Strategic Planning Exercise

Many companies are finally getting back to their strategic planning effort. The steady growth that used to be common-place is replaced by projections of dramatic decline. But how realistic are these scenarios? Could your company be setting itself up for failure? You can always avoid the overly-defensiveness trap by following these 5 tips:

• Listen to the field and get more feedback from your managers. Nothing is better than getting direct information
• Be real with you assumptions by avoiding the overly optimistic ones your company had been using every year as well as staying away from perfect-storm scenarios that could cripple your growth
• Measure closely and rely much more on facts and metrics. Adjusting along the way will be crucial to a successful implementation of the strategic plan
• Be opportunistic and look for quick hits and low-hanging fruits instead of going for the big-bang projects that have long-term returns that could change quickly with market variations
• Keep updating and use a highly iterative approach to readjust your assumptions and keep in mind that a strategic plan is a living and breathing platform that needs to be adjusted frequently