The strategic opportunities are those that need to be looked at by senior management in the context of a planning exercise. What you want to avoid is the executive committee deciding on its objectives and strategies without considering these opportunities. Getting the sequence right is everything. Strategic opportunities are strategic because they may influence or directly shape business objectives. Get the sequence wrong and your strategic opportunities are lost.
Tactical opportunities are less problematic.
They get assessed first in the relevant business unit and then are folded into the annual business planning cycle where they'll be weighed against similar opportunities from other divisions. Finally, in preparing these opportunities for consideration, don't forget to get out beyond the business case to assess the capacity of the company and its management team to actually exploit the opportunities. Charles Belford is president of Management Smarts Inc., an Ottawa, Ont.-based management consulting and training firm. The Globe and Mail . Republished with permission.