Here is a great HBR article on the gap between strategic planning and strategic decisions. It discusses how most strategic planning cycles generally do not dovetail with the need for a strategic decision in an organisation.
And if strategic planning does not drive decisions – what does it do?
A memorable quote when talking about strategic reviews in the article is captured below:
“Strategy reviews often amount to little more than business tourism. The executive committee flies in for a day, sees the sights, meets the natives, and flies out.”
The article does go on to explain how some organisations overcome this difficulty – or at least partly. I would recommend it as a good read for CEO’s, CFO’s and Strategy Directors.