Strategic Planning


When you realize your current business is not growing or is declining fast, the best thing to do, after a sincere prayer to the Almighty God, is Strategic Planning.

In simple words, Strategic Planning is the process of retreating to the drawing board, understanding your mission & vision, assessing the current business situation, and aligning on strategic & tactical course corrections to realize your vision.

Let’s take a deeper look…

Strategic Planning

Typically, the participants in the process include:

  • Leadership team – CEO, Business Unit Heads, Heads of Product, Marketing, Sales, Engineering, Support, and Operations
  • External consultants – to ensure there is a third eye

The participants are required to do some assessment of various aspects of the current business situation.

Inputs to the Strategic Planning process/discussions

  • Vision/Mission
    • A mission statement clarifies the purpose of why you are doing the business
    • A vision statement is the end goal of where you want to get to, what you want to achieve
  • Current situation
    • Business
    • Operating environment
    • Organizational challenges
    • Challenges & obstacles
  • SWOT Analysis
  • PEST Analysis

During the process/discussions

  • You refresh and re-understand your mission and vision
  • You come up with ideas for course corrections on the way forward, both strategic and tactical moves
  • Align on the way forward to achieve your vision, with sub-goals & milestones in the form of roadmap(s)

Outputs from the Strategic Planning process

  • Clarity (vision/mission)
  • Improved Strategy
  • Revised Roadmap (goals/timelines)
  • Alternate Tactics
  • Stakeholder & org alignment

It’s essential to communicate the outcome with your organizations so they are aligned on the new direction with renewed energy and focus.

Frequency

  • The frequency at which a strategy planning is required is whenever there is a need to refresh the basics and the business direction and/or every 6/12/18 months as deemed appropriate for the company.

Would love your feedback on this short and simple article!

 

 

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3 qualities of leadership folks I most enjoy working with


The leadership team is ultimately responsible for the success of their companies.

They have teams of their own — product, marketing, sales, engineering, etc.

Being product managers sitting in offshore offices across India, as we are not part of the leadership team in the headquarters (due to timezone differences, onsite office vs. offshore office mindset, etc.), it is essential the leadership team attempts to take the product managers along with them in their journey of steering the company.

Essentially, there are some qualities we expect in our leaders and below are the top 3 qualities of leadership folks I most enjoy working with:

Three fingers

1. Groom team members into future leaders
2. Share business, company, and priority updates instantly
3. Give credit to team for successes

Would love to hear what others think!