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Strategic Planning: Three-Track Approach vs. Traditional Method

Every strategic plan has one major goal in mind: to improve ways of running a business. Of course, implementing a new strategy is a lot of work, and it doesn’t always achieve that ultimate goal. Here at the Coraggio Group, we believe that the most successful strategic plans get early buy-in from key stakeholders and ensure that leaders have the skills and willingness to see the plan through. In other words, the best strategic plans integrate people and processes for impact.

 

To do this, we have developed a three-track approach to strategy development. This strategy allows us to develop the strategic plan, build key support for the plan, and ensure the organization can execute it. Let’s take a closer look at what each of these three stages accomplishes for businesses that buy-in. 

Track One: Strategy Development

The idea of strategic planning is nothing new. Many businesses have undergone more than one over the years with varying degrees of success. A common mistake that leads to the plan failing is when stakeholders are not involved in the development stages. That is why we have developed an approach that includes

  • Involving people across all functions and all levels of the organization.
  • Representing the business’s values and culture.
  • Considering the level of risk the company is willing to take.
  • Assessing the organization’s ability to take on a plan.
  • Helping the executive team understand their roles.

This strategy gets everyone on board for the new approach to the business, which is a critical first step in ensuring it’s successful.

Track Two: Stakeholder Development

Winning over stakeholders is the next step, and it’s a major one. To make sure they feel heard in the development of a new strategic plan, we suggest doing the following:

  • Confidentially survey stakeholders to gather their input.
  • Design a process that thoughtfully engages stakeholders.
  • Ensure that stakeholders know their roles in making the strategy successful.

No strategic plan will work if the people whom it affects most aren’t on-board with the changes. They can help make sure you didn’t overlook something important in planning major structural changes.

Track Three: Leadership Development

The best plans don’t just change how to run a business; they also develop better leaders that can take the organization to the next level. Begin by identifying leadership’s capabilities and assessing whether current leadership can handle what the strategic plan will ask of them. If needed, you can provide training or acquire additional resources or employees to fill in whatever gaps may exist between your current personnel and what’s needed to execute the new strategic plan. Leaders mean everything when it comes to integration. So it’s essential to make sure the leadership you’ve got on-board is well-suited to do what’s asked of them.

Strategic Planning with the Help of the Coraggio Group

Often, businesses that adhere to our three-track approach end up with a strategic plan that works. There are many methods for improving a business, and not all of them work. This approach, however, has been proven to be effective. If you’re on the hunt for top-tier strategic planning consultants, the Coraggio Group could help you find a strategy that works for your business, too.