Okay, let’s begin with the rooms size. Who would have thought so many people would want to participate in a deep dive program on strategic planning lead by this group ^^^^^^^^^^^^^^^^^^^^^^^
Let’s begin with the why? Why is strategic planning so popular again?
What’s the difference between strategy and strategic planning?
Kim: A strategy allows you to know the firm’s priorities so you can allocate the firm’s resources (money, time, people)
Mike: It allows you to find a common vocabulary, and improve understanding and collaboration
Clinton: With more than 100,000 books on strategy on the market, you need to double down on one, for your firm
You need to put it down on paper, because is where concensus comes into play . So, if you don’t have it in writing, you don’t have a strategy or a strategic plan.
Your strategic plan needs to be dynamic to take into account outside events/competitive landscape (new firm into the marketplace, recession hits, technology change).
WHY do firms implement strategic plans?
Kim: growth. You can’t grow without a strategy.
Clinton’s methodology for strategy:
The Role of the CMO leading the process