Your Annual Strategic Planning Process Is Ineffective
In most companies, the executive team pulls last year’s binder off the shelf, blows off the dust, and flips through it. This is accompanied by comments about all the “good ideas we had” that, due to circumstances, have not become reality…again.
Lack of Action, Traction, and Results from Strategic Planning
Sound familiar? Read more in “Four Frustrations of a CEO.”
Strategic planning should improve business results, but in many organizations, it’s an exercise in futility. The annual meeting offers a temporary “sugar buzz” of good conversation and new ideas, but it doesn’t take long for the enthusiasm to fade and the daily focus to return to tactical fire fighting. Some CEOs compound the problem by chasing the latest business fads in search of a solution, but this only feeds cynicism in executives and employees. Soon, they resist the whole concept of strategic planning, enduring it only to “check the box” and return to their “real jobs.”
How To Help These Issues
1. Prioritize the Few
If everything is a priority, nothing is a priority. Instead of working with a long list of initiatives, focus on:
- Top 3 to 5 priorities for the next 3 to 5 years
- #1 Priority and Top 3 priorities for the current year
- #1 Priority and Top 3 priorities for the current quarter
Developing a short list of priorities is tough, but it pays off in shared focus and results.
2. Establish a Quarterly Rhythm
Annual strategic planning sessions are too infrequent. Quarterly recalibrations keep everyone focused on completing strategic initiatives. They simply get things done!
3. Summarize Key Initiatives in a Simple Format
Capturing your strategy in a single page
format enables quick communication to everyone in the organization and (literally) keeps everyone on the same page.
4. Stick with a Few Simple Disciplines
Study these solutions in greater detail by reading “Four Frustrations of a CEO.”
Choose a few disciplines and a simple process, and stick with it for an extended period. You will be pleasantly surprised at how quickly momentum builds and performance improves.
We Help CEOs With
This Challenge by linking an experienced business
advisor with a proven process, The CEO
Advantage. Our clients consistently report the tremendous value of the process and the independent, objective viewpoint of a professional business advisor. We will work with you individually and with your executive team to implement a quarterly recalibration rhythm for setting company priorities. Our process will provide you with greater action, traction, and results from your strategic planning.