SIX KEYS TO SUCCESSFUL STRATEGIC PLANNING

1. Begin with the end in mind.

It’s hard to build a roadmap to an unknown destination. Ask yourself where you want to be in the future, whether that’s three, five, or even ten years down the road. This needs to be a quantifiable goal. Simply saying “we want to be the best in our business” or using a catch phrase like “world class” doesn’t give you the basis for a strong gameplan. Be specific and build your plan around this end goal.

2. Mark your milestones and measure your progress frequently.

Achieving the long-term goals of your Strategic Plan will require you to meet numerous milestones along the way. Define these milestones and the Key Performance Indicators (“KPIs”) that best reflect your progress to them. Implement systems to frequently monitor your KPIs as you cross key milestones throughout the life of your Strategic Plan.

3. Convert strategies into tactics.

An effective Strategic Plan provides the company with guidance on the implementation of that plan. If one of the goals of your plan is to triple sales, consider how you are going to go about doing that. A stronger digital strategy? Grassroots marketing? Key partnerships? Don’t get into the weeds but be specific about you want your team to go about this day-to-day. This is a plan, not a wish list.

4. Engage your team.

Strong execution of any Strategic Plan requires the buy-in of key members of your team. Participation in the planning process will encourage ownership in the Strategic Plan and strengthen their desire to put forth the effort to make the plan a success.

5. Evaluate your resource needs – today and in the future.

Think about what your organization will look like at the end of the plan having met your goals. Do you have sufficient capital to support that organization today? If not, how will you go about obtaining that. Do you have the right people in the right roles? How much will your team grow? How will you find the right people to fill those needs? What other resources will you need?

6. Be flexible.

We all know the adage about the “best laid plans”. Things are going to change over the course of your efforts. Don’t be afraid to pivot and make changes to the plan to adapt and be successful in an ever-changing world.