Why You Should Prepare a Strategic Plan

A strategic plan is a necessity for any business endeavor.  I have seen the value it provides for client organizations and companies I have worked with.  But don’t take my word for it.  Here’s what Bruce had to say.

Bruce chairs a nationwide association.  At a panel discussion he and I were on together at their national conference, he talked about the strategic planning process I had led for him and his board.  And he told the members at that session that he would be remiss if he did not encourage all of them to have a strategic plan.

If that still doesn’t convince you, then here are three reasons why you should prepare a strategic plan.

 

1. Prioritization

 

Strategic planning forces you to prioritize what is most important.  And the process itself makes you recognize what needs to be done in the long term out of all the things that seem to be important.

By articulating the fundamentals of your business—what you do, who you serve, where you’re going, how you do things, and why you do them—you can better understand how to interpret all the possibilities that clamor for your attention.

And then based on your priorities, you are able to develop multi-year goals and objectives with deadlines assigned and responsible parties identified so you can keep everyone accountable.

 

2. Focus

 

Once you have developed goals and objectives, you now have the clarity and the focus to know what is most important to do at any time during the plan.

As one client said, you no longer are trying to fill your time with things to make additional money today; instead you are focused on how you can exponential money tomorrow.

The strategic plan provides the path to follow and takes the guess work out of how best to spend your time on any given day, week, month, or year.

 

3. Morale

 

By involving your team in the process of developing your strategic plan, you give them an additional morale boost.  They have a front seat in forming the direction of the company.

And then once the strategic plan is done, they have more excitement about doing the small things each day because they understand how they are part of building something bigger.

As one client said, he now had new urgency and energy to accomplish all the things that used to loom in front of him.  Because now he knew where he was going in the long term, and he could attach significance to each little step.

After one strategic planning session with a client, I asked him if the process was what he expected.  And he said that it wasn’t.  Concerned, I asked him what he meant.  In response, he said that it was so much better than he expected.

Based on what I have experienced through my clients, I have to agree with Bruce.  I would be remiss if I did not encourage you to have a strategic plan for your business.

 

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This article first appeared on www.RobertMcFarland.net
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