What do you want your business to look like in 2 to 3 years? In five years? Do you have a plan for getting there? Every business needs a Strategic Plan, a carefully thought-out roadmap for your business that documents what your goals are, the rationale for selecting these goals, and how they will be achieved.
A sound Strategic Plan is based on facts, market intelligence, analysis, and insight. Clear thinking and rational decision making, not wishful thinking or shooting from the hip.
A company whose management adopts a strategic mindset is in a much better position to face a rapidly changing, highly competitive marketplace.
You may think that you’ve been doing just fine without a formal strategic plan. But could you have done better? How can you be sure that what seemed to have worked in the past will still work in the future?
Signs You Need a Strategic Plan
Here are some signs that your organization needs a strategic plan:
You don’t know where the business will be in 2 – 3 years, let alone 5 years. You do not have a clear handle on where your business is heading. You don’t feel in charge of the firm’s destiny, but rather dependent on where the economy, customers, and the competition take you.
Priorities are constantly changing. You are always moving from one business idea to the next. And, for some reason, none of these ideas ever seem to get implemented. Priorities are changing all the time, depending on the last person you spoke with or the last newsletter that came across your desk. There is never time to think and reflect on the key issues and what will make the business successful. Short term thinking is prevalent.