Developing a strategic plan is probably more important in today’s challenging economic times than ever before. There are a couple of reasons why. First, wasted resources due to trying something and then another when the first doesn’t work and then another when a new idea is sparked in your mind is very expensive and most companies don’t have bundles of money lying around. Second, starting and stopping a process or implementation of an idea can be demoralizing for staff. When staffs are demoralized, they are less productive. They may gather together to complain and when they are talking, they are not working; thus decreased results. Third, time is wasted. Time costs money. Money in employee wages, money in lost opportunities, and money lost due to indecision. Third, change happens so fast today. A poor decision today as compared to even 5 years ago can be hard to correct quickly. Thus, more expense.
What is your vision? What do you want to accomplish this year that will take you toward your vision? These are your critical success factors. What are the goals you need to set to help you achieve those critical success factors? What are the obstacles you have to overcome in order to achieve the goals? What are the solutions that might help you overcome the obstacle? Next, develop action steps to achieve the solution. Determine who will do the action and by when.
You can plan all you want to, and if you don’t take action on your plan, it is worthless. Many companies spend a lot of money developing a strategic plan and put it away for the rest of the year. Don’t let that happen to you.
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There's nothing worse than the "flavor of the month," is there? I have a friend who works for a large corporation, and several times a year he tells me about the latest book they've all been told to read, or the latest "initiative" that is turning his office topsy-turvy in the name of "progress." None of these initiatives ever really get off the ground before someone at the top reads a new book and heaves the whole company in a different direction. My friend is so confused and frustrated, it's all he can do just to accomplish his most critical tasks --or even be certain what the critical tasks are on a given day! You hit it on the head: to be successful, a company needs to have one cohesive vision, a clear strategy, and the means, motive and opportunity to take action.
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