain the resources.”
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