IT’S NOT TOO late to begin your organization’s strategic plan for 2019. If you haven’t already, now is the time when strategy should be the leading conversation in your organization. If you fail to have a clearly defined plan and set goals, you are likely to wander aimlessly throughout the the year with no clear roadmap for where you’re heading.

Cara Ong in an article “5 Benefits of Strategic Planning” shared some thoughts on why it is important to talk strategy with the decision makers within your organization:

1. Strategy allows your organization to be proactive rather than reactive.

Through strategic planning you’ll be able to anticipate unfavourable scenarios and plan for them accordingly.

Without planning, companies lose lead time reacting to unforeseen situations, however, planning allows organizations to keep up with the ever-changing trends in the market and stay steps ahead of the competition.

2. It helps to establish realistic objectives.

Strategic planning offers a much-needed foundation from which an organization can grow, evaluate it success, compensate its employees and establish boundaries for efficient decision-making.

3. It increases operational efficiency.

It guides management discussions and decision making in determining resources and budget requirements to accomplish set objectives, thus increasing operational efficiency.

4. It helps to increase market share and profitability.

Through a dedicated strategic plan, organizations can get valuable insights on market trends, consumer segments, as well as product and service offerings which may affect their success. An approach that is targeted and well-strategized to turn all sales and marketing efforts into the best possible outcomes can help to increase profitability and market share.

5.It can make a business more durable.

A business may be booming in one year and in debt the next, but those with strong strategic plan are more likely to ride the wave of a constantly changing industry.

Strategic planning isn’t just good for a business performance, it’s good for employees’ morale too. A strategic plan magnifies how they individually contribute to the success of the organization.

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