Common strategic planning traps to avoid
Strategic planning is a complex process, and even the most experienced executives can get it mixed up sometimes.
Regardless of how many strategies you’ve personally overseen in the past or how many people you have on board the planning team, it can be easy to fall into one of these common traps.
So when you’re next devising a strategy for your business, keep your wits about you and make sure you address the following issues before they can develop.
Having a short-term view
A common mistake many make is to confuse strategic planning as a one-off event instead of an ongoing process.
It is important to work with the mindset that the strategic plan is something that is ingrained into and guides every operation within your business, and something that grows and evolves with the changing needs of the organisation.
While outlining the day-to-day goals and objectives your business needs to undertake, the strategy should also encompass its wider vision and path for the future.
Not being flexible
It can be tempting to follow the lead of successful organisations in your sector as you aim to follow their strategy execution best practices.
However, remember that every single business is unique and has different needs, even those in the same industry. That means you can’t simply adopt the strategy of another company and hope it will work in yours.
By using business strategy software such as StrategyBlocks, you can tailor your strategy to your business and use ‘Blocks’ to map out where it’s headed.
Involving only a select few
One of the biggest mistakes in the strategic planning process is to involve only those highest up in the organisation, while neglecting the wider talent available across the business.
Every individual who has a part to play in the strategy’s execution should have a say, as they will not only have a better view of what is happening, but can also provide valuable, unforeseen input into the strategy’s development.