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Top management of the firm takes part in the strategic planning, whereas the mid-level management takes part in the operational planning. How do you approach strategic thinking and planning? Strategic planning refers to the establishment of a direction for an organization, determining its objectives and goals and formulating the strategies that it should follow to achieve its vision. It has to be conducted or carried out. He is the co-founder and CEO of Aha! Applied Strategic Thinking Applied Strategic Thinking is a way of scanning your environment, finding ways to perform more efficiently, being more innovative, and reacting to outside challenges and opportunities with more confidence because you have already considered variables. https://ideadrop.co/creative-vs-strategic-thinking-whats-difference Strategic planning models and purpose-built roadmapping software help teams do this work better together. More and more, organizations are learning that past experiences are not always the best basis for developing future strategies. However, strategic planning is useful to help in strategic thinking, strategy development, decision-making, performance improvement, and to build camaraderie (14). The problem is that strategic planning proponents believe that analysis encompasses synthesis; that in the best practice, strategic planning, strategic thinking, and strategy making are synonymous. The major points of difference between strategic planning and operational planning are discussed below: 1. It takes courage and determination to conceptualize a new or better way. It will override my registry on the NCPR. Many people conflate these two concepts. It is important to note that a roadmap is simply a visualization of your strategic plan — it lays out the details of how you will turn the plan into action and shows a timeline for completion. The most simple difference between strategy and planning. A company often goes through a strategic planning process once a year, creating a document that is, in essence, a guidebook for the management team to use in the upcoming year. It is something that you do all the time. Strategic thinking informs strategic planning/management. One is an activity and the other is a tool . For over 20 years, Harvard ManageMentor® has set the standard for on-demand leadership development. While this can be true, as they are both part of the same overall process, each phrase has a slightly different implication. I appoint MyMoneyMantra as authorized representative to receive my credit information from Experian for the purpose of providing access to credit & targeted offers ('End Use Purpose') as defined in given Terms & Conditions. Generally speaking, the emphasis on implementation is where strategic planning and strategic management differ. There is no agreement in the literature on what strategic thinking is, what strategic planning is, or on the nature of their interrelationship. A search on the internet will offer you a million opinions. * Loan Processing fee to be paid directly to the Loan Provider. For some, strategic thinking and planning are distinct modes that are both useful at different stages in the strategic management process (e.g., Mintzberg); others posit that strategic thinking is not so much creative as analytical (Porter). Corporate Planning vs Strategic Planning In the surface level, strategic planning and corporate planning are interrelated though, there is difference between corporate planning and strategic planning in the sense that strategic planning refers to the larger extent when compared to the corporate planning. Would you like to get an instant callback? is the world’s #1 roadmap software. Strategic planning is fixed to a specific project or effort and represents the “how” and the “when.”. Some sources will tell you that strategic management and strategic planning are the same thing. But succeeding in the role…, Why Strategic Thinking Is So Hard for Project Managers. It is a skill you can apply to your everyday work to help you make decisions more quickly and prioritize areas that are worth investing in. It answers … Strategic planning is also critical when preparing for a major change. Strategic planning is, as I mentioned before, a type of high level management. The Difference Between Strategic Management and Strategic Planning. There is a reason this is the number one principle of The Responsive Method, the framework we use at Aha! Strategic planning typically occurs before you undertake a specific project. Put very simply, imagine a box on the floor that represents your organisation: Strategy is choosing where to put the box, its size and even whether it is even a box. It is useful for detailing the steps needed to solve a problem, improve a process, or deliver something new. Brian writes and speaks about product and company growth and the adventure of living a meaningful life. The difference between strategic planning and strategic management is what happens after the goals are defined. The strategic planning is an analytical activity because it is related to the thinking. The two work in partnership. That's where strategic thinking comes in. — the world’s #1 roadmap software — and the author of the bestseller Lovability. Roadmaps are beautiful. I have read articles with “strategic thinking” in the title that then go on to discuss the minutia of strategic planning. According to a 2009 Harvard Business Review article “Four Fatal Flaws of Strategic Planning,” 88 percent of companies engage in strategic planning, yet few adequately manage their strategies, and even fewer see their goals completely met. Brian seeks business and wilderness adventure. Strategic thinking is active and ongoing. By continuing to use our website, you consent to the use of these This could be embarking on a business transformation or undergoing a merger, acquisition, or other large organizational shift. But whether you are a company leader or an individual contributor, you