Page 32 - INSIGHT MAGAZINE_October 2024

BRIAN'S BLOG

Updating a strategic plan shouldn’t be a chore

In the competitive landscape of modern
business, having a strategic plan is
essential for long-term success.
A strategic plan serves as a roadmap, guiding
an organization toward its goals and ensuring
that every action taken is aligned with its overall
vision, mission, and core values, which are
foundational to all subsequent planning and
decision-making processes.
By defining these elements, an organization can
ensure that all employees are working cohesively
towards the same objectives. This unified focus
prevents efforts from being scattered and
ensures that resources are allocated efficiently.
But determining when the right time is for an
organization to review and update its strategic
plan is something that leadership should always
keep in mind, suggests Peter Wright, President Plan should focus on the future Alignment and Communication: Regular
of The Planning Group. A strategic plan is not just a document but reviews ensure that all stakeholders,
“If you have a strategy that you’re going to a vital tool that guides an organization including employees, management, and
grow in this particular direction and all of a toward its future goals. It provides investors, are aligned with the strategic
sudden the world around you is changing from direction and focus, enables proactive direction of the company.
a competitive perspective, then you need to be management, ensures efficient resource Competitive Advantage:
able to adapt to that,” he says. “A strategic plan allocation, facilitates performance Regularly reviewing and updating the
really never lasts for more than three years.” measurement, boosts employee strategic plan allows a business to
Peter recommends never leaving a plan ‘on engagement, and secures a competitive capitalize on new opportunities and
the shelf’ during that time, and depending on advantage. For any organization aiming maintain a competitive edge.
the industry, supports a refresh within at least for sustained success, investing time Innovation and Improvement:
a year, followed by a performance review on a and effort into developing or updating The review process provides an
quarterly basis. a comprehensive strategic plan is opportunity to incorporate new ideas,
indispensable and doesn’t have to be technologies, and best practices into
Planning establishes benchmarks an insurmountable task, says Peter. the strategic plan.
A good strategic plan also establishes Reviewing a strategic plan is
benchmarks and key performance indicators Financial Health:
(KPIs) that are essential for measuring crucial for a business due to Strategic reviews often include financial
performance assessments, ensuring
progress. By setting specific, measurable goals, several key reasons: that the business is on track to meet its
organizations can track their performance over Adapting to Changes in the External
time and make informed adjustments as needed. Environment: financial goals and can make necessary
adjustments to improve profitability
This continuous evaluation process ensures that Regular reviews ensure that the strategic
the organization remains on track to achieve its plan remains relevant and aligned with and sustainability.
long-term objectives and can respond swiftly to external changes. Stakeholder Confidence:
any deviations. Monitoring Progress and Performance: Demonstrating a commitment to
Organizations that operate without a strategic Reviewing the strategic plan allows a regular strategic planning reviews can
plan often find themselves reacting to changes business to assess its progress against build confidence among investors,
partners, and customers, showcasing
and challenges as they arise. This reactive its goals and objectives. the business's dedication to strategic
approach can lead to hasty decisions that may
not align with long-term goals. Conversely, Risk Management: growth and stability.
By continually evaluating the strategic
a strategic plan allows an organization to Employee Engagement and Motivation:
anticipate changes, identify potential obstacles, plan, a business can identify and Involving employees in the review
mitigate potential risks. This proactive
and develop strategies to mitigate risks. This approach helps in avoiding or process can increase their engagement
proactive stance enables businesses to navigate and motivation, as they see how their
uncertainties with confidence and agility. minimizing disruptions. efforts contribute to the overall success
of the business.

32 Fall 2024 www.cambridgechamber.com