Strategic planning – two words that need not strike fear in the hearts of corporate executives.
After all, if you think about it, we’ve all been strategic planners since childhood – setting our objectives, then figuring out the best way to make them happen.
Like the time you figured out that if you wanted Santa Claus to come, you HAD better go to bed first. And when you were older and setting your sites on a special college. You did your research to understand what they were looking for, you took the right classes and participated in the best extra-curricular activities--all in an effort to present yourself as the type of student they would consider.
Of course, now that you are a CEO, the stakes around strategic planning are maybe just a tad bigger. In the bid to get our highest-quality products or services to the market, it will be the strategic planning process – scaled appropriately, of course – that will get us there. Understanding which combination of markets, pricing, offerings for each market segment, distribution channels, communication channels and the like is integral to cracking the ROI code. And with so many options to power today’s strategic plan, it’s hard to fully understand which to do first, and which to leave by the wayside.