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Meet Lois Greisen, Executive Coach and President/Owner of Eagle Associates. Lois is a Certified Business Coach with over 25 years of management experience.

Strategic Plan – Top Reasons to Develop a Strategic Plan

Posted by lois on Tuesday, June 11th, 2013 | trackback

Many companies don’t have a written strategic plan or they Execution Value Gaphave an outdated plan.  They just have a general idea of where they want to go.  They are headed in the right direction and probably make progress every year.  So why have a plan if things are going in a positive direction?  I have shared a couple of reasons and here is a third.

A third reason to develop a strategic plan is that it can help the organization benchmark its results.  Not only can the company benchmark results against itself, but it can also compare itself to other businesses in similar or like industries.  This can be beneficial if a sale of the business is planned.  Prospective buyers can utilize the information when making a decision whether to buy or not.  The seller can utilize the information when valuing the business for sale.  Benchmarking is also helpful when reporting to investors. 

In addition, knowing that progress is being made on the goals being worked on is very rewarding and motivational.  Employees see that they are making a difference and are more motivated to do better and committed and loyal to the company.  Teamwork improves and a positive work culture is generated.  Most people enjoy a challenge and goals set by both the team and the individual are motivational.  As staffs work toward the initiatives of the plan, work is more exciting and enjoyable.  A positive work culture will help the organization attract the best people and pay a competitive wage rather than a premium.    Employees will know where they are headed.

 

A strategic plan is beneficial both financially and emotionally.  It can help improve the profits of the organization and motivate and challenge the employees resulting in a win-win position.

 

 

 

Make strategic planning a priority in your business.  If you need help, please let me know.  Your return on investment will be worth it. Please post other reasons to develop a strategic plan that you and your company have seen so that others may benefit from your experience.  Also, if you liked this post, please share it with a friend.  Take action now.

 

 

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