The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.
It is an organisational leadership and management activity that is used to:
Set key organisation priorities from the simplified strategy
~ The key drivers behind value creation
~ Critical challenges
~ The must-win battles
Identify an improvement portfolio of its programmes and projects
Identify and focus resources to ensure delivery
Outline how employees and other stakeholders should work towards common goals:
~ Customer satisfaction
~ Business improvement
Establish agreement around intended outcomes/results
Assess and adjust the organisation's direction in response to a changing environment…
Strategy execution is the successful implementation of a strategic plan whether you are a corporation or a SME. Strategy cannot be planned without taking it into account the organisation’s ability to execute it. The inability of organisations to effectively execute their corporate strategy is one of the major factors limiting their success. Strategic management is the widespread collection of ongoing activities and processes that organisations use to systematically coordinate and align resources and actions with mission, vision, objectives and strategy throughout an organisation. Strategic management activities transform the static plan into a system that provides strategic performance feedback to decision making and enables the plan to evolve and grow as requirements and the organisation encounter change disruption.
Peter F Gallagher is a Change Management Global Thought Leader, Expert, International Speaker, Author and Leadership Alignment Coach.
Ranked #1 Change Management Global Thought Leader: Top 50 Global Thought Leaders and Influencers on Change Management (May 2020) by Thinkers360.
Business Book Ranking: Change Management Pocket Guide - Leadership of Change® Volume 2, ranked within the top 50 Business and Technology Books (Jan 2020) from Thinkers360 Thought Leaders.