Over and again our research has shown that senior PSF marketers would like to improve their strategic planning skills as they see strategy as an area they would like to get more involved in at their firm. This article gives a a great introduction to strategic decision making and the different approaches that can be used.
What is your strategy? Most senior executives can confidently answer this question. How has that strategy changed over time? This one usually gets a quick answer too. How do you make decisions about changing that strategy? Now it gets much more difficult. The fact is, many senior executives struggle to describe how they make strategic decisions. That’s a serious problem, since the process for making strategic decisions can shape the strategy itself. Making a strategy without knowing your process is like sailing without a compass. You are setting yourself up for a long, stressful journey. Even worse, if you eventually reach your destination, you may not realize that you’re in the right place.