Strategy Planning Step 5: Vetting and Approval

Buy-in and communication are key ingredients to successful strategic planning.

In this video, we explore the fifth step in successful Strategy Planning: vetting and approving the prioritized strategy. Buy-in is critical for an effective strategic plan. A Strategic Statement can help provide a succinct soundbite for getting buy-in and approval.

Be sure to watch the overview of all 6 steps here.

Presented by Kut Akdogan, Partner at Gaussian Holdings.

Click here for the next video in this series.

Strategy approval: summary of video

In the last video, we established the highest impact, highest feasibility components of our organization's multi-year strategy. But that's not enough. The next step is vetting, approving and finalizing.

The top priority opportunities that comprise your strategy should be combined into a single, cohesive strategic statement and then all relevant stakeholders should hold a working session to review and adjust it if necessary.

The strategic statement, along with the backup prioritization table, should be presented to the board, ownership, or both, to get final ratification and approval. Let's look at an example. Let's say we defined a multi-year outcome of $100 million annual run rate revenue and our top strategic opportunities ended up as triple inventory through third party products, significantly reduce expense per product launch to increase products launched per quarter, expand to China with existing and new portfolio. This could imply a two to five year strategic statement of: Scale our reach rapidly, grow our marketplace with third party products and adopt a repeatable launch model to expand to China while improving efficiency in the US. Vetting is a critical step.

In our next video, we'll look at the sixth and final step of strategy planning - Execution.

For more resources or services for communicating strategic plans and getting buy-in, contact us here or shoot us a note by email or on LinkedIn.

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