With the new year approaching, the thoughts of many turn to New Year’s resolutions. It’s an annual tradition of setting goals for the coming year that dates back millennia, according to Oklahoma State University’s “Newsline.” However, while a 2013 article from Forbes estimates that roughly forty percent of American’s make a New Year’s resolution, only eight percent end up keeping that resolution! We think we can beat that number. (more…)
Posts Tagged ‘Strategic Planning’
A SWOT analysis – Strengths, Weaknesses, Opportunities and Threats – is a critical element of a strategic plan, if done correctly. Far from being a “silly exercise” (and I’ll admit in the early days of my career I sometimes felt that it was…) the SWOT is an important input that leads to the development of strategies. It can be a determinant of whether or not you will be able to successfully achieve your goals and objectives. But, it has to be done correctly to deliver that value. (more…)
Every MBA student or undergraduate in an introductory business strategy course has encountered Porter’s Five Forces. The concept, outlined by Harvard economist and professor Michael E. Porter in 1979, has been a foundation of business strategy in both academia and the business world for decades.
Professor Porter revisited the topic in a recent article in Harvard Business Review, appropriately titled “The Five Competitive Forces that Shape Strategy.”
For those unfamiliar with the five forces, they are: (more…)
I’m a strong proponent of the value of strategic planning but I’m also glad to acknowledge that the vast majority of strategic plans rarely drive real action or measurable results. The reasons why are numerous, but a recent article I read in Harvard Business Review made a great point about strategy.
In The Big Lie of Strategic Planning, Roger L. Martin, makes the point that, inevitably, whenever the word “strategy” is used, it’s often in conjunction with the word “plan” — those two words then become, somehow, inevitably–and inaccurately–intertwined. (more…)
I will admit, that in years past I was a mission statement basher. I considered mission statements to be exercises in futility and a waste of time. I’ve come to believe differently, with one big caveat: (more…)
I used to consider SWOT analyses to be “silly exercises,” but after using them on a number of occasions during strategic planning processes with clients and, after conducting research for my book The Complete Idiot’s Guide to Strategic Planning, I’ve come to believe that (if done effectively) they can help drive better strategy development.
If done correctly, SWOT analyses should: (more…)
Both the current situation in Syria and the start of my classes for this semester have me thinking about strategy. In fact, my pondering about the news reports I’ve been hearing regarding our strategy (or lack thereof) for addressing the situation in Syria helped me to frame what I believe are some important point for students in my PR Campaigns class, as well as for some clients I’m currently working with on strategic planning projects. (more…)