4 experts share their imperatives for strategic planning [New Report]
Disruptions have accelerated changes, and the forecast of a recession in the economic climate has put more pressure on CEOs than ever before. Leaders set the vision, goals and outcomes that are tied to growth, and that road map to growth depends on a rigorous strategic planning process. Heading into 2024, leaders must ask themselves: “How effective is my approach?”
Overwhelmingly, small and midsize businesses rely on a homegrown approach to strategic planning. According to data captured from over 1,500 CEOs in the Q3 Vistage CEO Confidence Index survey, 72% of CEOs report they rely on an internal process, 17% rely on known frameworks and just 11% rely on a third-party strategy consultant. Looking ahead, it’s possible that your previous approach may not have the necessary rigor to guide your business through the upcoming downturn while simultaneously preparing you for the next growth cycle.
To help CEOs level up their strategic planning efforts, this latest report by Vistage Research delves into the components of strategic planning. By comparing the viewpoints of strategic planning experts to the perspectives of CEOs, this report allows leaders to evaluate their efforts and identify potential gaps.
Experts from across the Vistage community — all of whom guide small and midsize businesses through the strategic planning process — weigh in on critical elements of strategic planning.
- Chuck Gounaris, a Vistage Master Chair, shares key differences between strategic planning and operational planning, helping you discern if your plan is truly a strategic plan.
- Jonathan King, President of Lean Leaders, shares how to level up your mission, vision and purpose statements to truly articulate how your company will transform customers.
- Marc Emmer, President of Optimize Inc., discusses the importance of using a variety of data inputs to understand your competitive advantage and inform your process.
- Sherrin Ingram, CEO of the International Center for Strategic Planning, delves into a framework to identify the most important key performance indicators (KPIs) to track and the cadence you should be looking at.
In the short term, CEOs must elevate their strategic planning efforts to navigate the challenging business environment of 2024. Recognizing that gaps in strategic planning now will positively impact your ability to capitalize on the next growth cycle projected to begin in 2025. Looking even further, the forecast of a global depression in the 2030s adds to the need for solid plans, long-term strategy, and a playbook for detecting and addressing gaps in your game.