A new study of 163 CEOs, senior strategists and communications professionals, conducted by Forbes Insights and FD in conjunction with the Association for Strategic Planning and the Council of Public Relations Firms, looks at corporate strategy development and implementation. Of special interest was the interdependence of strategy and communications in creating and executing a successful strategy.
Their Nr.1 key finding?
…While senior management does not have a common definition of what strategy is at the conceptual level, it does have a very clear definition of what strategy is not, as well as a very clear, pragmatic definition of what types of corporate initiatives are and are not strategic…
In Strategy Is… Hmm…, we talked about Chris McCall’s three fundamental questions about strategy:
- What business are we in?
- What business should we be in?
- How do we get there?
So, if senior management does not have a common definition of strategy, that means they are not on the same page in regards to the three questions above. Am I the only one who finds this extremely disturbing?
Luckily, I am not. Mitch Ellner, CEO of CNC Strategy Cloud Solutions, talks about this in his post Strategic Planning – the “Strategy” of all 3 Resources. With three resources, he means people, processes/information and finances.
“Businesses need to begin to look at all 3 strategic resources – people, processes, finances – to measure and thus manage against, and with begin to look at this as a part of the business – ongoing, habit and consistent – not as a “project” that has a start and stop. Strategic Planning, strategy, alignment, execution, et al. has no start and stop. It does have change.”