How did strategic planning help during the economic crisis?

James W. Wilson; Soren Eilertsen

doi:10.1108/10878571011029000

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How did strategic planning help during the economic crisis?

Document Information:
Title:	How did strategic planning help during the economic crisis?
Author(s):	James W. Wilson, (Managing Director of Claremont Strategy Center, a Los Angeles-based marketing and management consulting firm (jwilson@claremontstrategies.com)), Soren Eilertsen, (President of Kollner Group, a management consulting firm, located in Pacific Palisades, California (soren@kollnergroup.com))
Citation:	James W. Wilson, Soren Eilertsen, (2010) "How did strategic planning help during the economic crisis?", Strategy & Leadership, Vol. 38 Iss: 2, pp.5 - 14
Keywords:	Corporate strategy, Decision making, Leadership, Risk management, Strategic planning
Article type:	Research paper
DOI:	10.1108/10878571011029000 (Permanent URL)
Publisher:	Emerald Group Publishing Limited
Acknowledgements:	The authors thank the Association for Strategic Planning for the opportunity to conduct this survey, especially Stan Rosen, immediate Past President, Tim Trotter, current President, and Janice Laureen, Executive Director. Michael Lindberg, Managing Director of Lindberg International in Denmark, provided advice on survey design and Linda Meyer, doctoral candidate at Claremont Graduate School, and Patricia Smiley of Pomona College provided valuable assistance with methodology and statistical analysis.
Abstract:	Purpose – The purpose of this paper is to understand the extent to which organizations were prepared for the economic crisis, the nature of responses, and factors that might explain preparedness and modes of response. Design/methodology/approach – The survey conducted in July 2009 and sponsored by the Association for Strategic Planning, sampled 190 US managers involved in strategic planning within organizations. The survey assessed the role strategic planning played during the recent financial crisis. Findings – Key findings include: organizations that used strategic planning to make critical decisions were better able to pursue growth opportunities during the crisis; and organizations that relied on strategic planning during the crisis are more confident about their prospects for near-term growth. Research limitations/implications – Repeating this protocol for a sample of executives who have not taken a particular interest in strategic planning as a discipline would create more confidence that the conclusions can be generalized. Practical implications – The paper suggests to organizations that an embrace of strategic planning in the form of having a regular process, a senior leader in charge, and involving the entire leadership team makes a significant difference in optimism and future outlook. Originality/value – The results suggest that an organization's trust and confidence in strategic planning as a decision-making discipline is a stronger indicator of potential success than the adoption of any particular strategic planning technique or principle.