Tuesday, April 3, 2012
The Risk of Small-Group Strategic Planning
Yesterday, I attended a speaker-series event headlined by Bill Weldon, CEO of Johnson & Johnson. During the Q&A, a question was asked about J&J's strategic plan for the next 10 years. Although Mr. Weldon did not go into any specific detail, he did outline some broad priorities, such as innovation and reinvesting into its people. Mr. Weldon credited his team for much of his success. Part of being a good leader is finding those who are smarter than you, because at the end of the day, you cannot do it all by yourself. He emphasized that when it came to the annual strategic planning, the only people who surround him are the CFO, the head of HR, and couple of executives. That's it! Simple right? Well, the small, intimate group really affirms the "Real Value of Strategic Planning." You don't need a big group to create an effective strategic plan; rather, the smaller the group, the more likely the participants will openly discuss the issues. But here's the caveat: do the small-group settings run the risk of leaving crucial questions unanswered?