Currently, only 63% of individuals take the time to “strategize/plan” for the future of their organization or their team.
In this episode, we will explore WHY we don’t strategically plan? What is strategic planning?
WHY DON'T WE STRATEGIZE?
WHAT IS STRATEGIC PLANNING?
1. It provides a sense of direction and outlines measurable goals.
It helps to prioritize efforts, allocate resources, ensure goals are backed by data and sound reasoning It guides day-to-day decisions, tracks progress and informs when its time to make change.
2. Strategic planning is an evolving process—not a one-time meeting. In a study of HBS graduates who started businesses, 93 percent of those with successful strategies evolved and pivoted away from their original strategic plans.
3. Strategic planning can come out of crisis or unexpected events. When we run into unanticipated opportunities and threats, we have to respond. Sometimes we respond successfully; sometimes we don’t. But most strategies develop through this process.
4. Strategic planning requires time, effort, and continual reassessment.
BENEFITS OF STRATEGIC PLANNING
1. Have one vision. Have several 'sub visions'
Create a single vision, make everyone aware of your company’s goals, how and why those goals were chosen, and what they can do to help reach them. Make sub visions so a manager doesnt make decisions on a team level that counteracts the bigger goals' efforts.
2. Discover where the bias lives?
Here are examples of what bias looks like. Examine where they may lie in your organization.
Enlist others with differing views and opinions to help look for information that either proves or disproves the idea.
3. Track Progress using KPIs
Create metrics that measure to find out if every level of your organization is aligned. Pivot your KPIs as goals shift and communicate the reasons for change
QUESTIONS TO ASK UNDER PRESSURE & MAKE GOOD DECISIONS
David Robinson, author of "The Substance of Leadership," wrote 7 questions to lead Marines and teaching them to make good decisions under pressure.
1. Is this a decision that I need to make now?
2. Did I consider the context and constraints?
3. Did I get the right people with the right expertise in the room?
4. Did I accurately frame the issue and encourage debate?
5. Did I collect all of the relevant facts and consider all aspects of the issue?
6. Did I identify and appropriately weigh the risks and opportunities?
7. Do I feel enough conviction to be decisive and explain why I made the decision?