We are in the middle of our strategy planning process, an exercise that involves at least a hundred, if not more, managers across the company. For any organization, this process is a huge investment: thousands of man-hours, travel, external advisers, etc. The goal, of course, is to create the document that will guide the company's future, *the strategic plan*.
Too much emphasis, unfortunately, is placed on writing a document. Corporate planning departments work with the top management to show off their excel and powerpoint skills Many companies outsource the work to consultants so that the best, most comprehensive plan can be written. In most cases, nobody looks at the document after it is "approved" and bound.
For me, the value of the strategy planning process is not in its outcome but in the process itself. Getting managers across departments and levels to participate in asking the right questions and debating possible answers is invaluable. As we concluded a recent strategy workshop, the overwhelming feedback was, "wish we spent more time discussing these issues in such cross-functional groups".
Given how the world is changing around us, a "plan" is outdated the day it is finalised. What won't be outdated is the thought-process that went into it. Having your mangers share a common understanding of the market, your choices and actions is a powerful advantage because they are now equipped to make changes as the underlying assumptions change. A plan written by the corporate planning team or consultants does not lend itself to dynamic modification.
Make the strategic planning process a key element of your leadership / mangement practice. In fact, consider making it an ongoing activity, part of your monthly conversations. Democratise your strategic plan.
(Later: The top 3 strategy questions every manager should think about daily.)