Business strategic planning creates the overarching plan for your business – what you’re good at, who your competitors are, the markets you pursue, and why you pursue them. The most valuable strategic plans emphasize the execution component, which some people refer to as a business plan. How will we execute, who is responsible, when will it get done and how will we measure the impact. Companies engage in this kind of planning for a spectrum of reasons. Everything from:
- The industry has changed and the company is struggling to remain afloat. Something is going to have to change, and fast, to remain operational; to
- The company keeps bumping up against a revenue glass ceiling. Every time they think they’ll break through, some unforeseen event gets in the way; to
- The company is on a growth trajectory it never dreamed was possible. It feels like the company is strapped to a rocket, but the leaders don’t know if it’s pointed toward the stars or down into the earth.
For too many organizations, a facilitated strategic business planning session is a word-smithing exercise that involves assembling marketing statements while engaging in “trust-building” exercises and personality assessments that only seem to muddle the company’s real goals. They do little to advance the organization or empower its staff, and most of what is discussed is never revisited, except possibly for the nickname you earned during the session. No thanks.
Still, the best, largest, most successful, and most profitable companies engage in quarterly strategic planning exercises. They have learned that lack of focus on a common purpose can undermine even the best of intentions and the brightest people.
Wondering How to Make Strategic Planning More Effective?
Companies that implement business strategic planning by creating best practices are armed with a system to make their goals achievable. The leaders understand that the power of planning lies not only in what happens when things go right, but how a company can right itself when things go wrong.
“Plans are nothing. Planning is everything.” – Dwight D. Eisenhower
Improve your strategic planning process through our systems and training and let Bellrock help you get the results you deserve. Contact us today to find out how.