Choosing the Right Strategic Planning Framework
I am often asked by clients which strategic planning framework they should use. In general, strategic planning frameworks provide a structured approach for organizations to define and execute their long-term strategies. While there are numerous frameworks available, I will compare the following: SWOT Analysis, Balanced Scorecard, OKRs, Porter’s Five Forces, and McKinsey’s Three Horizons. SWOT Analysis: Pros: Easy way to assesses internal strengths and weaknesses and external opportunities and threats. Cons: Lacks prioritization and doesn’t provide a clear path for action. Your team must be careful about categorizing and prioritizing the action items. See my previous article on ways to optimize your SWOT analysis. Recommended for: A SWOT is a great for getting a snapshot of the current state of your organization and identifying key areas of focus. Balanced Scorecard: Pros: Offers a balanced view of an organization’s performance and helps align different organizational initiatives. Cons: Can be complex to implement and measure accurately. Recommended…