Planning Strategically

Submitted by Mitch Seigel on Tues, 4/22/2014

There is planning and then there is planning strategically. Both are better than not planning at all. Planning with strategy will get you to your goals quicker and more
effectively.

A company can go day to day, or week to week in its planning, based on events that
occur closest to the vest. To really achieve growth and competiveness in the market,
strategically planning out your company’s future one, three and often five years out is a much more effective way to gain traction, hold traction, and pass your competition.

Plans must be renewed on an annual basis, with quarterly, and often monthly checks
to make sure you are on target to reach goals. Often adjustments must be made to
the original plans, based on market swings, new product introduction and again, the
competition.

I mention competition often because many businesses let what the competition is doing
fall between the cracks. You get so caught up in the positive approaches of your own
company that you forget to keep one eye looking on the outside to make sure you are
not being passed by others in your industry.

Who are the stakeholders of your company and for what is everyone accountable,
toward reaching and surpassing your goals? What action steps are needed to assure
attaining these goals becomes a reality? Just some of the many questions you should
always be asking of your team and those planning your company’s future.

What are your challenges when it comes to strategic planning? I look forward to
hearing your comments. Until next time…