Co-Creating Distinctive Strategies

Abstract

The first problem arises from confusing strategic planning with strategy development. How many more times do we hear ‘we need to create a strategic plan’ as opposed to ‘we need to create a strategy’? This is because most people see strategy as an exercise in producing a planning document. In this conception, strategy is manifested as a long to-do-list with actions, timings and accountabilities. Indeed strategic planning is about prioritizing developed strategic objectives and linking them to quantifiable actions, measurements, timings and accountabilities. A common mistake many of us make is to try and actually develop strategies during a periodic strategic planning session. But the key ingredients for developing distinct strategies are insights. Such insights rarely emerge from strategic planning sessions as high-lighted in a Harvard Business Review article.¹ Yet almost 70 per cent of executives conduct strategic planning only at prescribed times; no wonder that only 11 per cent of executives feel that strategic planning is worth the effort.²