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CONFIDENTIALThisreportissolelyfortheuseofclientpersonnel.Nopartofitmaybecirculated,quoted,orreproducedfordistributionoutsidetheclientorganizationwithoutpriorwrittenapprovalfromMcKinsey&Company.ThismaterialwasusedbyMcKinsey&Companyduringanoralpresentation;itisnotacompleterecordofthediscussion.Clientworkshopdocument(release2.0)RevisedMarch1999STRATEGICPLANNING:BESTPRACTICESANDBEYONDWORKINPROGRESSEricBeinhocker-DCSarahKaplan-NYNY-262419.204/990325YdollSL11•Background•Keyfindingsfrombestpractices•Reinventingstrategicplanning•Organizingtodostrategicplanning•HowtogetstartedTODAY’SDISCUSSIONNY-262419.204/990325YdollSL12WHATDOWEMEANBYSTRATEGICPLANNING?StrategyisThehandfulofdecisionsthat…•Largelyorentirelydrivemostofthesubsequentdecisionsandactionsofthefirm•Havethegreatestimpactonwhetherthefirm’sobjectiveswillbeachievedStrategicplanningistheprocessbywhichthosedecisionsgetmade,whether•Formally•Informally•Topdown•BottomupNY-262419.204/990325YdollSL13•Formalprocessesaretimeconsumingwithlittlevalueadded−Fewgoodideasemerge−Paperandnumbersdriven−Moretacticalthantrulystrategic•Informalprocessesveryadhoc−Morereactivethanproactiveandshaping−Insufficientlyfactbased−Poorinstitutionallearning•Poorlinkagestootherprocesses(budgeting,people,performancemanagement,capital)•Lackofclarityonroles(corporatecenter,businessunits,groups)MANYCOMPANIESHAVEISSUESWITHTHEIRSTRATEGICPLANNINGPROCESSESNY-262419.204/990325YdollSL14PLANNINGHASGONETHROUGH3ERAS1990’s-2000Loose-tightapproach1980’sPlanningisdead,let1000flowersbloom1970’sCentralplanningNY-262419.204/990325YdollSL15Bestpracticecases•26companies•VarietyofindustriesMCKINSEYISRESEARCHINGPLANNINGFROM3ANGLESAcademicresearch•Strategy•Organization•Innovation•Learning/creativityMcKinseyexperience•HowtoimproveplanningEmergingviewsonreinventingstrategicplanningNY-262419.204/990325YdollSL16WEANALYZEDSTRATEGICPLANNINGAT26COMPANIESMultibusinessTechnologyOthergoodplanningcompanies•Criteria−Reputationforplanning−Long-termperformance•Sources−Interviews−McKinseydataandexperience−Academicwork−Publicdata•Examinedatvaryingdepths•Noonecompanyperfectinallaspects•Candraw“composite”pictureWORKINPROGRESSNY-262419.204/990325YdollSL17TODAY’SDISCUSSION•Background•Keyfindingsfrombestpractices•Reinventingstrategicplanning•Organizingtodostrategicplanning•HowtogetstartedNY-262419.204/990325YdollSL18ExamplesSOMECOMPANIESGOODATUSINGPLANNINGFOROPERATINGSTRATEGICALLY...Characteristics•Highlydisciplinedformalplanningprocesses•Calendardriven•Focusonlinkagestootherprocesses(e.g.,performancemanagement,people,capital)•StrategybyanalysisNY-262419.204/990325YdollSL19…OTHERCOMPANIESGOODATUSINGPLANNINGFORINNOVATINGSTRATEGICALLY...•Highlyfluid,informalprocesses•Topicandeventdriven•Focusoncreatingthecontextandconditionsforinnovation•StrategybyexperimentExamplesCharacteristicsNY-262419.204/990325YdollSL110•Processcreateschallenge–bringsthemarketinside•Transparency2-3levelsdowninorganization/littlefiltering•Thosewhocarryoutstrategyalsomakeit•Emphasisoncreatingtherightconversations,notpaper•Fact-basedapproach•Insightcomesfromaskingrightquestions•Behaviors/culturematteralot•Processcreateslearning,“preparedminds”•SubstantialinvolvementofCEO/seniorleadership…ALMOSTALLSHARESOMECOMMONCHARACTERISTICSNY-262419.204/990325YdollSL111Tight/Tight/operatingoperatingLoose/Loose/innovatinginnovatingCANWECOMBINETHEBESTOFBOTHOPERATINGANDINNOVATINGSTYLESOFSTRATEGYDEVELOPMENT?•Formal•Calendardriven•Disciplined•Tightlylinked•Informal•Topic/eventdriven•Creative•FreetoexperimentNY-262419.204/990325YdollSL112NY-262419.204/990325YdollSL113TODAY’SDISCUSSION•Background•Keyfindingsfrombestpractices•Reinventingstrategicplanning•Organizingtodostrategicplanning•HowtogetstartedNY-262419.204/990325YdollSL114STRATEGYDEVELOPMENTISABOUTARCHITECTINGTHERIGHTDIALOGUES/INTERACTIONMakingdecisionsTakingactionsDoingrealworkIdentifyingissuesStrategicdialogue/interactionStrategicdialogue/interactionNY-262419.204/990325YdollSL115THREECOREINTERACTIONSINLOOSE-TIGHTPLANNINGCalendardrivenstrategyreviews“Howisourstrategyworking?Whathaschanged?Whatdecisionsdoweneedtomake?”Cleansheetstrategydevelopment“Ifweputallassumptionsasideandeverythingonthetable,whatshouldourstrategybe?”Topicdrivenanalyses/experimentation“Whatshouldwedoabout(e.g.,internet,Asia,deregulation)?Whatexperimentsshouldweruntofindout?”Tight/Tight/operatingoperatingLoose/Loose/innovatinginnovatingNY-262419.204/990325YdollSL116ALLTHREEINTERACTIONSNEEDEDATALLTHREELEVELSOFORGANIZATION,BUTISSUESDIFFERCorporateCorporateSectororgroupSectororgroupBusinessunitBusinessunit•Vision•Aspirations/financialtargets•Portfolioofsectorsandbusinesses•Investmentallocation•Bignewopportunities•Portfolioofbusinesses•Investmentallocation•Relatedgrowth•Creatingandcapturingsynergies•Whichproducts,markets,andgeographiestocompetein•Howtocompete−Valueproposition−Sourcesofcompetitiveadvantage•RelatedgrowthNY-262419.204/990325YdollSL117THREECOREINTERACTIONSINLOOSE-TIGHTPLANNINGCleansheetstrategydevelopment“Ifweputallassumptionsasideandeverythingonthetable,