I borrowed this blog title from gapingvoid. What does this have to do with business, you ask? Great question!
Periodically, I engage with a Leadership Team that becomes too attached to their annual strategic plan. Granted, they worked hard to develop their annual plan. They examined the trends taking place in their industry, identified the organization’s strengths that have been the source of their success, and looked at their weaknesses that are unlikely to change.
They measured the gains made as a result of the previous year’s annual plan, and celebrated their progress. In the end, the Leadership Team developed an annual plan designed to move them toward their BHAG, also known as a Big Hairy Audacious Goal.
Yet, as their current year progresses, the Leadership Team’s environment becomes significantly different than it was when they developed their annual plan. Perhaps conditions in their industry are changing, or opportunities in their market became available, or maybe customers want to engage more closely with their account managers. You get the picture.
It is imperative that Leadership Teams keep a finger on the pulse of what is going on around them, within and outside of their organization. Leadership Teams must keep an eye out for fluctuations that may impact their organization and, in turn, their annual plan. It is important to step back periodically and reflect on the current reality.
An annual plan is an orderly arrangement of activities designed to reach an objective. It is not written in stone. While a Leadership Team should not revise their annual plan for the sake of doing so, they may need to make adjustments during the year as conditions change. This will allow the organization to take advantage of current conditions and avoid problems at a later time.
So, are you driving into a lake?
If so, it may be time to reevaluate your annual strategic plan, but you don’t have to do it alone. That’s where I come in. If you’d like some guidance or another set of eyes, please fill out the consult form below, and we can schedule a time to chat about your strategic plan. Together we can ensure your plan is as current and relevant as possible, and that your Leadership Team knows what’s going on around them.