What is Strategic Planning?
At its core, strategic planning is the process of defining the goals of your organization for the immediate future and the strategies by which these goals will be achieved and resourced.
Put simply, a strategic plan is the top three or four things that the board has agreed the organization has to get right in the next two or three years. In practice, it is a doorway to innovation, cultural change and proactive strategies to manage your response to a changing environment.
Traditional strategic planning models, developed throughout the 1960s, are heavily weighted toward quantitative analysis, and hardly stand up against today's rate of social and technological change.
What is strategy?
Strategy can be defined in many ways, but generally involves setting an objective, the actions required to meet the objective, mapped against the necessary resources needed to execute the objective.
Strategy matters perhaps now more than ever. For any business, strategy is the tool for shaping the future and creating momentum, as opposed to simply reacting to the environment. Without a strategy, an organization can drift away from its vision and become unsustainable or irrelevant.
To thrive consistently over the long haul requires discipline and a reliable strategy for dealing with new opportunities and unforeseen adversities.