Thursday, August 31, 2006

Strategic Planning and Innovation—How to Generate Innovation in Your Strategic Planning Process

By Denise A. Harrison
Center for Simplified Strategic Planning

When developing a strategic plan many companies struggle to develop new and creative ideas. Why? It is difficult to think “outside the box,” especially in challenging times when it seems you are running as hard and fast as possible just to keep up. But finding successful innovation often is the key to getting off the treadmill. Here are some places to look:

1. Assess your customers’ unmet needs and preferences— is there anything new?
2. Assess your strategic competencies—can you use the knowledge base that you have developed in one industry to please a different market segment or industry?
3. Look at emerging trends— does a trend make sense, melded with your company’s traditional strengths?
4. Look at technology other industries are adopting—is there a smart way to capitalize on developments that you can tailor for your applications?

Make innovation a key part of your strategic plan. For more ideas about strategic planning and innovation or strategic planning in general please visit the following web site: