Question 1

Is a corporate plan a fixed document that a business must stick to for 5 years?

Accepted Answer

No, this is a common misconception. While a corporate plan sets a long-term direction, it is not set in stone. Effective businesses treat it as a dynamic document. They use the 'review and control' part of the planning cycle to constantly monitor progress and the external environment, making adjustments to the plan as necessary. This process of adapting strategy in response to unforeseen changes is known as emergent strategy.

Question 2

If a company has a brilliant strategy, is success guaranteed?

Accepted Answer

Absolutely not. A brilliant strategy is useless without effective implementation. Many strategies fail not because they were poorly conceived, but because they were poorly executed. Common implementation failures include a lack of resources, poor communication leading to employee resistance, a corporate culture that does not support the new strategy, and a failure to monitor progress and make necessary adjustments.

Question 3

Are SMART objectives only for the whole company at a corporate level?

Accepted Answer

No. While this topic focuses on corporate SMART objectives, the framework is a versatile tool used at all levels of an organisation. A high-level corporate objective (e.g., 'increase group profit by 10%') is cascaded down into functional objectives (e.g., for the Marketing department: 'increase brand awareness by 15%'), which are then broken down into departmental and even individual objectives. For maximum effectiveness, objectives at all levels should be SMART.

Corporate planning and implementation

What you need to know

Corporate planning and implementation