by Jonathan Jones
Having a living strategic plan is critical to a healthy business. A 2013 study by the Exit Planning Institute found that 83% of business owners have no exit plan and shockingly less than 49% of companies have no plans at all. It is not surprising that most businesses fail.
Planning is a fundamental part of leadership and key to the foundation of a successful culture. Without a strategic plan, the organization likely won’t reach necessary goals and objectives; and it probably won’t be a fun place to work.
Here are some tips on how to get started on a successful plan:
1) Start with a written plan with clear measurable objectives to be tracked monthly, quarterly, and yearly. If you don’t know where to start, seek training or hire a consultant.
2) Actively engage members of your organization to participate in the creation of the plan; it must be an executable and effective plan.
3) Share your plan with your leadership team and trusted advisors.
4) Once your team has bought in, have them help create a method to communicate and integrate it to the culture of the organization.
5) Communicate the plan in writing, visuals, and orally to your whole organization.
6) Follow up with the organization regularly in conjunction with your performance management process, so employees know you are following through.
7) Consider having someone outside of your organization, such as a board of directors or peer group to hold you accountable.
8) Ensure you celebrate successes; offer rewards for adherence or consequences for lack of adherence to the plan.
The New Year is upon us and is a good starting point.
Jonathan Jones (Jonathan.jones@vistagechair.com or 314-608-0783) is a CEO peer group chair/coach for Vistage International.
Submitted 8 years 117 days ago