Perspective

Creating a strategic plan to chart the course for your firm's future

A strategic planning toolkit.

Key Takeaways
  • There are a number of misguided beliefs about strategic planning that often hinder firms from getting started.
  • Myth #1 It’s a complex process: In fact, a sound plan can actually help simplify decision-making by having you zero in on areas that need attention and develop appropriate initiatives to move them forward.
  • Myth #2 It’s very time consuming: There are many different levels of strategic planning. While large corporations often have dedicated planning groups, smaller firms can significantly streamline the process and develop a simple, but useful, plan in just a few days. Once in place, this plan is something you can use to guide your thinking three to five years out.
  • Myth #3 Things are changing too quickly for a plan to be useful: In reality, it’s even more critical to have a plan during a rapidly changing environment. As with financial planning, looking at different scenarios can help you prepare for a range of possible outcome.
  • Myth #4 It won’t make a difference in the end: Although it’s possible to be a successful company without having a plan, a plan can help you influence where your business will end up. To paraphrase the Cheshire Cat in Alice in Wonderland by Lewis Carroll, “If you don’t know where you’re going, any road will take you there.”
  • Are these myths holding you back? If so, you may want to reconsider what’s really involved in creating a strategic plan, and use this tool kit to walk you through the process.
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