can use strategic thinking and planning to drive proactive change. Strategic planning is a process. Skills Effective strategic thinking requires: Time frame Strategic thinking comes before strategic planning — but it does not stop. Time is not something we can get more of. Strategic thinking involves making a series of decisions about what actions the company intends to take to become more successful. Strategic Planning is concentrated towards attaining the long-term objectives of business. Cast your eyes past the maintenance-mode efforts and into the innovation that is possible. Strategic planning involves the identification of actions to be taken. Setting goals, defining workflows to accomplish the work, and creating a corresponding timeline are all part of the process. Because even the best insights are futile without a plan to actually implement. Strategic planning is an application of strategic thinking that involves teams, organizations or communities. Strategic thinking helps you consider the long-term value and consequences of taking a particular approach. Know more about strategic thinking and planning by enrolling into an online course in Strategic Management. After a planned strategy is implemented, for example, it often requires modification as environ­mental or organizational conditions change, or as top management’s ability to interpret […] When you have a clear vision for where you are headed, you can think strategically about each situation to determine what is worth investing effort into (and what is not). Strategic thinking is a skill set that can be applied to any complex problem solving process. Comparing Strategic Thinking and Critical Thinking is like comparing running and a pair of shoes. The plan set to achieve the long-term objectives is known as the strategic planning, whereas the plan made to achieve the short time objective is known as the operation planning. Mastering both is how you bring a thoughtful approach to your work and deliver on your goals. Implementing the Goals. Difference Between Strategic planning vs Strategic management. Our counsellors will call you back in next 24 hours to help you with courses best suited for your career. Strategic thinking is the process of determining the direction you will take to achieve your vision. A goal-first approach is foundational — it influences every decision we make about serving our customers and teammates. They proactively address the long-term needs of the organization but in different ways. Take notice of patterns and trends and speak to colleagues to consider perspectives that may be different than your own. You can apply it against your everyday work or decisions to determine viability and assess alignment with your goals. Difference between strategic planning and operational planning. Record your ideas and observations to help bolster your strategic thinking skills. Goal first. Strategic planning is a process. But fundamentally they are different and the effect they have on organizations, or teams, is different. A plan is what we put in place or develop when we decide to make that thought actionable. Strategic planning is a process (see above, RE: report that sits on a shelf), while strategic thinking is about vision, intuition, and creativity. Watch Rich Horwath, Author of Deep Dive speak about the difference between strategic thinking and strategic planning. “What’s the difference between Strategic Thinking and Critical Thinking?”. They do seem to be linked in a seamless manner, which is how they can have a significant impact. The upcoming discussion will update you about the difference between strategy and strategic management. There is even … That is the same difference that we need to apply when it comes to strategic thinking and strategic planning. Many people conflate these two concepts. Here’s one more. A thought is what comes as an idea, a concept or even an opinion that comes in our minds. It is useful for when you need to make an informed decision, solve a problem, or improve a process. Conversely, Strategic management involves … If you have read some of the other “vs.” blog posts I have written, you know that I like to begin with basic definitions. You can develop it, leverage it or improve it. Of course you still need action, executing those choices. 3. This belief, in turn, rests on the assumptions that prediction is possible and that the strategy-making process can be formalized. Strategic planning is the process of developing a blueprint for the work you will do against that direction. It is a skill that can be used on a daily basis, on your own or in groups. The main difference between strategic thinking and strategic planning is planning doesn’t predict a future state of where the organization wants to be (13). Strategic planning activity uses management by plans, whereas strategic management process uses management by results. Process Strategic thinking requires envisioning what you want to accomplish and formulating solutions to problems. Strategic thinking without strategic planning/management will cannibalize itself in a quest for structure and process. Strategic thinking is more about making decisions directly towards achieving defined outcomes as a purposive activity, whereas system thinking is more about looking at the system and wondering if it can work differently; understanding the interactions and perceptions with a view towards driving change in a more purposeful way. Ideally, thinking strategically is ongoing. Strategic thinkingis a planning process that applies innovation, strategic planning, and operational planning to develop business strategies that have a greater chance for success. Meaning. So while thinking in a certain manner can be a natural or a nurtured attribute, planning strategically is a process that drives results or needs tactical actions to be defined within its framework. Sure, project managers are responsible for timely delivery. Can events propagate through the system in different ways, … So while thinking