Have you started planning for success in 2019? For most firms, the strategic planning process should begin during fourth quarter, so if you have not yet started, now’s the time. Many people cringe at the mention of strategic planning, but it is helpful to set your firm on the path to long-term success.
What do you need for a solid strategic plan?
- A GAP analysis to determine the firm’s weaknesses.
- Document the vision to define your goal(s).
- Identify resources needed (based on the GAP and the vision) to achieve your goals.
- Define key success measures and how you will track progress.
All four elements are needed to create a complete strategic plan—don’t skip one step because you are intimidated or uncertain. If your strategic plan is incomplete, you are less likely to implement it.
Skip the strategic plan (or any one of the four elements), and you are doomed before you begin. To have a plan that produces a positive return on investment you have to design it, implement it, and measure the results. This should be a long range plan with a useful and valid set of defined goals and measurements. There is nothing wrong with refining the plan as new information is generated, but don’t waste time creating a notebook that will never be opened. Need help? Give us a call!