Strategic Planning and Its Recent Trends

Strategic planning is a critical process that guides organizations in setting their goals, determining the actions to achieve these goals, and mobilizing resources to execute the actions. This article will explore the concept of strategic planning and highlight some of the recent trends shaping this field.

Understanding Strategic Planning

Strategic planning is a systematic process that helps organizations define their strategy or direction and make decisions on allocating resources to pursue this strategy. It involves setting both long-term and short-term objectives, identifying the necessary steps to achieve these objectives, and aligning resources to implement the actions.

 Recent Trends in Strategic Planning

The field of strategic planning is dynamic and constantly evolving. Here are some of the recent trends that are shaping strategic planning:

1. **Resilience Planning**: The last few years have seen significant shifts in the economy and market changes². Resilience planning involves creating initiatives to expand business continuity during uncertain times. It fosters a more collaborative environment and enhances visibility².

2. **Collaboration**: Cross-functional teams are essential for bringing your organization together and driving progress². Comprehensive strategy management tools can further help break down silos and improve accessibility to shared information².

3. **Speed**: Many organizations operate in a fast-changing environment. True innovation can help your teams thrive in fast-paced, ever-changing situations and maintain resilience².

4. **Inclusion in Strategic Planning**: Inclusion has become a key aspect of strategic planning³. This involves ensuring that all levels of the organization are involved in the strategic planning process³.

5. **Adopting Outside-In Market Perspectives**: Being informed of the new reality and adopting outside-in market perspectives is another trend³. This involves understanding the external factors that affect your organization and incorporating this understanding into your strategic planning³.

6. **Balancing Remote Work in Strategic Planning**: With the rise of remote work, balancing remote work in strategic planning has become crucial³.

7. **Emotional Intelligence in Strategic Planning**: Emotional intelligence is increasingly being recognized as a key factor in strategic planning³. This involves understanding and managing your own emotions and those of your team members to create a more effective strategic plan³.

8. **Employing Data Analytics**: Data analytics is being employed more and more in strategic planning³. This involves using data to inform your strategic decisions and make more effective plans³.

Conclusion

Strategic planning is a critical process that helps organizations set and achieve their goals. The field is constantly evolving, with new trends such as resilience planning, collaboration, speed, inclusion, adopting outside-in market perspectives, balancing remote work, emotional intelligence, and employing data analytics shaping the way organizations plan their strategies. By staying on top of these trends, organizations can ensure that they are well-positioned to navigate the challenges and opportunities that lie ahead.

Source: Conversation with Copilot, 6/15/2024

(1) Strategic Planning & Execution Trends for 2024 and Beyond - AchieveIt. https://www.achieveit.com/resources/blog/the-latest-strategic-planning-and-execution-trends-and-statistics/.

(2) Strategic Planning: 8 Exciting Trends for 2022 - Innovation Minds. https://innovationminds.com/strategic-planning-2022/.

(3) 9 Trends That Will Shape Work in 2024 and Beyond - Harvard Business Review. https://hbr.org/2024/01/9-trends-that-will-shape-work-in-2024-and-beyond.

(4) 7 trends for an effective 2021 strategic planning process—and why .... https://www.agilitypr.com/pr-news/public-relations/7-trends-for-an-effective-2021-strategic-planning-process-and-why-leaders-must-act-now/.

(5) 2022 Trend Report for Planners - American Planning Association. https://www.planning.org/publications/document/9228382/