Strategic Plan Sets the Foundation Annual Business Planning
Your company’s strategic plan creates a shared vision of what’s important to the organization and translates into a simple story about your organization’s future.
In a McKinsey Global Survey of more than 2,000 global executives, only one-third agreed that their corporate strategy approach represented “a distinct exercise that specifically addresses corporate-level strategy, portfolio composition issues.”
Increasing the time spent on strategy and involving more senior leaders in strategic dialogue makes it easier to stay ahead of emerging opportunities, respond quickly to unexpected threats and make timely decisions. An integrated PB&F framework links top-down, strategic targets to financial and operational bottom-up forecasts.
Key Questions To Answer When Preparing Your Strategic Plan
What is our purpose?
What do we do?
What is our picture of the future in three to five years?
Strategic Themes & Perspectives –
What performance lenses should we use to evaluate results?
What are our focus areas?
What do we do better than anyone else?
What results do we need to achieve?
What continuous improvement activities are needed to get results?
Strategy Map –
How do we create and improve value to customers and stakeholders?
Performance Measures and Targets –
How will we know if we’re achieving the results we want?
Strategic Initiatives –
What projects and programs will contribute to the desired results?
Note: this article was originally published at http://www.poewolfpartners.com. Follow Renita on Twitter: @RenitaWolf.