Avoiding common but useless strategic planning activities can be easier said than done.
First, only talking about strategy in your annual strategy retreat. Vennli couldn’t agree more. One of our major tenants is that strategic planning should be an ongoing activity that requires regular updates on customer needs and competitive positioning.
Second, using a generic SWOT as your foundation. This information is useless unless looked at within a specific context. First, you need to determine the opportunities for growth in your market, and only then can you identify your strengths and weakness within that segment. Play where you can win. We at Vennli believe overall growth happens by creating initiatives focused narrowly on enhancing value for particular customer segments.
So, what do you think? Have you found yourself falling down these wormholes?
Read the full tip at hbr.org.