The One Thing You Can Do to Improve your Strategic Plan
One of the key building blocks of good strategy is the need to gain agreement on the essential decisions & criteria for making them. Learn how in today's post.
One of the key building blocks of good strategy is the need to gain agreement on the essential decisions & criteria for making them. Learn how in today's post.
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One of the most important tasks you will do, when it comes to strategic planning, comes well before the company strategic planning retreat. In a recent McKinsey Quarterly article titled Mastering the Building Blocks of Strategy (C. Bradley, A. Dawson and A. Montard, October 2013), the authors suggest that one of the key building blocks of good strategy is the need to gain agreement on the essential decisions and criteria for making them.
Taking time to frame issues at the outset leads to better decision making and results. Unfortunately, according to a survey of 200 executives conducted by McKinsey reports that full two thirds of the executives surveyed feel rushed to provide outputs in their strategic planning process.
Framing should always be the first step in your process to ensure that your planning team properly identifies and agrees to both the questions asked and the decisions made as the strategy is developed.
When formulating strategic issues, it is important to keep in mind that a strategic issue:
When strategic issues are stated, it also is important to place the issue in context and further define its meaning by stating:
Improve your strategic planning process by taking some time before everyone gets together to frame the issues and provide some context for the team to consider.
SBS Group has over 1600 ERP clients, with a significant portion in the construction industry. Learn how our industry experts can help. For more tips on strategic planning best practices, see our On-Demand webinar Strategic Planning for Construction Firms.