Is your organization on top of its strategy?
Strategic planning is a crucial step towards success for businesses of any size and in any sector. This month, I chose to share articles about business strategy that you may have missed or overlooked; each piece shares valuable insight into strategic planning for a variety of industries that can be adapted across sectors.
- There May Be Trouble Ahead, and Business Must Prepare Accordingly - Director (UK)
The opening quote from this article should resonate with any organization:
“Strategy is not an optional extra: if your business does not plan for the worst, the worst may have plans for your business” - James Sproule
Although this article is written about and for companies in the UK, the same ideas and principles apply to organizations world-wide. Understanding what is happening in the world in relation to your business - both directly and indirectly, and underlining possible worst case scenarios for your company (Scenario Planning can help!) can help you define a strategy before an external force wreaks havoc on your organization.
The author talks about understanding the difference between having a business plan vs a strategic plan, and why it is important to have both in the law industry. While a business plan focuses on the actual business model, the strategic plan helps create measurable outlines for success:
"In summary, a business plan provides a written tour of your business operations – it shows your business models, your objectives, staffing, location, money, and a strategic plan identifies your steps or strategies that you will use to meet your objectives.” - Pita Williams
This article shares some tips and suggestions that can help improve your organization’s strategy. From clearing up simple misunderstandings about what strategy really is, to explaining how to realistically measure success, this is a good place to begin if your strategy is begging to be reviewed.
The author outlines the similarities of a strategic plan and a military plan, and how the planning process is important for success in an unpredictable environment. While it’s important to go through the strategic planning process, it’s also good to have an option for change management within the plan, should the need arise.
As a non-profit humanitarian organization, Unicef understands the importance of a strategic plan, and a mid-term strategy review. Unicef recently reviewed which aspects of their plan are working and which need improvement or additional attention. They also focus on gaining “strength through partnerships” with other sectors, such as governments, other humanitarian organizations, civil groups and private sector companies.
- The Five Habits of Strategic Thinkers - Columbia Business Times
This little number outlines why some businesses fail from a lack of strategy, and what it is that makes a true strategic thinker. Considering only short term goals, or refusing to make changes within a long term plan can both be equally detrimental to your organization. Read this article to learn how to become a strong strategic thinker.
Developing your organization's strategic plan?
Our starter kit has everything you need to guide you through the entire strategic planning process:
