A big part of business strategy consulting is teaching about the planning process.  The three major elements to strategic planning are creating a strategy, building a plan, and identifying and implementing accountability.

Many business leaders believe that the business strategy and the business plan are the same thing.  This is a misconception that gets many companies in trouble.  The business strategy is comprised of the goals and vision of the company, the growth parameters, the long term viability of the firm and the desired personality of the company.  Where does the company want to go?  How do we get there?  Who do we need on board?  What are we willing to do to attain these goals?  The business strategy is the complete blueprint for the company’s success.

The “plan,” however, is how a company “operationalizes” its strategy.  The plan prioritizes the action steps that need to happen for the company to move forward.  It breaks down the strategy into functional tasks, including time, resources, scope and priority.  Over the life-cycle of a company, there will be many plans that help shape and fulfill the strategy.  There may be marketing plans, communication plans, sales plans, innovation plans, personnel development plans, etc….

The last and most overlooked component of strategic planning is accountability.  The lack of accountability is where everyone from executive teams to entrepreneurs get into trouble.  Most firms do not take the time to configure the accountability of the plan.  Who owns the vision?  Who is responsible for the actions being completed in the plans?  Who acts as a check and balance for the tasks?  Who is keeping the strategy and the plan on course?  Accountability is paramount for successful strategic planning.

A strategy without a plan is a dream.  A plan without accountability is a piece of paper.  The planning process brings all three critical “keys” together in a deliberate and intentional manner.