Strategy and Planning

Strategy provides a sense of direction and outlines measurable goals. Strategic planning on the other hand is intended to guide decision-making, enabling the evaluation of progress towards objectives and allows for shifting approaches when moving forward. In order to maximise the value of strategic planning, an organisation needs to give careful thought to the strategic objectives it outlines, and then support these goals with realistic, well-researched, quantifiable benchmarks for evaluating results. It also needs to give careful consideration to the ethical aspects of business operations in order to maintain a social licence to operate.

The external environment has a significant influence on strategy so it is important that the board and executive management give consideration to political, economic, socio-cultural, technological, legal and environmental influences. External stakeholders such as suppliers, customers, unions and government agencies can also impact strategic decision-making challenging business continuity and the supply of goods and services.