Strategic Planning is about Elimination
Strategy is about knowing what to sacrifice. It is through a process of elimination that we arrive at the right path. Often, we confuse tactics for strategy.
Strategy, very briefly, requires the following:
1. We should focus on how to deliver the stated goals / objectives
2. We should work at 2 levels - market & mind / heart
3. We should have cross-functional alignment. It is not uncommon for teams to develop plans in isolation... A surefire recipe for disaster
4. We should have time lines and measurability
5. We should - most importantly base it on fundamentals: how to create greater value in the stakeholders' life.
In all of the above, what's important is to know what to give up.
Strategy is About Having Clarity
Strategy does not necessarily means sacrifice, strategy is about having clarity.
For sure it can't be confused with tactics, which usually is fire fighting, and usually brings normalcy back, but is never the strategic intent.
It's about exploring other avenues, and I agree increasing stakeholders value.