Conventional wisdom focused on strategic planning as a static, annual process that would flow through the budgeting and operational planning processes. However, we are not in traditional times. More often, companies are taking notice of current conditions that have rendered assumptions in these plans obsolete, and are going back to the drawing board.

For instance, did your strategic plan contemplate the government takeover of numerous banks, nearly the entire sector? Did GM in the auto sector mean Government-Managed when you prepared your SWOT analysis? Did your ERM contemplate current default rates on homes, cars, and commercial real estate? Did your global plan include recessions in nearly all markets or did it foresee a balanced portfolio in these markets?

What we are seeing is a more dynamic strategic planning process taking into consideration more current, relevant, leading market indicators, with near-term planning horizons. Is this correct? Time will tell. However, CPOs and their C-Suite colleagues are no longer waiting until next year to reformulate. Next year is now! ###