Producing a strategic plan is one of the most important things any organization, regardless of industry or size can undertake.  A well-formulated and executed strategy establishes the foundations against which the organization can create, monitor and measure its success. There are 3 reasons why your strategic plan is important.

It helps you better understand your company and industry

The process of producing a Strategic Plan allows the senior members of the organization to develop a clearer understanding of their internal strengths and weaknesses as well as the external threats and opportunities. It helps organisations understand their core capabilities and mitigate risks. It can help organisations better reorganize themselves so that they are focusing on the right things that are the most likely to deliver the best performance, productivity and profit both now and in the future.

It helps you better understand the external trends and impacts

Even successful businesses need to realize that what made them successful today is not what will make them successful tomorrow. With the rate of change becoming faster every year, it’s increasingly important that we understand what trends are going to impact on our business and our industry, and how we’re going to respond to them.

Whether political, social or technological, we need to what changes are going to affect our businesses. We need to know how our organisation can respond to them. It enables us to find opportunities for growth and sustained profitability and it can help us identify and respond to changes that could make us extinct.

It helps you create a vision, direction and plan that everyone in the organization can understand and support

All organisations and their staff need to understand their purpose, their destination and the course they’re taking to get there. Without a strategy and focus that is understood, your staff will work at cross purposes and your company will fail.

Providing an organisation with a common purpose, goals and a set of actions to reach the goal ensures that everyone is working for the same outcome (your organisation’s success) and that time and resources are being allocated to the same goals and objectives.

While putting together a strategy can be difficult for many organizations,  the benefits are far-reaching. From creating new business opportunities, to streamlining the operations and engaging the staff, a well-formulated strategy, broken down into a tactical 5 year plan, will enable increased growth, productivity, sustainability and profit both now and into the future.

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