By: Arial Harland – Four Common Pitfalls in Strategic Planning
Tis the season! No, not the holiday season, although that will soon be here! For business owners and leaders it’s time to reflect on the past year, examine the competitive landscape, explore possible initiatives and set goals.
A good strategic planning process will help you:
- align company goals with your company mission and vision
- define steps to achieve these goals
- assign responsibility and timelines
- track progress toward this year’s goals but also take steps to achieve your 3-5 year goals
Pitfalls to Avoid in Strategic Planning
Strategic Planning can be a powerful process if done well. It can be the difference between driving straight to your business goals or taking a long, winding road to get there. As you look forward, consider these common pitfalls:
Strategic Planning Pitfall #1: Inability to Say “No”
No company can do everything. Many ideas are brought to the table in a good strategic planning brainstorm session. The real challenge can come with saying “no” to some good ideas in order to prioritize a reasonable number of initiatives (4-6) that can be well executed in the coming years. Many times, leadership teams unable to narrow the focus don’t do well at any initiatives and hamper their overall business success. A good facilitator can help company leaders with this challenge.