Money Lost

The Value of a Strategic Plan

Strategic Plans

A strategic plan is an actionable, tangible path forward that enables individuals and an organization to create value and pursue excellence. It creates alignment and clarity.

What is the real value of a strategic plan? What’s the value of knowing where you are, where you want to go, and the first steps towards getting there?

You might be working without a strategic plan right now. It’s possible you may be able to go for a while without one, but how long can you sustain this type of expensive, aimless wander into the future? What’s the cost of having no strategic plan?

To answer that question, this simple formula can help:

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Let’s break it down:

Investment in Initiatives

Money allocated towards the right initiatives is money well spent. Money allocated to the wrong initiatives is money wasted. Without a strategic plan, how do you know you’re working on the right things?

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Investments in Your Team

This includes both the hours they spend working but also the additional costs that go with it, like travel, training, and agencies. How do you know that the time and expenses spent are going to help you reach goals and target outcomes?

Said another way, 8 hours of driving in the wrong direction is just wrong. The same can be said for your team’s time and efforts. If your team is putting in the time, put it towards things that move you in the direction you want to go.

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The Cost of Losing Customers

In almost every case, it costs an organization less to keep a good customer than it does to get a new customer. Without a strategic plan, are you confident you have good customers? The right customers? Are you confident you’ll be able to meet their ongoing needs?

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Potential Customers

In addition to keeping customers, you also need to grow your customer base. Are you able to acquire customers? Are they the right customers? At the right cost? Do they align with the future of your business? How confident are you in that?

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The Point

Don’t waste time and money and risk your organization’s future by proceeding without a strategic plan. You need to know who you are today, why you’re valuable, and who you currently serve. You need to determine where you want to go- taking your aspirations, your market, and your current business into consideration. And you need to incorporate an unpredictable future. You can then create a strategic plan to lead you forward.

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If you already have this, congratulations! If you don’t, now’s the time. You can’t afford not to.

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Join us as we take the next 12 weeks and break down the key steps to creating a strategic plan. Subscribe (for free) to get these valuable insights delivered to your inbox.

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