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Keys to Successful Strategic Planning

Strategic planning is most successful when it involves employees, vendors, and other stakeholders. The strategic plan needs to be flexible to adapt to changes and delays in achieving goals. A good strategic plan ensures everyone understands the business direction and goals, and wants to contribute to growth. Strategic planning should begin sooner than later, even if the business has been operating for a long time, to regularly review status and future plans. Strategic plans can fail if the goals are unrealistic or if the plan is not implemented and regularly referenced by the business and its employees.

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Sajid Hussain
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113 views2 pages

Keys to Successful Strategic Planning

Strategic planning is most successful when it involves employees, vendors, and other stakeholders. The strategic plan needs to be flexible to adapt to changes and delays in achieving goals. A good strategic plan ensures everyone understands the business direction and goals, and wants to contribute to growth. Strategic planning should begin sooner than later, even if the business has been operating for a long time, to regularly review status and future plans. Strategic plans can fail if the goals are unrealistic or if the plan is not implemented and regularly referenced by the business and its employees.

Uploaded by

Sajid Hussain
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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What Makes Strategic Planning Successful?

Successful strategic planning involves a team effort among you and your employees, as well as
among you and your vendors and other outside people. The more you engage your employees
with strategic planning, the better they’ll understand the strategy you want to have for your
business.

Strategic planning also needs to be flexible. While it’s necessary to have goals and objectives for
your business, you also have to be able to adapt to changes. It may take you longer than expected
to achieve a particular goal; recognize that this isn’t an issue and that you can incorporate
changes to your plan to put you in a better position to succeed.

When strategic planning is successful, everyone in your business is on the same page with the
business’s direction and goals. Each individual understands what makes the business stronger
and what needs to be worked on. And it’s more likely that each person wants to contribute to the
business’s growth and success.

When Should Strategic Planning Be Done?

When it comes to strategic planning, you want to start it sooner rather than later. It doesn’t
necessarily have to be done in the first few days or weeks of the company’s life—you may want
to be in business for a few months to give yourself a better idea of what is and isn’t working.

But even if you’ve owned your business for a long time, it’s not too late to get started on
strategic planning. It’s never a bad time to sit down and think about the current status of your
company and where you want to be in the next five to 10 years. When you’re ready, gather your
team together and schedule regular meetings dedicated to strategic planning.
Where Do Strategic Plans Go Wrong?

Strategic planning is an ongoing commitment. Even if you go through an initial round of


strategic planning and it leads to the development of your business’s first strategic plan, it’s still
not finished. The plan has to be implemented.

Strategic plans also can go wrong if the goals and objectives you set are unrealistic. Every
business owner wants to see their business grow and succeed, but if you set an overly ambitious
growth rate, it could discourage you and your employees.

A successful strategic plan requires commitment. Your entire team needs to be focused on the
business and carrying out the strategic plan. If the strategic plan isn’t being used regularly or as
the foundation of the business, you and your employees can lose sight of the company’s direction
and goals.

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