Part 3 ... Stuck in the weeds ...

In part 1 and 2 of this series of articles on the “invisible hand theory” of Adam Smith, I covered in part 1, the immense contribution of SME’s to Canada’s economy, and in part 2, the urgent need of government and private business to work together. In part 3, I am covering the need for strategic planning and a united team under strong leadership.

Strategic planning is the process of defining an organization's, a company’s or a country’s long-term goals and direction, creating a roadmap with prioritized actions, resource allocation, and timelines to achieve the set goals. Strategy is not a prediction of the future with a crystal ball, but about preparing for multiple possible future outcomes, making deliberate choices, and executing with excellence while adapting as needed.

Here are seven key components of strategic planning and the process for building one:

1. Define Vision and Mission: Clarify what you want to achieve.
2. Analyze Current State: Assess strengths, weaknesses, opportunities, and threats (SWOT).
3. Set Objectives: Clear, measurable, short, medium, and long-term goals.
4. Assessing the potential choices and options in a realistic manner.
5. Develop Strategies and tactics: specific actions and sequences to achieve the goals.
6. Allocate Resources: Assign people, time, and money effectively. (the how to’s)
7. Monitor, Adapt and Adjust: Track performance through Key Performance Indicators (KPI) and update the plan as needed. 

In simple terms, a strategic plan tells us where we are, where we want to be and how will we get there. Big or small organizations, businesses and/or countries need one. Having a plan does not guarantee achieving the objectives but similar to a map or a GPS can help in reaching the destination. Next, comes the need for an experienced dedicated, focused, and empowered team. Most importantly a united team under strong leadership.

How is it that ... Canada possess the world’s third-largest proven oil reserves and still import oil and continue to debate endlessly the need for pipelines. We have the world’s third-largest supply of freshwater and still have shortage of water in many areas. We hold the world’s third-largest forest area and have a shortage of housing. We are recognized to be among the world’s leaders in energy, natural resources, technology, agriculture, innovation and more and we are stuck painfully with an anemic 1 ½ GDP growth YTD.  

Canada disastrous results during the last ten years, on so many fronts are obviously “self inflicted pain.” Lack of a strategy together with poor governance and weak leadership deliver mediocre results. Good intentions are OK and nice speeches can be comforting but we need to see the forest for the trees and get out of the weeds. Adam Smith invisible hand theory is a proven model. Young, fresh and strong leadership can get the Federal and Provincial governments to work in unity so we can get our economy back on the right path. The longer we wait, the longer the recovery and the higher the price.

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