Using strategic execution we implement systematic implementation of a strategy.
- 1) analysis or assessment, where an understanding of the current internal and external environments is developed,
- 2) strategy formulation, where high level strategy is developed and a basic organization level strategic plan is documented
- 3) strategy execution, where the high level plan is translated into more operational planning and action items, and
- 4) evaluation or sustainment / management phase, where ongoing refinement and evaluation of performance, culture, communications, data reporting, and other strategic management issues occurs.
Strategy includes processes of formulation and implementation; strategic planning helps coordinate both. However, strategic planning is analytical in nature (i.e., it involves “finding the dots”); strategy formation itself involves synthesis (i.e., “connecting the dots”) via strategic thinking. As such, strategic planning occurs around the strategy formation activity
This process, like all processes, has constraints. It may be formal or informal and is typically iterative, with feedback loops throughout the process. Some elements of the process may be continuous and others may be executed as discrete projects with a definitive start and end during a period. Strategic planning provides inputs for strategic thinking, which guides the actual strategy formation. The end result is the organization’s strategy, including a diagnosis of the environment and competitive situation, a guiding policy on what the organization intends to accomplish, and key initiatives or action plans for achieving the guiding policy.