Strategic Focus Matters
Strategic focus can make or break a company — especially when the stakes are high. Settle or stretch — that may be the dilemma you face as you begin the critical strategic planning process. And your business results and the buy-in of your people will most likely depend upon the strategic choices that you make.
Could Your Strategic Planning Process Be Holding You Back?
Is your business strategy planning process similar to the way most organizations run theirs? If so, you probably dread the annual sessions which are often tedious, always difficult, and too often result in plans that never get fully implemented. Only one-third of executives we speak with report that their strategy retreats produce what they should: plans that are:
Short-Term Performance vs. Long-Term Organizational Health
Our experience of over twenty years in helping our clients achieve strategies that are crystal clear has shown over and over again that it is not just short-term performance that suffers for lack of clarity but also long-term organizational health.
In fact our organizational alignment research found that strategic clarity accounts for 31% of the difference between high and low performing companies. Reason enough to ensure that your strategy articulates why the company does what it does and how specific actions should lead to superior performance.
Then there is no leeway for the inevitable choices, priorities, and trade-offs to become blurred for employees.
Strategic Focus Tips for a Better Strategy
Here are some tips on how to win at the business planning game as you keep your eye on the prize of overall, sustainable, healthy business growth by having a ruthless strategic focus:
Go for the big bets and then adapt your budget and business planning to accommodate.
“One-and-done” thinking has no place in a high performance environment where decisions are based on up-to-date situations with a steady view of the future.
The strategy and resource allocation process need not be “fair.” Rather, it should be ruthlessly based on the strategic priorities that you have set for the coming year and beyond.
The Bottom Line
Does your strategic planning process empower your entire company to define clear priorities, think boldly and drive forward with a ruthless focus toward high performance? If not, it is time for a change to your strategic planning process.
To learn more about creating strategic focus, please download 3 Big Mistakes to Avoid When Cascading Your Corporate Strategy
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