Is strategic planning really that important?
Yes. Absolutely. Strategy + Execution is crucial!
- Only 2% of leaders are confident that they will achieve 80-100% of their strategic objectives
- 33% of leaders rate their organization as poor or very poor at implementing strategy
- 67% of well-formulated strategies failed due to poor execution
- In an alarming 49% of organizations, leaders spend only one day a month reviewing their strategic implementation
- Only 10% of organizations surveyed achieve at least two-thirds of their strategy objectives, with 36% achieving between 50%-67% and 54% achieving less than 50%
- 95% of employees do not understand their organization's strategy
- In 2016, the top three reasons strategy implementation is failing are 1) Poor communication, 2) Lack of leadership and 3) Using the wrong measures
- 70% of organizations that used a formal process to manage strategy out-performed their peers
- 77% of successful companies have an established mechanism to translate their strategy into operative terms and evaluate it on a day to day basis
(statistics provided by Responsis Pty Ltd at https://www.cascade.app/blog/51-strategy-statistics)