Navigating Your Degree: Strategic Planning For Success In Singapore – “Why isn’t my strategy working?” Statistics vary on the failure rate of corporate strategies—some say as high as nine out of 10, while others say closer to seven out of ten. It doesn’t matter which number is correct; what matters is. Both estimates were higher than they should be. This means that most organizations struggle when developing and executing strategy. Faced with these statistics, many executives wonder, “How do I avoid being strategically flawed?”
Belonging to the small group of businesses that actually achieve their strategic planning goals, we’re here to show you how. (Just take the time to research the problem and you’re already one step ahead of your competition!) We’ve helped hundreds of clients overcome difficulties over the years using the steps outlined in the guide below. It covers everything you need to know about strategic planning and execution, from start to finish, in three key stages:
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From our experience, we know that following this three-stage approach will significantly increase your chances of getting high-quality results.
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On the one hand, this definition makes strategic planning sound like a Business 101 concept — defining your goals and a plan to achieve them. Unfortunately, the strategic planning process is not as simple as it seems, especially for large companies.
Some experts say there’s a simple explanation behind the dismal statistics above: Companies simply don’t have a strategy in place. They might tell a good game and be able to explain an innovative new mission, but they can’t articulate the process and business model to make it happen. As a result, there has been no change in the way they operate, including priorities, projects or culture. Months or years from now, strategic leaders will wonder why the company never met expectations.
The strategic planning process is looking beyond the immediate future of an organization to achieve a specific set of goals. But as noted in the definition above, it also involves planning, step by step, how to get there. Without this foundation, you will either continue down a path of nowhere,
Get caught up in a series of emergent activities that may not actually benefit your organization in the long run. Neither of these situations will give you the competitive advantage you were hoping for.
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Taking steps to meet the requirements of the strategic plan, but still not seeing results. These strategies fail for a number of reasons, including:
Whatever is holding you back from achieving your strategic goals—whether it’s an outright lack of strategic planning or poor plan execution—it’s worth your time to fix it.
The analysis shows that strategic planning has a positive and significant impact on organizational performance. Most importantly, it enhances the organization’s ability to achieve its goals, but it’s much more than that. Because strategic planning forces companies to take a long-term view, it helps them better prepare for the future, allowing them to initiate impact rather than merely react to situations.
It also enhances communication between employers and employees. Engagement and dialogue between managers and employees throughout the strategic planning process increases transparency and participation for everyone.
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However, the same team that carried out the above analysis also noted that for strategic planning to work, specific elements are required, including a formal analysis of the internal and external environment, consideration of several strategic options, and careful consideration of what is involved in the strategic planning process people. The different steps of the strategic planning process. We’ll detail all of these elements and more in subsequent strategic planning guides.
Now let’s get one thing straight: if your organization comes to you (or your department, colleagues, etc.) and asks you to “create a strategic plan and then report back to the leadership team when you’re done” – stop where you are. This is not an efficient plan. Why? You need buy-in from the entire organization, so you need leadership involvement from the start.
Now let’s talk about the key players needed in this process: strategic planners. The job of the strategic planner is to align the thinking of the leadership team with the processes the organization can use to execute its strategy. If this is your role (or even if you are just highly involved in the process), then this guide will be very helpful as you coordinate your strategy.
Strategic planners also need the help of a cross-functional team that includes members of the board or leadership, as well as representatives from finance, human resources, operations, sales and any other key functions. We’ll discuss this further as we discuss it through the Office of Strategic Management.
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This is also a good time to consider strategic review meetings, which are necessary to stay on track in the long run. However, try to avoid adding yet another meeting to everyone’s schedule; instead, you might be able to replace or redesign the current meeting to free up time for strategy discussions.
For every meeting, you need to send calendar invites ahead of time and make sure people know these meetings are a top priority.
Monthly meetings typically include department heads and subject matter experts. Quarterly review meetings may include department heads and upper management. Annual update meetings may include top management and, occasionally, members of the board of directors.
Next, you need to develop a timeline in which you can complete the strategic plan and complete the process.
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Is the key word here as it depends on your organization’s level of maturity in terms of strategic planning.
Anyway, don’t expect this to be done this weekend. You will be disappointed.
Expert Tips Understanding strategy and tactics is very important. Strategy focuses on the destination and how to get there, while tactics focuses on the specific actions you plan to take along the way. So while the overall process focuses on your overall strategy (i.e. your long-term goals and how to achieve them), we will focus on your smaller steps (i.e. practices, resources, initiatives). will need to get there. Make sure your leadership team understands the difference between future strategy and tactics! Sometimes it’s wise to keep leadership out of the way of tactics, but sometimes, you may need a strong hand to guide the organization through the finer points.
Once you have gathered quantitative data from the above sources, you will also need to obtain feedback from a number of different sources:
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All of this data combined will help you better grasp the future of your business.
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A SWOT analysis represents Strengths, Weaknesses, Opportunities and Threats. This exercise provides a useful way to think about and organize internal and external data.
Sometimes it is helpful to use the SWOT analysis framework to structure the interview questions to gather qualitative data.
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Porter’s Five Forces is another tool used to find these inputs. It’s a time-honored strategy execution framework built around competition in your industry. Who are your competitors? what are they doing? Then you need to look at the threat of substitutes. Can consumers buy other products to replace those in your industry, such as natural gas or solar instead of coal for electricity generation?
PRO TIP As part of strategic planning, you may have studied risk assessments, core competencies, scenario planning, or industry scanning. If you’re wondering what these tools are for, they all relate to the first phase of strategic planning. They help you prepare to develop a strategic plan. If you have used one of these tools before, the results can serve as input to help you move to the next stage.
You now have all the background information you need to develop a strategic plan! But the plan doesn’t exist in a vacuum, so we’ll start by revisiting your mission and vision statements, then dive into the specifics of the planning process.
If you’ve already created a mission and vision statement, verify that both fit your current strategy before moving on to the next step.
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Pro Tip In your search for a strategic planning tool, you will almost certainly come across the Strategic Pyramid (shown below). This pyramid can be visualized in countless different ways, and the order of the pyramids is not important. It is important to ensure that you have selected the elements of the pyramid that are most appropriate for your organization and that these elements will help you achieve strategic success.
You can use the OAS or strategic transformation exercises to help you define your priorities and goals, but more importantly, you need a method
These elements. The way to achieve this is to select and develop a strategic management framework that will bring together all of your priorities in a cohesive format.
Using frameworks such as the Balanced Scorecard (BSC), Theory of Change (TOC) or Objectives and Key Results (OKRs) is critical to the success of your strategy. Many management teams fail at this point simply because they
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