Does your strategic planning work?

Operational excellence relies on a strategic plan that focuses on operational objectives. The Harvard Business Review cites that between 60%-90% of strategic plans failed to produce desired results. When it comes to developing a strategy that works, the attention is in the details.

• The phrase that the difference between a dream and a plan is the dream is in one’s head and a plan is documented still holds true. The plan should be documented to create alignment on direction within the team and for reference throughout the planning period.

• Development of the plan should follow an analytical methodology. A SWOT analysis is a good example.

• The SWOT analysis should be focused on business objectives to place focus on what is important.

• Keep it simple. The 80/20 principle applies. Remember, the plan needs to be executed along with the daily business and other unexpected challenges.

• Where do most plans fail? The execution of the plan. Strategic planning include plan development and plan deployment. Deployment of the plan requires the three D’s, detail, discipline, and determination.