Five Elements of Effective Strategic Planning.
Updated: Nov 30, 2019
Don't let your strategic planning become a victim of the emphasis on efficiency (getting things done) over effectiveness (doing the right thing).
Every entrepreneur, regardless of their level of success, faces the dynamic tension between the urgent and the important, efficiency and effectiveness.
When it comes to planning their strategy for taking the business to the next level, thoughts shift from "What should we do?" to "How do we get all of this done?"
The urgent trumps the important.
Instead of creative thinking on strategic issues, most decisions in the early stage business revolve around process and tactics.
"What needs to be done?" and "How should we do it?" (efficiency) versus "What should we be doing that we're not?" and "Where do we want to be 3,6,12 months from now - and what's it going to take to get there?" (effectiveness).
A good strategy –one that favors effectiveness over efficiency –is comprised of five elements:
Insights We are swimming in data and information. Real insight is more important than the amount of information.
Planning You won’t get to the next level by using the excuse the world moves in “real time”. Improvisation is helpful but not enough. Take time to plan!
Connected to a Vision Your strategy will become a self-fulfilling prophecy only when it’s tied to a purpose and burning desire.
Risk and Reward Every business decision involves an upside and a downside. Embrace risk like a lover.
Deliverable Strategy is no good if its not backed by the confidence necessary to make it happen.
If you don’t allow yourself the necessity of stepping away from the addiction to react to urgent circumstances, you mindset and your business will always be in a state of stress and anxiety–trapped by process and tactics.
True enough, a good strategy by itself won’t buy you much in today’s cluttered, noisy and unforgiving marketplace. There must be results.
Your results are the navigational aides that determine the quality of your strategy.
The key to the whole puzzle is having a clear vision for where you’re going, knowing how to get the right thing done in the right amount of time to get you there, despite the fires going on around you.
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