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Strategic Planning

Submitted by Mitch Seigel on Tues, 3/17/2015

I just realized why I am so fascinated with this topic. It all started with my mother, yes mom made me do it! When I was a kid and I wanted to play with a toy, my mother made me put away the toy I had out of the closet, before bringing another one out. My personality was being formed and organization became my middle name!

It is just real hard for me to imagine any business in business without a strategic plan. Yet, so many somehow manage. That being said, planning strategy for your company or organization is key for success, because of the lack of organization that is inherent in most individuals. Laying down a plan for all to follow just plain makes life easier.

Of course talk is cheap. A strategy is not solid without tactics, an action plan and timeline for carrying out the tactics and a list of stakeholders either responsible for carrying out the plan or whom the plan may benefit.

In some instances, a strategic plan involves several strategies that must be sequential for best effect. In other cases, several strategies must take place concurrently to be most effective. In either case tactics, action plans, timelines and stakeholders are all part of the process.

Generally the best individuals to participate in strategic planning are those who have the most at stake in the plan. Like a cat put into a corner, they will come out clawing with the best laid plan you can imagine. Revisiting the strategic plan throughout the year is needed to determine if you are on track toward goals and what adjustments need to be made. Also, strategic planning should be repeated every year to give your company the best chance at continued growth.

What are your challenges when it comes to strategic planning? I look forward to hearing your comments. Until next time...