Is your company's strategic plan any better than a New Year's resolution?

How to Make Your Strategic Plan Actually Work

It's a well-known fact that while many of us enthusiastically make New Year's resolutions, a tiny fraction actually stick to them. Surprisingly, businesses often face a similar struggle with their strategic plans. Research shows that a whopping 60-90% of these plans don't fully come to life, mainly because of poor or nonexistent execution strategies. This teaches us a crucial lesson: while planning is important, execution is the true game-changer.

Planning is the backbone of any business, from startups to established companies. It involves detailed steps like executive summaries, market analyses, and financial forecasts. This roadmap is crucial for navigating the unpredictable business world. However, the real challenge is in bridging the gap between planning and execution. Doing this successfully means not just implementing strategies but achieving your goals.

Effective and Executable

So, how do you structure a strategic plan that you can actually execute? There are five key attributes that make a strategic plan effective:

1. Stakeholder-Centered: Your plan should align with the needs and values of everyone involved in your business - customers, employees, shareholders, suppliers, and the community. Aligning your plan with these interests ensures support, reduces conflicts, and smooths execution. Companies that focus on stakeholder engagement are often more profitable and grow faster.

2. Radically-Prioritized: In a world full of possibilities, it's essential to focus on the most impactful actions. Spreading resources too thin reduces effectiveness. Prioritizing ensures better use of resources and time. Remember, unclear priorities are a leading cause of project failures.

3. De-Biased: Remove any cognitive or organizational biases that might skew judgment. Biases can lead to poor decisions and wasted resources. Base your decisions on evidence and data, not unchecked biases, to improve team performance and plan effectiveness.

4. Over-Communicated: Repeat your strategic plan often to ensure everyone understands it. This reduces misunderstandings and aligns the team, driving consistent execution. Effective communication is key to outperforming competitors.

5. Risk-Mitigated: Identify potential risks and strategies to manage them. Proactively addressing risks helps you navigate challenges more effectively, ensuring smoother execution and better profit growth.

Test Your Plan

At Teleios Strategy, we're committed to helping businesses close the gap between planning and execution. We've developed a unique assessment to determine whether your strategic plan includes these essential attributes and how to shore it up if not. By focusing on these areas, you can turn your strategic plan from a well-intentioned document into a powerful tool for success. Access the assessment here: Strategic Plan Assessment (teleiostrategy.com)