Summary of Four Best Practices for Strategic Planning

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Four Best Practices for Strategic Planning summary
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Strategy planning has become an unpopular exercise. Many would much rather go with the flow – which seems to fit these times when today’s innovations are tomorrow’s old hat. Strategy experts Nicolas Kachaner, Kermit King and Sam Stewart from The Boston Consulting Group agree that companies need to be flexible – but recommend having a solid strategy as a base. They describe four characteristics of strategic-planning processes that successful companies have in common. getAbstract recommends this report as a starting point for business leaders looking for ways to kick-start their strategic-planning processes.

About the Authors

Nicolas Kachaner, Kermit King and Sam Stewart are strategy experts at the international consulting company The Boston Consulting Group.

 

Summary

Each year, almost 10% of public businesses fail. Some argue that, to survive, companies need to be more flexible and do away with strategic planning. However, while it’s true that a company must be agile, a solid strategic grounding is just as important. 

Successful strategic planning processes share these four characteristics:

  1. “They explore strategy at distinct time horizons” – Businesses need to look at the long term and scope out the general direction of the company; they need to consider ...

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