STRATEGIC PLAN - Major Steps, Determinants of Successful Strategic Planning
Many strategic planners have discovered that the ease with which strategic planning can be implemented is a function of five important factors:
- Performance problems: Firms with significant operating and financial performance problems tend to reach for strategic planning as a potential problem fixer
- CEO role: Successful strategic planning requires commitment; the initial commitment and the staying power of the CEO are crucial
- Resource imbalance level: The smaller the imbalance in existing resources among key managers (and thus the smaller the degree of reallocation required), the lower will be the resistance to strategic planning
- Prior planning experience: Firms with prior planning experience are more likely to embrace strategic planning
- Previous management-by-objectives (MBO) experience: Managers who are familiar with MBO management systems more readily embrace strategic planning with its qualified goals and objectives.
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Items 1-5 above when overlaid on the process below, will lead to a much higher probability of the development and execution of a successful strategic plan.
