Harvard Business Impact Enterprise · Transcript · · Updated
The Difference Between Strategic Planning and Strategic Thinking – Transcript
Video by Harvard Business Impact Enterprise · Watch the original on YouTube
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- Strategic planning is the process by which leaders set the direction and choose a path for an organisation to move forward.
- Strategic thinking is how colleagues help create that path to success by putting small decisions into the context of broader goals.
- Strategic thinking requires staying alert to the industry, customers, and competitors while focusing on the future.
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Simply getting your work done doesn't automatically position you for success. Today, you, your colleagues and every person in your organisation is expected to think strategically. But what exactly is strategic thinking? And how does it differ from strategic planning?
Strategic planning is the process by which leaders set the direction for your organisation to move forward. During strategic planning, leaders decide on a path to success that guides how people set priorities, allocate resources and plan how to achieve key goals.
Consider it your organisational action plan. Strategic thinking is how you and your colleagues help create that path to success. It requires that you put the smallest decisions in the context of the organisation's broader, long-term goals.
To think strategically, you'll need to keep alert to your industry, your customers and your competitors, and to frame your decisions based on thinking for the future rather than simply reacting to the present. So, how do you start to think more strategically?
You start by pushing past your assumptions about the way things work, keep your eyes open for opportunities to better serve your customers and use these insights to guide the way you make choices in support of your organisation's overarching goals. Your decisions make a difference. When you think strategically, you're putting yourself and your organisation on the smart path to success.