Starting a new initiative, beginning a new fiscal year, or just bringing on a new hire can bring many stress-inducing questions. Are you ready for unexpected challenges? Are goals in place? Do you have enough time and resources to achieve these goals? Do others know the long-term vision? Are they setting goals that are aligned with that vision? Developing a strategy for the future takes some creative thinking and a deep understanding of the strengths and weaknesses of your organization.
According to a planning study, businesses using strategic plans are 12% more profitable. Employees that have skills in goal setting and strategic planning jump to 43% profitable. However, over 70% of companies with a strategic plan don't execute it and nearly that number of organizations don’t invest in training their employees on these essential skills.Â
Successful organizations do not allow strategic direction to be set by mistake. These organizations have a well-organized plan that is discussed among key players, including the stakeholders, employees, and community. They take into account internal and external influences and make decisions based on facts rather than generalizations.
Let’s explore the benefits of strategic planning:
Clearly defines the purpose of the organization.
Establishes realistic goals and objectives that correlate with the organization's mission.
Easily communicates a written plan to the organization.
Allows diversity of ownership in the plan.
Helps solve major problems.
Ensures the most effective use of resources.
Provides a foundation by which progress can be measured.
Offers a forum for annual review of purpose and direction.
Increases productivity from increased efficiency and effectiveness.
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