Essential Features of a Business School Strategic Plan Syed Zahoor Hassan, PhD Professor, SDSB, LUMS Former Vice Chancellor LUMS Shaukat Ali Brah, PhD Founding (and Former) Rector KSBL Former Professor & Dean KSBL, AGU and LUMS April 28-29, 2017

Strategy “Strategy is a pattern in a stream of decisions” — Henry Mintzberg

Outline What is Strategic Planning? Process of Strategic Planning Main Steps of Developing a Strategic Plan Components of a Strategic Plan Common Pitfalls in the Implementation of a Strategic Plan

Objectives through Consensus Framework of Strategy Core Values People Processes Technologies Vision Mission Strategy Decisions Objectives through Consensus

Essence of a Strategy Gain and maintain control of destiny Identify the forces that effect the purpose Dependence and influence Change and/or use force to create degrees of freedom to act It is about choices and timely decisions Source: Burgelman, R.A., Strategy is Destiny: How Strategy making Shapes a Company’s Future.

Components of a Strategy Where are we? Where do we want to be? Goals and Objective How do we get there? Programs and target audience Scope and focus of activities How will we succeed? Competitive advantage Why will this give the desired result? The Logic

Strategic Planning “Strategic planning is thinking about a plan of choices and choosing to stick with your thinking”

The Business School Service Model The Service Strategy The People Systems A philosophical view suggests the organization exists to serve the mission of the business school, and the systems, faculty and staff exist to facilitate the process of service The Business School 7

Process of Strategic Planning

Process of Strategic Planning Involving key stakeholders to build broader support and acceptance Form a steering committee Develop a strategic plan Monitor implementation, track progress, and revise the plan Align the budget with the strategic plan

Main Steps of Strategic Planning Internal and external (SWOT) analysis Competitor assessment Developing mission, vision and core values Business school objectives Institutional strategies Business school strategies Business school sub-strategies, actions, responsibilities, milestones, metrics

Components of a Strategic Plan Mission Statement Foundation Values Institutional Goals Vision Supporting Components Goals and Objectives Implementation Plan Strategic Plan Source: A practical guide to strategic planning in higher education by Karen E. Hinton, 2012. (www.scup.org)

IBA Karachi Vision Mission "To be among the best learning institutions in Pakistan — recognized for developing potential leaders, nurturing a vibrant community of scholars and practitioners, generating innovative ideas, and promoting creative solutions that address the needs of Pakistan, the region, and the global community" Mission To impart quality education in business and allied fields to students selected on merit irrespective of ethnicity, gender, religion, or financial means To provide a teaching and learning environment that encourages critical thinking, ethical conduct, and effective decision making To undertake original research that enriches teaching and benefits business, government, and civil society

NUST Business School Vision Mission To earn international acclaim by impacting business and society through entrepreneurial spirit and knowledge creation Mission To develop individuals with independent thinking and intellectual capacity necessary to address modern-day business challenges To progress the practice of management through teaching and research To promote entrepreneurial spirit in a socially responsible manner To generate relevant solutions through collaborative academic and industry linkages

UCP Business School We envision UCP Business School as one of the leading business schools of Pakistan both in teaching and research The mission of the UCP Business School is to develop world class graduates capable of values based, advanced and socially responsible business practice through education that is entrepreneurial in spirit, ethical in focus, and global in orientation

CBM of loBM Karachi Vision: To be the leading business school, nationally and internationally, that is recognized for producing transformational and change leaders and managers Mission is to enable leadership and management for the development of economy and society through excellence in character, professionalism, education and research

Mission Statement The “Mission” of the “Business School” consists of the following key elements Creation of knowledge Dissemination of know-how Education, training, character building and skills development of students Executive and continuing education Consulting, projects and applied research Building connectivity and linkages

Goals and Initiatives The strategic plans usually contain five to eight goals The number of initiatives corresponding to each goal varies depending on the scope of the goal Common strategic goals include academic success of students, diversifying financial resources, improving operations and infrastructure, promoting community engagement, and developing institutional branding Related initiatives include increasing enrollment and retention, expanding alumni engagement, building sustainable facilities, establishing relationships with community organizations, and designing a new marketing strategy

Implementation and Monitoring The “Business School” leadership takes visible and tangible steps to ensure success of the strategic plan The plan takes into account the current status and setup targets of measurable goals of the school The realistic and achievable goals are based upon benchmark indicators of specific desired outcomes The school generate annual reports on measurable goals and tracks progress on the distinct initiatives of the approved plan

Common Difficulties in the Implementation of a Strategic Plan Parallel planning universe Differing goals Unwilling participants Lack of buy-in Loss of momentum Shortage of budget

Concluding Thought “Strategy without tactics is the slowest route to victory, tactics without strategy is the noise before defeat.”  — Sun Tsu Ancient Chinese Military Strategist

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