The real value of strategic planning

Most companies invest a significant amount of time and effort into formal, annual strategic planning process - but many executives see little benefit from the investment. Real strategy is made informally and rarely in the paneled conference rooms where formal planning meetings are held. However, when approached with the right goal in mind, formal planning need not be a waste of time and can, in fact, be a real source of competitive advantage. The key to transforming review meetings from dog and pony shows into effective vehicles for learning was to view them not as "reviews by the CEO" but as conversations. The devil, it turns out, is in a host of seemingly mundane, but actually critical, details, including: 1. Who should attend the reviews? 2. How long should the reviews be? 3. Where should they be held? 4. What should be discussed.