Here’s what to consider in strategy development
Most companies set aside time for strategic planning each year. This can have different meanings and approaches, but ultimately it helps leadership articulate the long-term vision and ensure continued success. Often, it coincides with budgeting, which is what my organization is in the early stages of.
However, simply holding a strategy development meeting isn’t enough on its own. There are many things to consider during this process that require intention and focus. You can’t “just wing it.”
I came across this Columbia Business School article from leadership expert Willie Pietersen that details the components of an effective strategy. These are sure to help you give strategic development the attention it deserves:
- Concept: Thinking must come before acting. I’m sure many of you, like me, have big plans for the growth and development of your organizations. But the reality is, only so much can be accomplished at certain times. From internal factors – like budgetary constraints – to external pressures, we must be smart about our strategy. Strategy is a balancing act, where we must be willing to allocate resources accordingly.
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