Four best practices for strategic planning. Issue 4 (18th July 2016)

• Record Type: Journal Article
• Authors: Kachaner, Nicolas; King, Kermit; Stewart, Sam
• Is Part Of: Strategy and leadership. Volume 44:Issue 4(2016)
• Page Start: 26
• Page End: 31
• Publication Date: 2016-07-18
• Subjects: strategic planning -- strategic priorities -- strategic dialog -- strategic preparedness; Industrial management -- Periodicals; Strategic planning -- Periodicals; 658.4012
• DOI: 10.1108/SL-06-2016-0046
• Languages: English
• ISSNs: 1087-8572

Abstract

Abstract : Purpose: The authors identify the practices that the companies that get the most benefit from their strategic-planning activities have in common: Design/methodology/approach: The authors describe how successful companies achieve better strategic planning: They explore strategy at distinct time horizons. They constantly reinvent and stimulate the strategic dialogue. They engage the broad organization. They invest in execution and monitoring. Findings: By focusing a standard process on addressing new questions, the strategic dialogue will remain rich, because participants will have new analyses to consider and fundamentally different ideas to discuss; so strategists – and business leaders – have to learn the "art of questioning."" Practical implications: A good approach is to ask the leaders of the business units to identify the most important questions that the center should be asking them in today's turbulent competitive environments." Originality/value: An high-value overview of strategic planning for the novice and seasoned practitioner alike. A well-chosen extended strategy team and an always-on monthly strategy assessment process can be a powerful early-warning system.