How Did Strategic Planning Help During the Economic Crisis?

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How did strategic planning help during the economic crisis? falseWilson, James W; Eilertsen, Soren.
Strategy & Leadership38.2 (2010): 5-14.

Abstract (summary)

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. The survey conducted in July 2009 and sponsored…
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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. 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. 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. 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. 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. 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.

The global financial crisis continues to be a severe shock to most enterprises. The initial economic

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