Today, most business leaders understand the importance of strategic planning. They acknowledge the fact that having a formalised road map regarding the direction of the organisation is an important part of achieving long-term growth.
However, where many businesses are still falling short is in the field of strategy execution. Simply having a plan is not enough, it is also important to ensure that plan is understood and executed by all necessary parties.
With that in mind, here are three key reasons why strategic plans often fail.
Traditionally, strategic plans have been overly complicated, wordy and difficult to manage. This means they often become quickly out of date and redundant, with no one willing to dedicate the time to understand or commit to the points contained within them.
A good business strategy needs to be streamlined and simple, outlining clear goals and objectives for the organisation, as well as plans to achieve those goals.
2. Lack of flexibility
The business world is constantly evolving due to both internal and external factors. That's why successful business strategies need to be flexible and fluid as well.
A static and unchanging business strategy is doomed to fail. Instead, business leaders should ensure they are regularly reviewing their business strategies and updating them based on the changing requirements of their wider organisation.
3. Limited access
Communication is an essential part of any successful business. This extends to the world of strategy execution, where business strategies needs to be clearly explained and defined to all the relevant stakeholders within the organisation.
Make sure every relevant member of your business has access to the strategic plan, and understands their role in ensuring the execution of that plan. Give everyone the opportunity to weigh in on the plan and ensure their voice is heard.