Warning Your Strategic Plan May Be Out Of Date

Warning Your Strategic Plan May Be Out Of Date

Smart Business Thinking by Jim Whelan 

In the current shifting environment everyone is living through, we at Smart Business Thinking are asked the question how often clients should review their strategic plan. A sensible question for businesses and for individuals.

Here in the metro Washington DC area many firms are struggling with the effect of reduced government spending. If it is going to affect their company how badly will it hurt? Contributing to the upheaval is a strategic plan that is based on the “old way we did business”.

If there were a strategy that was the basis for the plan, most likely, it didn't consider that the past might not reflect the future. While no one should try to predict the future in developing a strategy, an observation about what may come down the pike is necessary.

The answer to the question is that any business (or individual) should periodically survey what is going on in the “outside world”. Look for potential storm clouds on the horizon and think of possible future changes.

Major shifts seldom happen without some forewarning. With the winding down of the wars and the move afoot to reduce government spending, the change in government related business should not be a shock. Those organizations that relied on their old strategic plan for direction are now playing a desperate game of catch up.

Don't get caught. Be alert and rethink strategy periodically.

Bottom Line? A strategy is the overriding impetus guiding an organization. Implementing strategy must be flexible and one that adjusts to current circumstances. An eagle eye to spot those signals is a must. 

Jim is an expert business coach and a respected advisor management and financial executives. He draws on his long-term business leadership background to help CEOs grow revenue, increase profits, improve performance.