Strategic Planning Overview - Why and How
Sep 14, 2023
Here's a summery of BMGI's video in Strategic Planning Overview.
- The video mentions that 80% of organizations lack a well-thought-out strategic plan, and this leads to challenges in execution.
- Common problems in organizations, such as long lead times for improvements and misalignment between vision and activities, are mentioned as indicators that Strategic Planning might be beneficial.
- Execution problems are common, with many organizations struggling to link their daily activities with the overall strategic vision.
- There's a need for a bridge between strategy and execution, highlighting the importance of connecting resources effectively with the strategy.
- Various tools and methodologies, such as the Balanced Scorecard, SWOT Analysis, Innovation Portfolio, and Hoshin Planning, are used to build this bridge.
- The video emphasizes that the focus should be on sustainable results and not on the format of a template or the tools used in the planning process.
- Strategic Planning is introduced as a tool that links strategy objectives with specific resources and action plans, involving the entire organization in execution.
- The concept of "Catch Ball" is explained, involving leadership teams at different levels in refining ideas and plans.
- The seven basic steps of Strategic Planning are outlined, starting with understanding the organizational vision and ending with the annual review process.
- Breakthrough objectives, annual objectives, top-level improvement priorities, and implementation steps are explained as part of the process.
- The importance of continuous improvement and learning from mistakes is emphasized, suggesting that strategic planning should be an ongoing cycle.
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