I’ve helped create over 500 strategic plans. As a facilitator, I work with large corporations, family businesses and non-profit organizations to help them create the best strategic plan. The issue of when should you change plans comes up during executive coaching sessions, too. The same question arises whether you’re in Cincinnati, Ohio, Kentucky, or Jacksonville, Florida.
Shifting sands
We’re in a period of rapid change. Technology is impacting every aspect of business. Covid has altered how and where people work. Trade barriers, inflation, cost of capital: there’s variability in everything.
Strategic planning
When an organization makes its strategic plan, it looks down the road. It assesses its strengths and weaknesses, opportunities and vulnerabilities. Leadership sets a course for the future based on where things are today and where they believe they will go.
But sometimes things change.
Monitor these key indicators
- Your customers have changed. What they want, when they want it. And add in changing customer demographics, geographic dispersion and psychographics.
- Demand has increased (or decreased) significantly more than expected in many markets.
- Competition has changed. New competitors, alternatives, foreign and domestic.
- Prices have changed as a result of fluctuations in supply, demand and inflation.
- Employees have changed. New expectations, demands, turnover in key roles, challenges hiring good new workers.
- Political, social, technological, economic and environmental changes are here or on the horizon.
Take action
A strategic plan is a roadmap. When you drive on a long journey, sometimes there is an accident or a bridge that’s out. What do you do? You adapt and find a way around it.
It’s the same in business. Bring together your executive team and assess what has changed. If you need to course correct, do so. It likely won’t change your ultimate objective, only your tactical or shorter-term strategic planning.
Krissi Barr of Barr Corporate Success
We facilitate strategic planning sessions. Our approach works. Which is why our customers are demonstrably more successful than their competitors. Some utilize our executive coaching services, others stick with strategic planning facilitation and implementation. Most of my customers are in Cincinnati, Ohio, Kentucky or Jacksonville, Florida. When should you change plans? If the answer is soon, please give me a call.
