Table of Contents
- 1 Steps Involved In Strategy Planning
- 2 Advantages Of Strategy Planning
Strategy & Ethics | Interview With Katinka QuintelierShe is an assistant professor at the Free University of Amsterdam (VU), in the Netherlands. I obtained a PhD in philosophy with a focus on moral psychology, at Ghent University, Belgium, and a PhD in Strategy, at the University of Amsterdam (UvA) in the Netherlands. In the first PhD she focused on moral psychology, and in the second PhD she applied moral psychology to stakeholder theory. Some of her publications can be found in Frontiers in Psychology, Human Nature, and Thinking and Reasoning.
One of the tools that a leader would need to succeed in strategy planning and implementation. Strategy is the plan of action intended to accomplish a specific goal while planning is the act of formulating a course of action or drawing out plans. Strategy is the way of achieving a specific goal and planning is drawing out the ways by which a strategy will work. Strategy planning is the process by which the direction of a group, organization, or business is documented and established. One of the most important a leader must have in his or her arsenal is good strategic planning to carry out excellent assignment and service calls. The rules that govern life require a normal individual to have a good plan to make good results in duties assigned, therefore such is required from a good leader who has the interest of followers in heart and is ready to carry out his duties right. Strategy planning is done by assessing the present state of things and also the best possible destination. Many leaders that we have these days lack this knowledge and are only focused on power usage majorly.
Strategy planning is good as it helps groups, organizations, or businesses to concentrate their energy and resources on the things that matter, also the creation of priorities to achieve goals. A good strategy planning must have multiple years of insight for continuity’s sake. Strategy planning helps to prevent the aimless performing of operations. A group, organization, or business without a clear vision of the future in mind, mistakes in operations, and below-par performance are bound to happen. Strategy planning is inevitable if progress and accomplishments are the aims. Strategy planning gives short-term and long-term goals to measure these progress and accomplishments. Strategy planning gives a place for recording mission, vision, and values. It gives room for written steps and actions that can bring about the aimed progress and accomplishments. Good strategy planning can be a pivoting factor that will bring about the massive growth and development of the group or organization.
Good strategy planning is also important as it gives the best way to respond to challenges that may arise from different opportunities that may come by. Many leaders of small groups and organizations have strategy planning for the short term alone neglecting the long-term plans, and this is equally dangerous as not having a strategy planning at all. The future of a group or organization depends on strategic plans. Strategy planning involves looking ahead of time to see opportunities and knowing the best way to prepare for them. It also involves the setting of realistic goals and objectives. Good strategy planning will make leadership duties easier and straightforward.
Strategy planning is a process that can take time to show effectiveness especially in a place where things are not rightly placed but it is usually the best thing to do and everyone involved will greatly benefit. The leader should communicate the strategy plans to every individual or employee in the group or organization. The strategy planning will shape every mindset of all involved and in no time, increase productivity. When a leader shares his strategy plan, other people can contribute ways to make things that aren’t working work or other substitutes. In this way, everyone will feel involved and want to contribute to the growth.
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Steps Involved In Strategy Planning
Identifying the problem to be solved and purpose of the work
The first step involved in strategy planning is to identify the problem and the purpose of the work at hand. Strategy planning as we know is a process of defining directions and strategy and making important decisions in allocating resources in a good way. You must first identify what the problem you are solving is and what you want to gain after all has been done. In strategy planning, If the purpose of the work is not clearly stated, abuse is inevitable. We must define what the problem is and analyze the problem to give deep insights into it. When problems are not analyzed, the root cause of the problem will remain unknown and might cause bigger problems in the future. In big organizations, before their existence, they had goals and they usually make their goal and purpose known to their employees so that they can maintain the same values across all levels.
Evaluate the resources you have and those you could still get
The next step in strategy planning is to evaluate the resources you have at hand and those you could get in the future. When you evaluate those resources, you will be able to gauge your expectations and plan very well. Strategy planning without evaluation of your resources will lead to making unrealistic plans and goals which will later lead to frustration. Evaluate those resources to know what you are capable of; you don’t plan with billions in mind when you have hundreds and possibly thousand at hand. You can plan for the future; it is an important part of strategy planning but your short terms goals must not be overlooked. Both long-term and short-term goals are very important but one must not hinder another. If you intend to expand your company in the future, you need to focus on how the company will be sustained before the future comes and maintain quality values over the years.
After the problem identification and resources evaluation, you can now proceed to develop a strategy. You have to make some important decisions in this stage as you are drawing the plans to achieve your goal and purpose. At this stage, you must gather information, look into competitors, devise means of how to outshine them. You must develop strategies that will not only achieve success or pave way for opportunities, but also carry your values. Strategy planning at any level involves drawing out plans to actualize your objectives at the earliest possible time making good use of the resources on the ground.
Develop alternative plans
In strategy planning, you can have more than one plan directed at achieving the same goal. When you have more than one plan, it aids learning and the addition of knowledge about your course. You get to know those things that are relevant and the irrelevant ones.
Evaluate all the plans
The next step in strategy planning is the evaluation of all the plans that you have. The evaluation gives you the opportunity and time to simulate each plan and know their eventual results. When you evaluate the plans that you have, you will be able to note changes that must be made before implementation and also arrange those plans in order of relevance and importance.
Choose the best plan
The result of strategy planning is to get the best plan. So, after all, other steps have been fulfilled, the next step is to choose the best plan. You can also have a planning hierarchy, which helps you to switch in between plans if one is not working. You can choose plans based on certain conditions; this leaves you out of the option of being stranded when one plan fails.
Advantages Of Strategy Planning
- It helps to get the best plan and approach to achieve our goals: As a leader, you are expected to draw out plans that others will follow and implement to achieve the common goal of the organization. This is often the most important benefit of strategy planning. When you have the best approach, you are bound to improve the overall performance of your team. In other words, strategy planning makes a significant contribution to the growth and development of an organization.
- It opens doors to know new ways and approaches: Strategy planning allows us to see more than we know. You are open to learning new things during the strategy planning process. Things can get better; people get tired of things when it offers the same thing for too long. As a leader, you are expected to draw out plans for the now and future of the company.
- It enhances individual growth: For instance, when a leader draws out plans on how to achieve the best out of his followers, the followers tend to grow when they are considered as part of the plan to achieve the common goal.
- It helps to be proactive rather than being reactive: Strategy planning helps to look into the future and prepare for any unforeseen circumstance. If any future problem arises, the company already has measures in place to control the bad influence it will have on their company.
Finally, strategy planning helps to examine a group, organization, or business and analyze its strengths and weaknesses. Identifying the strengths and weaknesses will give room for improvements from every individual that is involved. A good leader must at every point in time carry people under him along with the plans and also discuss with them. A clear direction for a group will help to put the group in the best place to utilize opportunities and succeed in the future. Strategy planning gives time to analyze and develop a working plan that will be effective.