Write a one-two sentence personal definition of strategic planning
Write a one-two sentence personal definition of strategic planning
DQ1
TOPIC: What is Strategic Planning?
Following the completion of this week’s reading/content assignments, complete each of the following:
- Write a one-two sentence personal definition of strategic planning. Base your definition on what you have encountered in the reading/materials this week, as well as on what you have already learned about the topic.
- Discuss this statement by Roger L. Martin: “. . . good strategy is not the product of hours of careful research and modeling that lead to an inevitable and almost perfect conclusion. Instead, it’s the result of a simple and quite rough-and-ready process of thinking through what it would take to achieve what you want and then assessing whether it’s realistic to try. If executives adopt this definition, then maybe, just maybe, they can keep strategy where it should be: outside the comfort zone.”
- Finally, describe the differences between strategic planning and business planning.
R1 & R2
WILL POST LATER
Requirements: Detailed | .doc file
Management
R1
Hello class, week one started off pretty hefty! A lot of information to consume but I’ll dive back into it throughout the week to give myself a better understanding.
Anyways, my personal definition of strategic planning is a company or organizations detailed process of defining goals, how to achieve those goals, & determining what is needed to achieve those goals with efficiency. I feel that this sort of planning cannot be done quickly, but it also cannot take too much time to come up with. There’s definitely a sweet spot in the middle that leaders must find effective.
Looking at Roger L. Martin’s statement, I’ve interpreted it as – A thorough strategic plan doesn’t require an abundant amount of time and particular details to be ironed out. It can be done efficiently with moderate effort, with a particular understanding of potential cause & effects to take place. I really like that Martin states, “it should be: outside the comfort zone.” To achieve such goals, they must be attainable but within a lengthy reach when it comes to business growth. To get there, certain risks should be taken, which will put leaders in an uncomfortable state, & it’s up to them to determine whether that “uncomfortableness” or risk, will be worth it.
Leaders also need to ensure their peers have the tools necessary to reach such lengthy goals, but should have an understanding that the goals are difficult to attain. With such goals, should come high rewards, which applies to my current organization. They’ve recently rolled out a new compensation plan – transactional leadership in effect, LOL! The quarterly goals are definitely hard to reach, but the reward reflects the effort that will need to take place in order to achieve those goals…end rant!
Strategic planning and business planning have their similarities around the overall mission, vision, and value statements but overall are particularly different. Take a look at the snip below, pulled from BDC.ca. You’ll see that “business plan lays out how the business is run from day to day, the strategic plan focuses on how you will achieve specific initiatives to develop your business” (Cote, 2022). The business plan will help create a vision on how the company intends to make a profit through daily activities. The strategic plan is more-so a deeper dive and reflection on how the company intends to meet its annual & overall goals.
Thank you all for taking the time to read my initial discussion post. I look forward to reviewing your replies and getting back to you ASAP!
– Joshua Dyring
References
BDC.ca. (2022, October 14). Business plan vs. Strategic plan. BDC.ca. Retrieved January 2, 2023, from https://www.bdc.ca/en/articles-tools/business-strategy-planning/define-strategy/business-plan-vs-strategic-plan-whats-difference#:~:text=While%20the%20business%20plan%20lays,initiatives%20to%20develop%20your%20business.
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