Importance Of Strategic Planning [2024]

1 min read
Jul 25, 2023 1:49:03 PM

The Importance of Strategic Planning

Strategic planning is integral in charting an organization's roadmap for success. It outlines a company's direction, aligning efforts and resources toward goals. It provides a single, forward-looking vision that unites stakeholders, promoting cohesion and fostering a sense of shared responsibility.

“Seventy percent of strategic initiatives fail because managers focus on their individual strengths, not the corporate vision. ”
Jeff Eyet, Co-founder, The Berkeley Innovation Group
Jeff Eyet

Co-founder, BIG

To avoid this pitfall, we build upon employees' strengths in five core pillars, financial performance, operational excellence, digital transformation, marketing and branding, and change management, to build a resilient implementation plan that aligns with your corporate vision.

In addition to creating alignment, strategic planning aids in identifying and mitigating the internal inertia behind the status quo and refining decision-making processes by demanding evidence-based justifications. We are proponents of establishing high-level organizational key results (OKRs) that translate into measurable key performance indicators (KPIs) to gauge progress toward the plan’s north star.

Crucially, strategic planning is not a one-off event but a continuous process that evolves in response to unanticipated opportunities and threats. Too often, initial conversations with potential clients include discussing previous, well-intentioned plans that leadership did not revise to reflect their progress, and initiatives began to diverge.

A dynamic strategic plan bridges the gap from the overall strategic direction to specific projects and day-to-day actions that realize the strategy, helping businesses stay nimble and responsive in a rapidly changing business environment.

If you want a partner to help you apply a sharper lens to your strategic initiatives in 2024, please schedule a time to discuss.

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