A comprehensive strategic planning process culminates in the formulation of your company’s roadmap to sustainable, profitable growth.
However, for the planning process to be successful the corporate culture needs to allow for the exploration of new ideas and encourage candid debate. In addition, everyone on the strategic planning team needs to have the right mindset.
Creating a sound strategic plan takes time, a lot of hard work and an open mind – gathering market intelligence, analyzing information, figuring out what it all means, evaluating options, making trade-offs, and so on. These are all key facets of developing a sound business strategy not to be underestimated in their importance to the outcome of the planning process.
The key obstacle to successful strategic planning has little to do with your ability to gather market intelligence or crunch numbers. It’s the corporate culture that’s the main roadblock to good planning, developing a smart strategic plan, and committed implementation of the business strategy.
Corporate Culture Defines Business Strategy
Here are some personal attitudes and corporate culture elements that stand in the way of a company’s ability to develop a competitive business strategy:
- Short-term thinking
- Low tolerance for risk
- Lack of patience
- Conflict avoidance
- Lack of accountability
- Fear of failure
- Inability to listen
- Lack of creativity
If you recognize some of these traits in your organization, you may have sufficient self-awareness to start breaking out of a destructive corporate culture. You’ll probably need to work with a business coach to improve the company culture and the prevalent attitudes, but at least you’ve started to acknowledge the issues.
On the other hand, if you think that your firm shows none or perhaps just one or two of these symptoms, you’re very fortunate and your business has the right corporate culture for conducting strategic planning.
Or, you could be in denial of the cultural obstacles your company is facing.
In that case, it will be difficult for you to engage in open, honest discussions about the changes your organization will need to make to become more successful. Before you commit the time, money and effort to develop a strategic plan make sure that you understand the culture within your firm and how attitudes within the organization impact the ability to start working on business strategy.
It is very important to have an environment in which anything and everything can be discussed in a candid, rational manner, without emotions getting in the way, and without fear of reprisals. If that environment is not present, any attempt at business strategy development is going to be futile. You’ll have to work on improving the corporate culture first, before you can embark on any strategic planning initiatives.
Get Ready for Business Strategy Development
So what does it take to be ready for strategic planning? Here are a number of personal and corporate culture traits that are critical to productive strategic planning (not necessarily in any order of importance):
- Open mind
- Challenge the status-quo
- Think outside-the-box
- Embrace change
- Question everything
- Candid discussions
- Know what you don’t know
- Thinking big
- Recognize shortcomings
- Ask ‘what-if’
- Big picture
- Value input from others
- Able to admit when you’re wrong
- Comfortable with uncertainty
- Committed to the long-term
What do you think? I’m looking forward to your response.