In a tough economy, strategic planning is of the utmost importance. Strategic planning defines the purpose and direction of your company and helps you to develop your business strategy. It also allows you to create goals that will help to lead your company in the right direction.
While strategic planning is designed to help lead a business to success, uncertainty and lack of knowledge is causing it to be less effective. According to the Harvard Business Blog, there are four commonly made mistakes when it comes to strategic planning:
“Strategy execution is drawing a lot of attention these days, but that in no way means companies have abandoned their time-tested strategic planning processes. In fact, as far as management tools are concerned, strategic planning is as popular as ever, with 88% of large organizations engaging in some form of formal strategic planning, according to Bain & Company's 2007 Management Tools and Trends report. This number may still be on the rise as economic conditions force companies to search for new ways to jump-start business growth.”
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Friday, July 24, 2009
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