Strategic Planning - University of Thinking Insight Foresight Analysis Judgment ... Strategic Planning

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    Presented by: Edith GandyUF Executive Education

    Strategic PlanningCreating the Future

    2014 TriSource Associates- All Rights Reserved

    Strategic Thinking

    Insight

    Foresight

    JudgmentAnalysis

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    Strategic Planning

    Vision and Mission

    Why?

    Tactics

    How?

    Strategy

    What?

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    Strategic Thinking vs. Strategic Planning A strategic plan is only a part of the strategy

    process; an organization's actual strategies (and their execution) lie in the decisions and thinking behind the choices on a day-to-day basis.

    Strategic thinking enables leaders to act in ways that manage the tension between success in daily tasks and success in the long term.

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    Strategic Thinking

    Compared to the routine, auto-pilot thinking we often do when dealing with day-to-day issues, strategic thinking is intended to be more big-picture, deeper, broader and moreobjective.

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    Strategic Thinking

    Leaders who have technical expertise but cant or dont think strategically are like ships without a navigation system.

    They drift around in one direction after another trying to chase opportunities and avoid problems but without having charted the way to navigate to the desired location.

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    Strategic Thinking

    In a times of change, leaders who dont think strategically can be more like ships in a tsunami unable to reach their desired destination and at risk of being overtaken by forces for which they did not plan and which they cannot control.

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    Strategic Thinking

    Most of us are trained to think tactically rather than strategically. Thats because most of our formal education teaches specific disciplines: accounting, math, grammar, etc.

    A very small percentage of most peoples education and training focuses on big-picture thinking.

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    Strategic Thinkers1. Predict and anticipate

    2. Think critically

    3. Interpret facts, but dont ignore feelings

    4. Are curious and creative

    5. Communicate and collaborate

    6. Balance facts and experience with creativity and intuition

    7. Dont lose sight of the big picture

    8. Dont fall prey to rear-view mirror thinking.

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    Rear-View Mirror Thinking

    In the years before the downturn in the real estate market, many lenders and investors were examples of rear-view mirror thinking. They were under the conventional (and false) assumption that real estate had always increased in value and therefore would continue to do so.

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    Rear-View Mirror Thinking

    Had lenders and investors thought more strategically in analyzing trends and questioning assumptions, perhaps the mortgage meltdown would not have happened.

    Are there examples of rear-view thinking in your world?

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    Challenging Mindsets

    Strategic thinkers challenge conventional thinking and the way weve always done things around here. They know there is often more than one right way to achieve objectives.

    Challenging mindsets includes challenging your own mindset and recognizing that doing things your way may not always be the best way.

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    Strategic vs. Tactical Thinking

    Strategic thinking is focused on doing the right things.

    Tactical thinking is focused on doing those things right.

    There is nothing more wasteful than becoming highly efficient at doing the wrong things.

    Peter Drucker

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    Strategy Creation

    Strategy creation is strategic thinking for the purpose of developing a plan of action that will guide an organizations sustainability and create value for its stakeholders.

    Strategy creation is about fully understanding what you do (and for whom), what you want to become, and most importantly, focusing on how you plan to get there.

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    Strategy Creation

    Strategy creation is also about what you dont do; it draws necessary boundaries and defines the scope of an organizations reach and intentions.

    This keeps the organization from setting goals that are too ambitious or are outside of the organizations core mission and capabilities.

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    Strategy Creation

    A sound strategy, skillfully implemented, identifies the goals and direction that leaders and people at every level in the organization need in order to define their work, achieve results and make the organization successful.

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    Strategy Creation

    Well-developed strategy is a survival mechanisma way for an organization to consider trends, anticipate opportunities and threats and to develop and use their strengths and advantages to capitalize on opportunities and overcome threats.

    Poorly developed strategy can have the opposite effect.

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    Exercise

    What are some examples of organizations that experienced setbacks or failures because they failed to anticipate and plan for threats and challenges?

    In thinking about ups and downs you have experienced in the past year, were there unanticipated threats and challenges you had to deal with? How did you handle them? Were there lessons learned?

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    Why Strategy Matters1. Creates Organizational Focus

    2. Drives Creativity and Innovation

    3. Increases Productivity

    4. Provides Decision Clarity

    5. Shapes Allocation of Resources

    6. Guides Operational Planning

    7. Drives Talent Management

    8. Creates the Change Agenda

    9. Others?

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    Strategy Creation

    Strategy creation typically begins with thoughtful preparation, followed by a management session that zeroes in on the top strategic priorities the organization needs to address to achieve its mission, vision and objectives.

    After the management session, action plans are created for each issue. Once action plans are developed processes are put in place for their implementation.

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    The Strategy ProcessVision, Mission,

    &Values

    GapCurrent State

    Strategy Creation

    Desired State

    ImplementationTactics

    Strengths &Weaknesses

    (Internal)

    Opportunities &Threats

    (External)

    Pg. 5

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    Strategic Planning

    10 Steps in the Process:1. Revisit and validate mission and vision2. Critically examine existing strategies and

    tactics3. Assess events and trends 4. Creatively examine strengths, weaknesses,

    opportunities and threats.5. Determine the current state of the

    organization vs. the desired state.

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    Strategic Planning

    10 Steps in the Process:6. Engage in ideation generate ideas to close

    the gap between the current state and the desired state.

    7. Develop and prioritize strategies8. Determine how to clearly communicate the

    organizations strategy 9. Drive execution through action planning,

    change management and accountability.10. Review progress and make adjustments on

    an ongoing basis 2014 TriSource Associates- All Rights Reserved

    Step 1

    Revisit and validate mission and vision

    o Are vision and mission still valid

    o Are they expressed in a way that enables a clear understanding of the organizations purpose?

    o Are there any changes or revisions that could make the vision and mission more powerful?

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    FILL IN STEP 1 ON THE PLANReview the Vision and Mission

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    Step 2

    Critically examine existing strategies and tactics.

    o What worked well and what did not (ups and downs)

    o What helpful insights can be gained?

    o If we had it to do over again, what would we do differently or better?

    o What strategies and/or tactics do we need to: Stop - Start - Continue Improve?

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    FILL IN STEP 2 ON THE PLANUps and Downs. Stop, Start and Continue

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    Step 3

    Assess events and trends (PEST Analysis)

    o What political events or trends may influence and/or shape future direction?

    o What economic events or trends should be considered?

    o What societal events or trends may affect us?

    o What technological events or trends need to be factored into decision-making?

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    FILL IN STEP 3 ON THE PLANPEST Analysis

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    Step 4

    Creatively examine strengths, weaknesses, opportunities and threats.

    o Strengths, weaknesses, Opportunities and threats

    o