Strategic planning often requires more executive time and energy than the value it produces. Plans are developed outlining lofty goals and objectives, but sit on the shelf. New approaches are needed.

1. Strategic Planning: Part I
Do you Want the Long or Short Version?
By Gregory P. Cofoid || cofoidg@gmail.com ||
www.linkedin.com/in/gregcofoid
Strategic planning has gotten a bad rap during the past several years,
mainly because it requires a lot of time, energy and focus by senior
management. None of us likes to have our schedules pirated by a project
that may or may not have an impact on the organization. However, when
it comes to strategic planning, the commitment often dictates how much
attention is given. Oddly, when a significant amount of time is expected,
the process is shortchanged. People dread working on it and find ways to
procrastinate with deliverables or miss meetings. However, when it is
easy and quick, it is given some modicum of energy and attention.
So, how should one go about this thing called strategic planning?
In Fortune 500 firms, the process often starts in April or May and runs
through November. Senior executives groan when they think of the time
sucked into the process, and often times they are right. In many large

2. organizations, these processes have grown a life of their own, and result
in a tome that only sits on the shelf until it's dusted off the next year.
Many hours are wasted, and when one calculates the cost - it's
staggering.
But I'm not a Fortune 500 firm! you might exclaim. What should I
do?
Regardless of whether you are or aren't a member of the platinum club
of the F500, the payback on eight month's of executives' time is difficult
to reconcile. Therefore, the process needs to be truncated - abbreviated
to a timeframe that makes that payback worthwhile. For those
companies not on the Fortune 100 list, your strategic planning process
should last no longer than 60 days ... period ... and preferably 30. The
process should be approached like any lean manufacturing conundrum --
with efficiency and effectiveness at the core.
Then how can we get it done so quickly? you might ask.
The key is outlining your plan for getting it completed within 60 days,
assigning responsibilities with required deliverables and due dates and
ensuring the CEO reviews and approves it. Distribute the timetable
widely, so all see it before the process begins. Once committed,
everyone should fall in line. If not, the CEO must work with the CFO to
ensure the milestones are met and the process stays on track.
Next: PART II -- How to Begin. We will cover this in our next segment.
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