We talk a lot about strategy here at TBG, with good reason. The benefits of strategic planning for organisations knows no bounds. Without a clear and well-structured strategy, your business cannot thrive. Strategic planning is one of the areas many businesses struggle with, but it also holds the key to meaningful and sustainable future growth.
To help you get started, we’ve put together this blog post on strategic planning and the many benefits of the strategic planning process.
According to research outlined in the Harvard Business Review, 85% of executive leadership teams spend less than an hour per month discussing strategy, and 50% spend no time at all. The research also reveals that, on average, 95% of a company’s employees don’t understand its strategy.
What is strategic planning?
Strategic planning is the ongoing organisational process of documenting a business’s intended direction. Strategic planning is used to allocate resources, prioritise efforts and align employees on the organisation’s goals. This requires time, effort, and continual reassessment – it’s an ongoing process.
The benefits of strategic planning
Done right, strategic planning will set your business on the right track and help you reach your organisational goals. The benefits of good strategic planning include:
- An increase in profitability
Focused planning will uncover the customer segments, market conditions, and product/service offerings that are in the best interest of your organisation. Having a targeted approach to markets and opportunities which guide your sales and marketing efforts which ultimately mean more profit to the bottom line.
- Establish direction
Strategic planning can help to clearly define the purpose of the organisation and establish realistic goals that are consistent with the mission. This then provides a base from which progress can be measured.
- Encourages creativity and innovation
Strategic planning forces leaders to think and can encourage creativity by tapping the ideas of the senior management team. It may include both top-down and bottom-up approaches to engage employees in the strategic planning process.
- Greater employee engagement and satisfaction
Strategic planning involves focusing on the long-term, larger company goals. As a result, you’ll need everyone on your team on board to ensure you achieve your vision. Fortunately, the OKR process involves active participation from all levels of the hierarchy. And when employees’ opinions are valued, engagement and overall job satisfaction can improve as a result.
The TBG approach to strategic planning
But here at TBG, we take a slightly different approach to strategic planning. We use the OKR framework to take your strategic planning process to the next level. OKRs are the execution tool for your business strategy; they provide ambitious, short-term goals that will help you bring your strategic plan to life. This ensures you only allocate time and effort to the tasks that make the maximum impact. We can assist with many aspects of the business strategic planning process. Our team has extensive experience helping organisations achieve their long-term goals and yours could be next.
Get in touch today
We’ve helped numerous clients bring their ambitions and strategies to life by taking full advantage of the benefits of the strategic planning process. With the help of TBG and OKRs, there’s nothing you and your business can’t achieve. Talk to us today to find out how we can help you take your strategic planning to the next level.