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Strategic Planning 

Strategic planning has changed considerably over the last decade. The “five-year plan,” once the cornerstone of virtually all planning methodologies, is now obsolete. A strategy cannot be static in today’s turbulent economic environment. More agile approaches must be adopted to deal with the pace of change and turn risk and uncertainly into opportunity.

There are many factors that can push organizations to adopt a more flexible strategic planning process, including poor financial performance, undefined growth strategies, leadership changes, reorganizations, the emergence of major competitors or a surplus of cash. However, acknowledging the need isn’t the same as implementing a strategic plan. A successful corporate strategic plan starts at the top; the CEO, management committee and/or Board of Directors must own it and communicate it effectively throughout the organization. And when it’s time to execute, robust data analytics and industry experience are critical success factors.

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Growth Strategy