Public Relations & Social Marketing Insight

I must have heard the words "we need to create a strategic plan" at least an order of magnitude more times than I have heard "we need to create a strategy."

 

This is because most people see strategy as an exercise in producing a planning document. In this conception, strategy is manifested as a long list of initiatives with timeframes associated and resources assigned. Somewhat intriguingly, at least to me, the initiatives are themselves often called "strategies." That is, each different initiative is a strategy and the plan is an organized list of the strategies.

 

But how does a strategic plan of this sort differ from a budget? Many people with whom I work find it hard to distinguish between the two and wonder why a company needs to have both. And I think they are right to wonder. The vast majority of strategic plans that I have seen over 30 years of working in the strategy realm are simply budgets with lots of explanatory words attached....