Many executives are approaching the end of the annual strategic planning exercise. Chances are that some will be frustrated by its lack of impact on their own actions and on the strategic direction of the company.

This issue of McKinsey on Strategy highlights what executives and strategists think about strategic planning and suggests ways to improve the process so that it can play a more valuable role in the formulation and execution of strategy. Also in this issue: why executives will find that they have to lead in China to lead in the rest of the world, and, finally, how to unlock value by harnessing informal employee networks.

In this newsletter, we also invite you to help us in our continuous efforts to make The McKinsey Quarterly a publication that meets your expectations. To that end, in the next few days you will receive a brief survey about the articles in this issue. As a thank you for participating in the survey, we will send you an electronic copy of our new Quarterly anthology, “Business in Society,” featuring articles about regulatory strategy and the relationship business has with society.

Best wishes,
Lenny Mendonca
Director, McKinsey & Company