Strategic Thinking & Planning
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“Strategic Thinking is a way of understanding the fundamental drivers of a Business and rigorously (and playfully) challenging conventional thinking about them.” --> Focuses on finding and developing unique opportunities to create value for the organization --> Takes into account: Products & offerings, Markets, Clients/Customers, Competitors, and Suppliers. --> Input to strategic planning -------------------------- The process of Strategic Thinking must ensure that business strategies are: + Aligned: fit with business’s Mission, Vision, Competitive Situation, and Operating Strategies + Goal-orientated: strategies’ outcomes must linked with business’s goals + Focused: points out exactly what should be prioritized + Implementable
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1. Definitions of strategic management, mission, objectives, goals, and levels of strategy including corporate, business unit, and functional strategies.
2. Frameworks for analyzing the external and internal environment like PEST, Porter's 5 Forces, SWOT, and TOWS.
3. Tools for strategic analysis and choice like the BCG matrix, product life cycle, benchmarking, and gap analysis.
4. The rational process of strategic management including analysis, formulation, implementation, and review.
5. Case studies and examples are provided to illustrate strategic management techniques.
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Strategic Thinking & Planning
- 1. STRATEGIC THINKING & PLANNING
- 2. What is Strategic Thinking? “Strategic Thinking is a way of understanding the fundamental drivers of a Business and rigorously (and playfully) challenging conventional thinking about them.” Focuses on finding and developing unique opportunities to create value for the organization Takes into account: Products & offerings, Markets, Clients/Customers, Competitors, and Suppliers. Input to strategic planning
- 3. What is Strategic Thinking? Strategic Non-Strategic Broad view with zoom in Abstract with powerful engagement of the imagination Abstraction illustrated with concrete examples Important, non-intuitive, framework breaking ideas Embraces alternatives and uncertainties Aims to achieve an overarching goal Narrow view Concrete with no engagement of the imagination Concrete illustration only Generally understood ideas that fit within a consensus framework Embraces neither alternatives nor uncertainties Focuses on supporting goals
- 4. What is Strategic Thinking? The process of Strategic Thinking must ensure that business strategies are: Aligned: fit with business’s Mission, Vision, Competitive Situation, and Operating Strategies Goal-orientated: strategies’ outcomes must linked with business’s goals Focused: points out exactly what should be prioritized Implementable
- 5. Benefits of Strategic Thinking Uncovers potential opportunities for creating values Challenges assumptions about an organization’s value proposition Help with understanding the fundamental drivers of a business & challenging conventional thinking about them Raises awareness of what needs to be done
- 6. Pre-Strategic Planning Before commencing on Strategic Planning: 1. Understand the WHY – why you are in business in the first place 2. Define your Vision (Vision Statement and Mission Statement) 3. Set your Goals for the Business 4. Set your SMART objectives
- 7. Strategic Planning “Strategic planning is a structured process of thinking about and writing down where you are, where you want to be, and how to get there.”
- 8. Don’t get confused! Strategic Thinking is different from Strategic Planning. Strategic Thinking should be a continual habit, while Strategic Planning should be a recurring exercise.
- 9. Questions, Comments or Clarification? Contact: Maverick Mentoring For Business Email: peter@maverickmentoringforbusiness.com.au Phone: 61 3 9005 8275