The Importance of Strategic Planning
For many companies and organizations, strategic planning is not a top priority. A company can operate for the time-being without one, so thinking strategically doesn’t seem highly necessary. The problem with this mind set is that eventually success will deteriorate. Establishing a strategic plan for an organization is critical for longevity and success.
Strategic planning shouldn’t be looked at as a one-time event or a quick-fix. It is a process. Creating a strategic plan paints a picture of the mission, vision and goals of an organization internally and externally. If the plan doesn’t seem sensible, it’s probably a good plan. Roger Martin, dean of the Rotman School of Management at the University of Toronto, explains the process as writing a happy story about the future. Martin says if the plan were right and sensible, a company would already be doing it. Frame the process as a holistic, aspirational and creative story for the business, and don’t pay attention to practicality at the time (Martin).
Not only is strategic planning crucial to long-term success, the number of organizations committing to a strategic plan is also on the rise. According to Bain Company’s 2007 Management Tools and Trends Report, 88 percent of large organizations follow a strategic plan (Barrows). Although the process is tedious and time-consuming, most large corporations do engage in strategic planning. Just because CEOs and presidents aren’t broadcasting their participation in strategic planning doesn’t mean it isn’t happening. There is no excuse for refraining any longer.
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