About 67% of strategic plans fail and 74% of executives don’t believe that their strategic plans make a difference.
Does that mean that you shouldn’t have a strategic plan for your business? No, not at all. Strategic plans help all stakeholders see the big picture.
The problem might not be with the strategy, but with the strategic planning framework. What is a strategic planning framework? Read on to find out and how you can apply it to your business.
What Is a Strategic Planning Framework?
Your business was built on a simple idea. You want to help people in some way or make the world a better place.
That purpose is a noble cause, but it’s hard to bring that to the mundane tasks that drive the business. A strategic plan attempts to do that.
There are three basic elements of a strategic plan. You outline the present, the desire, and the steps to bridge the present with the desire.
Since you’re dealing with big ideas and specific action items, it’s overwhelming to bring those elements together.
A strategic planning framework is a tool that strategists use to align the purpose of the company (the big idea) with the goals of the company.
When applied properly, a strategic planning framework keeps employees motivated. Employees know they make a contribution to the greater good every day through their work.
The Best Strategic Planning Framework
There are a number of strategic planning frameworks and models that businesses can choose from. The Basic Model details the company’s mission statement, objectives, and strategy to achieve the objectives. Ideally, the objectives help fulfill the company’s mission.
A Blue Ocean Strategy emphasizes growth. Instead of competing with other companies head-to-head, you look for new opportunities in new markets.
OGSM strategy is a framework that defines the objectives, goals, strategies, and measurements. It gives your team clear action steps to follow to meet the objectives.
A Balanced Scorecard is a framework that’s used to create the strategy and implement it. The difference here is that you also create action items. This keeps your team accountable.
How to Choose a Strategic Planning Framework
Which one is the best strategic planning framework for your business?
Take an assessment of your company before you start your strategic plan. Look at where the company is now and the resources available to drive growth.
Think about what the strategic plan needs to accomplish. What is the issue that you’re trying to resolve with your strategic plan?
There are specific benefits of a strategic planning framework. You need to align the framework with the problem you want to solve.
Don’t Ignore Business Strategy
Strategy is important for every business because it aligns the mission and vision of your business with the goals and operations. A strategic plan can give your team a renewed sense of purpose in their work.
A strategic planning framework is a planning tool that you can use to create the strategic vision of your business. It bridges the gap between where you are now and where you want to be.
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