McKinsey Classics | May 2014

Can strategic planning pay off?

In 1993, when IBM was in trouble and Lou Gerstner stepped in to steer the company, he famously said, “The last thing IBM needs right now is a vision.” Twenty years earlier, in a 1973 McKinsey Quarterly article, Gerstner brought this same pragmatic insight to the topic of strategic planning, urging executives to avoid the false comfort of vague forecasts and instead execute well-grounded strategic decisions. Refresh your thinking with this classic during the Quarterly’s 50th-anniversary year. more