in a certain manner can be a natural or a nurtured attribute, planning strategically is a process that drives results or needs tactical actions to be defined within its framework. Where strategic management … Planning is working inside the box, deciding what to do about the choices that were made. Professionals looking to move into a leadership role need to master both. Here are a few ways to think about the differences: Purpose Strategic thinking is about defining where you want to go and what you want to achieve. But the planning aspect has to deal with what is more operationally tangible, versus strategically abstract. Start a free trial today. Strategic thinking informs strategic planning/management. Strategic planning requires translating those insights into measurable and actionable objectives. Executives need to thoughtfully consider how to create value for customers. As Mintzberg points out, strategic planning is about analysis of data, while strategic thinking is about synthesis of data. 2. We use cookies to improve and personalize your experience with Talentedge. Both strategic management and strategic planning are keys to business success in any industry, but few know the difference between the two. Especially right now, the most powerful thing you can do is continue to grow and build towards the future. 1. Planning occurring at the corporate level is termed as strategic planning, while the planning process taking place at the functional level is called operational planning. Roadmaps clearly show what you want to achieve and how you will get…, Putting strategy into action can be difficult. It informs your planning and represents the “why” and the “what” of the work you want to accomplish. Conversely, strategic planning can help in implementing an approach, but without strategic thinking, it will not yield the results that are needed. The Difference Notice that the main difference between these definitions is the timing. Strategic planning/management gives voice, action and structure to strategic thinking. Both also require seeing beyond yourself. What is a thought and what is a plan? Strategic planning is the process of developing a blueprint for the work you will do against that direction. Looks like you already have an account with this ID. I believe this happens because both concepts speak to the future. The strategic planning has the wide influence on the business activities, whereas the operation planning has a narrow influence on the business activities of the firm. That is because too many teams jump straight to the “how” before they agree on the “why” and the “what.” Typically this leap happens…, “Making sure the trains run on time.” I once heard project management described this way. Strategic planning in this case means breaking down a goal into steps, designing how the steps may be implemented, and estimating the anticipated consequences of each step while strategic thinking is about using intuition and creativity to formulate an integrated perspective, a vision, of where the organization should be heading. *I hereby authorize Talentedge to contact me. cookies. There is even confusion among business and management experts. Strategic thinking can provide the right direction, but actual goal achievement takes place due to strategic planning. We are often asked, “What is the difference between Applied Strategic Thinking and Strategic Leadership?” The fundamental difference lies in the role a person fills in his or her organization and the way in which strategy is incorporated into the job, but let us clarify the other key distinctions. Aha! You can try logging in, Create an account to find courses best suited to your profile, Drop your details to know more about programme. We recommend you to go through our, No Course with the Search Term, Please find our popular courses, Digital Marketing & Social Media Strategy, Conference on Assessment Centers & Talent Management, Financial Accounting & Auditing - Advanced, Artificial Intelligence and Machine Learning, Advertising Management & Public Relations, IIM Lucknow, Advanced Program In Leadership, Managing Brands & Marketing Communication. Bring more productivity to each day by assessing what you will do or not do against the impact it will bring. for personal and business success. Strategic thinking is the 'what' and 'why' of the planning process. Financial planning is done in order to achieve the set financial objectives. You can do this by conducting research, performing root cause analysis, and devising alternative approaches. Strategic thinking without strategic planning/management will cannibalize itself in a quest for structure and process. Once you have a target end state in mind, work backwards to anticipate potential roadblocks and determine how to best reach that target. Strategic thinking is the process of determining the direction you will take to achieve your vision. Strategic planning/management gives voice, action and structure to strategic thinking. Please enter a valid 10 digit mobile number. Changes in one stage of the strategic management process will inevitably affect other stages as well. * I accept Privacy Policy and Terms & Conditions. Look up. This allows you to track progress and make adjustments as circumstances change. On the contrary, strategic management is an action-oriented activity. Not just because they are aesthetically pleasing, but because of what they represent. A good strategic management online course will help you distinguish between these two in a more detailed manner. It has to be conducted or carried out. Strategic planning is about defining how you will implement your vision. Difference between strategic and financial planning is that financial planning is about planning for the finances or use of cash flows over a period of time while strategic planning is about planning the road-map of the organization. These are the primary differences between strategic thinking and planning. 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