strategic planning

5 Myths About Strategic Planning That’s Killing Your Business

If you don’t know where you’re going, how will you know you’re on the right path?

Many businesses fail not because they don’t have visions for their organizations. They fail because they don’t have a plan on how to achieve their goals. Without a roadmap, you could get lost in the day-to-day management of your company.

Strategic planning is your organization’s roadmap. It guides you to where you have to be today, tomorrow, and in the future, so your business can accomplish everything it set out to do.

Unfortunately, misconceptions about strategic planning prevent some companies from making the most of it. Here are some of them.

1. A small business doesn’t need a strategic plan

No matter how big or small your organization is, it’s best to have a strategic plan. It will be challenging to expand your business if you don’t know how you’re going to do it.

2. Your main goal should be to increase productivity

While productivity could be one of your business objectives, it’s not the only thing you should focus on when developing a strategic plan. It’s one thing to be able to produce a high volume of work; it’s another to achieve high-quality work.

Strategic planning covers the entire organization — from looking at your finances to performing market analysis.

When developing your plan, look at your business now and think about where you want it to be in three, five, and ten years. Identify your goals and the path you must take to achieve them.

3. It’s the boss’s job to develop a strategic plan

Many companies think that strategic planning is the responsibility of the board of directors or the CEO.

Strategic planning encompasses all employees. You should consider involving them, especially if your organization will undergo significant changes. When everyone is part of the process, it will be easier to implement changes and discover organizational chokepoints that you should give attention to.

4. The plan should be perfect before you can execute it

No plan is perfect. When you wait until you’ve created the “perfect” strategy, you will never start anything. That’s what usually happens to many companies. If you don’t set anything into motion, how will you know if your plan is effective?

5. Once created, the plan is final and should never be revised

A strategic plan is an evolving document. Once you’re done with it, you don’t just store it on your shelf. As you start implementing strategies, you’ll realize that you may have to change some of your processes. And that’s the beauty of having a strategic plan. As you come up with changes, your strategic plan keeps you on the right track, so you don’t lose sight of your goals.

As 2019 comes to a close, it’s time to start thinking about what you want to accomplish in 2020 and the years to come. Let us help you plan and achieve your short-, medium-, and long-term goals. Fill out our contact form or email us at office@srfpl.com.au to learn more about strategic planning and how we can help.

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