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.

Related Posts

What Entrepreneurs Won't Tell You About Starting a Business

09

Jan
general

What Entrepreneurs Won’t Tell You About Starting a Business

For many, entrepreneurship is an adventure. You chase your next big idea, turn it into a business, and live happily ever after. Easy, right? What you don’t see in this story, however, is what happens between ideation and success. Yes, building your own business is exciting. But the fun of being an entrepreneur comes with days and […]

work-life balance

30

Dec
general

How to Promote Work-Life Balance in the Workplace

A healthy work-life balance reduces a person’s risk of burning out and quitting their jobs. It also helps improve their physical and emotional wellbeing. According to research, Australia ranked 27th out of 35 countries in terms of work-life balance. Although many individual factors affect a person’s capability to develop work-life balance, organisations could lend a hand to[…]

cash flow forecasting

23

Dec
general

3 Mistakes in Cash Flow Management You Could Be Making

Just as a fisherman must watch the ebb and flow of the tides, an investor and businessperson must be keenly aware of the subtle shifts in cash flow. – Robert Kiyosaki Sometimes, it’s not the lack of sales that causes a business to fall into difficult times, but poor cash flow management. Accurate cash flow forecasting helps[…]