The Debate: Is Strategizing the Same as Planning?

Is?strategizing the same as planning?

We can all agree that strategizing and planning are part of running a successful business.

In some organizations, strategic planning is conducted around the end of the fiscal year of the business.?These planning sessions are supposed to help departments and the organization plan for the upcoming year include planning around financials, marketing, staffing, projects, and more.?They are meant to guide the organization in terms of operations and decisions.?

Great leaders understand the importance of strategic planning, operational plans, and using plans to drive the business.

However, the problem is not every manager really understands the difference between a “Strategy” and a “Plan.”

Most of them just love calling every quarterly meeting “strategic planning” session like it’s some kind of instant formula to success. Strategizing and planning are great tools to help you achieve success, but only if you understand them and how to use them in the proper way.

So before you gather your team for yet another “strategic planning”, you owe it to them to come up with realistic, doable steps that’s more than just a long document of business lingo that only you can understand.

Here’s a quick review of these terms in their simplest definition.?

You can use this to translate to your team how you define strategy and how you define a plan.??

Strategy

A?strategy ?is an overarching view and guiding principle that will?tie in place all of your plans.?Before?you jump into budgeting and manpower and all the other specific steps, you need to have a single, common strategy for the business, and thus each department or division of the business.?

This will serve as the blueprint or foundation that will guide your staff to accomplish the goals you set.

Plan

A?plan ?is the list of initiatives you will take based on the company strategy. After you have finalized your strategy, you can now develop a list of steps towards the end goal. These are the how, when, where, and what which are?coherent?to your strategy.?

This is the meat and guts.?

It identifies specific goals in each area of your operation, with details on how you will achieve those goals.

Take note that a strategic planning session begins with drawing out an integrated set of strategies that may lead to the desired outcome. Consider every possible factor around you and draw out the strategy that answers the question “why?”?Why are we here??Why is this important??Why do we need this??All the why questions you need to answer to develop the strategy.

Now, that you have a better grasp of these two terms, here are a few quick steps to help you create an effective strategy.

Remember, all strong leaders know the art of strategic planning and have mastered the skills of operational planning.

1.?Identify your organization’s long-term aspirations.?What is the goal of the business? Do you aim to expand??What do you want to be known for?

2.?Review your existing market.?Who are your competitors? How do you compare with them? How do you plan to win against them??How much market share do you have and do you want to change it??Do you want to add additional products or services to your current offerings?

3. What other areas besides customers, product, or service offerings and branding are important??For example: Do you want to streamline operations or reduce overall expenses or increase profitability etc.??

4.?Identify the resources you will need to be able to have a winning chance against your competition.?This may include finances, skills, people,?facilities, and more.?

5.?What are some external factors that may likely challenge your business’s ability to achieve its goals??These factors may be totally out of your control.

6.?Now, draw up your strategy based on the information you have gathered.

Remember that this strategy will be your overarching principle and guide as you move on to making your?specific?plans. Once you have developed the strategy, it will inform your decisions around the specifics of the plan.

Too often we approach planning as a chore and thus what comes out of the planning process isn’t useful in directing the organization.??

?The Dos and Don’ts of Planning Helps You Strategically Think Through Where You Want to Go

You’ll save yourself time and frustration, and walk away with a plan that sets you up for success.

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Linda Finkle

Executives and top performers in leading companies rely on Executive Coach Linda Finkle to call them on their blind spots, expand their influence, and create bigger things for themselves and the companies they lead. High-achieving professionals from Ameriprise, Mass Mutual, Blue Cross Blue Shield, major law firms, and dozens of others have come to know Linda as their secret weapon to overcome leadership and communication challenges that stand in their way of making an even bigger impact.

Linda is described as ‘the best of both worlds in that she understands revenue pipeline management as well as running organization day-to-day’ and ‘an invaluable resource and advisor’ by others. No matter how they describe her, clients regularly welcome the benefits that come from their work together. Most notably, clients’ gross revenues skyrocketed, communication skills have been refined creating a lasting ripple effect across the organization, allowing them to make bigger impacts at work and in their personal lives, and learn smarter ways of adding value without burning out.

Known for her great rapport and relationship-focused demeanor, she is often called direct and has a truth-telling way about her. Linda Finkle has coached and trained more than 2,000 leaders in six countries since 2001. Widely known as “The Elephant Chaser”, Linda has a reputation for going straight for the throat of whatever problems a business is having and working closely with leaders and managers to resolve them and to heighten the company’s overall performance. Whether working one-on-one with clients, as an inspiring speaker, as a leadership team facilitator, or with partnerships in distress, Linda is committed to guiding clients to clarity about their communications, behaviors, and stumbling blocks that stand in the way of their effectiveness.

Before launching Incedo Group, LLC, Linda built and managed an executive recruiting firm for more than twenty years. Her recruitment agency identified talent for Fortune 500 companies and small to mid-sized businesses as well and ranked among the top 10 recruiting firms in the country. Her ability to understand the corporate culture and needs of the company for both the long and short term ensured her clients returned time and again. Even today, clients and candidates from her recruiting days reach out to her for advice, help, and guidance.