In 2020, millions of Americans filed for unemployment with some businesses declaring bankruptcy. Yet, billionaires enjoyed the increase of their wealth by half a trillion dollars.
While the world was trying to adapt to the sudden changes brought by Covid-19, was your business making or losing money?
All those companies started last year intending to gain, even expand their businesses. But those that succeeded had strong strategic planning frameworks.
So, what is it that guys like Jeff Bezos do to stay ahead of the game? Other than setting goals, what are the systems they follow?
If you are looking for an efficient way to actualize your ideas then you have come to the right page. We’ve researched and compiled a list of strategic planning frameworks that have been tried and tested by successful companies.
1. OGSM
Fortune 500 companies around the world started using this strategy framework after they saw how much success it brought Proctor and Gamble (P&G).
Have you undergone a sudden change in your business? Has your graph reflected sharp turns where you had expected smooth curves? Then, OGSM (short for Objective, Goals Strategies, and Measures) is the best solution for you.
Its one-page format allows easy visualization and track of your progress. Moreover, it focuses on a long-term plan while ensuring that daily practices mirror the goals desired.
But, your team must be ready to make a 3-5 year commitment to reap the best results from this model
2. 7s Model
The Mckinsey research project developed this model after meet-ups with some of the most successful people of the 1980″s. MCkinseys’ main idea is that there exist seven key internal elements that a company needs to streamline to succeed.
The internal elements are strategy, structure, systems, shared values, skills, styles, staff.
It’s best for organizations that are looking to assess their situation. Any sudden operational changes can either make or break the firm. Thus, it’s important to take time and access where you are.
This strategic model is effective in times of transition. But, research has shown that it gives better results when used alongside other frameworks.
3. Hoshin Kanri Strategic Planning Framework
This model best works for firms in which departments turn in independent results.
Hoshin Kanri’s strategic planning framework is designed to unify various departments by focusing on a common goal. Besides, it encourages relations between management and other employees.
4. Porters Five Forces
Are you looking to penetrate a new market? Are competitors threatening to close down your business? Do you ask yourself what is it that you are missing?
Porter’s five forces is a framework designed to study the competitive forces in the market by accessing five critical elements. These include points of entry, the threat of product replacement, suppliers, buyers, and competitors.
This model goes a long way in helping you recognize your niche.
5. Ansoff Matrix
Developed by a mathematician and a business researcher, the framework comes in form of a market-by-product grid. It gives an easy way to analyze market penetration, product development, diversification, and market development.
The model is perfect for a firm that is ready to implement growth strategies and take in the risks that come along with doing so.
Get Ready to Tick off With Strategic Planning Frameworks
Strategic planning frameworks facilitate goal actualization. Some organizations need models for growth while others need to take a step back and change a few things.
Pick a strategic framework that best suits your needs and get to work. If you enjoyed reading these articles, check out this page for more.
