Strategic planning and execution are necessary to run a successful business. This does not necessarily require extensive documentation. Your teams will execute the version of strategy that they understand, support and are capable of delivering. The challenge therefore is not only finding the smartest ways to achieve your goals with limited resources (plan), but to ensure that your teams fully understand and support the strategy that ensures their commitment to execute. Gartner talks about “Completeness of vision” and “Ability to execute”.
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Strategic planning activities include meetings and other communication among the organisation's leaders and personnel to develop a common understanding regarding the competitive environment and what the organisation's response to that environment should be. A variety of strategic planning tools may be completed as part of strategic planning activities.
Michael Porter wrote in 1980 that formulation of competitive strategy(planning) includes consideration of four key elements:
- Company strengths and weaknesses;
- Personal values of the key implementers (i.e. management and the board);
- Industry opportunities and threats;
- Broader societal expectations.
Many authors agree that strategy implementation requires the following:
- Strategy articulation - Building consensus within the team responsible for delivery of the strategy about the outcomes to be achieved.
- Strategy validation - Engaging with stakeholders and others to confirm strategic outcomes being pursued are acceptable.
- Strategy communication - Convert strategic objectives into clear short-term operating objectives that can be assigned to groups for delivery.
- Strategy monitoring - Monitor the progress of the organisation in delivering the strategic objectives.
- Strategy engagement - Managerial interventions designed to ensure organisation successfully achieves chosen strategic outcomes.
(Source: Wikipedia)
