Ten Attributes of a Successful Strategic Plan
There are ten key ingredients in a successful strategic plan:
Incorporate External Perspectives
Top Strategy Action: Ensure your strategy narrates a comprehensive story with unbiased external insights.
Positive Action: Regularly seek advice from outside experts to challenge your assumptions and bring fresh perspectives to your strategic planning.
Accurately Assess Your Capabilities
Top Strategy Action: Ground your strategy in the reality of your company’s capabilities.
Positive Action: Conduct thorough internal assessments to understand your strengths and weaknesses and tailor your strategy to leverage your assets effectively.
Adopt Industry Best Practices
Top Strategy Action: Develop a strategy that’s not just a plan but a competitive advantage in your industry.
Positive Action: Stay abreast of and integrate best practices within your industry to ensure your strategy remains cutting-edge and strategic.
Establish a Strategy Cadence
Top Strategy Action: Keep your strategy dynamic with a scheduled rhythm and cadence for regular reviews and updates.
Positive Action: Set up structured intervals for strategic review to adapt quickly to market changes and operational feedback.
Align Projects with Strategic Goals
Top Strategy Action: Ensure all projects and initiatives directly support your strategic objectives.
Positive Action: Review each project for its strategic alignment and potential to drive the company toward its long-term goals.
Focus on Key Market Insights
Top Strategy Action: Simplify your strategy by honing in on the most critical market trends and insights.
Positive Action: Utilize market research and competitive analysis to inform your strategic decisions and prioritize actions based on this intelligence.
Implement Rigorous Risk Management
Top Strategy Action: Use strategic KPIs to monitor progress and signal risks early.
Positive Action: Develop and monitor key performance indicators that can guide decision-making and alert you to any off-course trends before they become issues.
Maintain an Actionable Strategy
Top Strategy Action: Regularly revisit and revise your strategy to keep it actionable and aligned with the organization’s direction.
Positive Action: Create a living document for your strategy that is reviewed and updated regularly to reflect the current business environment and organizational capabilities.
Secure Organization-wide Buy-in
Top Strategy Action: Foster widespread commitment to the strategy across all levels of the organization.
Positive Action: Engage with employees across the company to build consensus and understanding of the strategy, ensuring everyone is moving in the same direction.
Allocate Resources Strategically
Top Strategy Action: Match resource allocation with strategic priorities to maximize return on investment.
Positive Action: Plan your budget and resources to support the most strategic initiatives, ensuring each dollar invested in your company’s future success.