Let There Be Light: Building Strategic Planning Capability | Zendy

Recardo Ronald J. | Zendy

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Let There Be Light: Building Strategic Planning Capability

Author(s) -

Recardo Ronald J.

Publication year - 2015

Publication title -

global business and organizational excellence

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.227

H-Index - 16

eISSN - 1932-2062

pISSN - 1932-2054

DOI - 10.1002/joe.21654

Subject(s) - strategic planning , competitor analysis , prioritization , business , process management , identification (biology) , plan (archaeology) , process (computing) , strategic sourcing , strategic control , marketing , operations management , strategic thinking , strategic financial management , computer science , economics , history , botany , archaeology , biology , operating system

Although often confused with each other, financial forecasting and strategic planning significantly differ. A case study of a manufacturing company reveals the value of developing a strategic planning process focused on data collection and targeted analysis. With the guidance of consultants, the organization's leaders developed a multiyear strategic plan that included a comprehensive analysis of the firm's industry, market, and competitors; identification, prioritization, and selection of growth platforms; and detailed action plans for executing the strategic plan. Using a fast‐cycle approach, they were able to not only design a strategic planning process, but also develop and begin implementing a new strategic plan in only four months. As a result of their efforts, the company is well positioned for competitive differentiation and rapid growth. © 2015 Wiley Periodicals, Inc.

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