Faster than a speeding bullet! More powerful than a locomotive! Able to leap tall buildings at a single bound!”
“Look! Up in the sky!”
“It’s a bird!”
“It’s a plane!”
“It’s change during the pandemic!”
Everything is changing! No one questions that. So, with this rapid speed of change, some small business owners are asking is whether strategic business planning is still relevant?
In short, Yes! Strategic planning continues to be a necessary tool for any business desiring to have focus, direction, and success, but there are a few caveats.
1. Our planning must include more frequent evaluations.
Three to five-year business plans were not uncommon before the pandemic. However, I believe that it is now imperative that evaluations occur monthly to quarterly.
2. Our planning must include analysis of Key Performance Indicators.
Key Performance Indicators (KPI) must be analyzed and understood to measure a company’s performance and make sure we stay on task.
3. Our planning must include contingency plans, not just perfect outcome planning.
Far too often, strategic planning is based on perfect environments and perfect outcomes. In reality, this rarely happens. Build your strategic plan to include less than ideal situations.
4. The determinations of our analysis must be the impetus for action.
It is never enough to complete a strategic plan and put it on a shelf. The results of your analysis must become the driving force for your actions. For example, do you need to invest in new technology, staffing, or other investments? Or is this a time to save money and sure up our processes?
A strategic plan is the best way to bring direction, focus, and purposeful action to your business.
If you have any questions regarding strategic planning for your business, contact me.