 According to CEB Global, more than 50% of the time companies spend on strategic planning is wasted. How could a process viewed so critically be executed so ineffectively? Through my experiences, corporate strategic planning includes a large cafeteria list of priorities. A significant number of people get caught up in the planning process. One can see the time wasted like debris on the side of the road.
Kris Dugan, in his article “5 Ways Your 2017 Strategic Planning Process Could Fail”, shares some insightful warning signs that your strategic planning processes will join the ranks of wasted efforts. 1. Strategic Priority Strategies > 5 The key issue is focus. According to Harvard Business School, only 55 percent of middle managers can name any of their company’s top priorities. That is amazing and points to an unengaged leadership team. If the percentage of misaligned managers is that high, consider the awareness percentage downstream in the organization. Limit the number of company priorities to five and ensure everyone from the C-Level level down are clear on the focus. Less is more. 2. Success is not Measurable Without specific and measurable objectives, the definition of success is up to the interpretation of individuals. Employees need transparent and quantifiable success definitions before committing to them. The goal line could be an unbelievable stretch goal, or even worse, a moving target throughout the year. Without confidence of the end game, people will stay on the sidelines. 3. Lack of Initiative Ownership and Accountability Missing clear ownership, the company’s strategy is driven without a rudder. Employees disengage because they do not feel accountable for their own goals. This drives unfinished initiatives and lack of measured progress. At the beginning of each year, identify owners for all major activities and get people committed. 4. Insufficient Resources of Strategic Priorities Plans without budget and resources are not executable. From a military perspective, this is like General Eisenhower planning for WW2 D-Day but not having the military personnel/arsenal to carry out the strategy. Implementing an execution plan on top of maxed out resources will have the same result. Resource the priorities. 5. Corporate Teams are not Aligned A company can achieve clarity, measurable objectives, accountability, and budget allocation but still fail. I have experienced tops down imposed strategies not bought off across the leadership team. Companywide communication can prevent misalignment. An organization can have the best staff in the world, but if not aligned and coordinated, failure is almost ensured. Companies that incorporate these planning principles into their DNA elevate the probability of amazing results.
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