What are the benefits of a good strategic plan?
These are but a few of the benefits:
Clarity of Thought and Board Buy in:
Clarity of thought, making a plan, ensures that the Board achieves “buy in” and a clear way ahead.
Challenges each other without conflict:
To motivate everyone and provide security:
Having a clear plan allows the Board to communicate the way ahead right down to the shop floor. This can be a very important motivator and buy in. It will motivate and energise the whole business. It means that difficult decisions can be communicated within a clear context. Do not forget what it is like to be a mushroom? This also gives people a sense of security in their job and they avoid the “frog” mentality
Empower management and staff:
A Strategic Plan is a living document which can be used to respond to changes and unforeseen circumstances. The old adage that no plan survives the “heat of battle” is correct. Having been a soldier I know from experience, once you cross that “Start Line” you have to be agile, responsive and decisive, and any plan must have these same qualities. Everyone must feel empowered to make the plan happen. The overall objective needs not to change but the route to it can and will. Hence the strap line “Failing to plan is planning to fail” is so appropriate.
Encourages external advice:
A good planning process will encourage external advice. What about the one man Board – the business Owner. It highlights the key need/advantage of having a Non Exec director on the Board. Every owner needs a sounding board and every Board needs an external presence to bring ideas, objectivity, experience, knowledge and more to the table. Why do top sports people need coaches to succeed? A non exec can also be a very useful Board intermediary when issues become tough and emotional. We can point to actual experience, (a “one off”), of an altercation in the Boardroom, which was brought under control by the presence of the non exec.
ACTION – Stop talking Do something:
The plan will create a series of Objectives which become the first main ACTIONS list in the subsequent Board meeting agenda. These ACTIONS should be clearly annotated with a Board member responsible. It is for that person to drive the implementation using the Board forum to discuss the key issues. This moves into the environment where management and staff are clearly empowered and supported to take actions. It has the potential to create a highly energised and motivated working environment.
If you would like to discover what other gaps you may, or may not, have in your business, take our complimentary Business Energiser Scorecard – you will find it very revealing! https://tinyurl.com/ycyjy3hh
Tagged as: Business Growth, Business Strategy, Growth Tips, Implementation, Non Executive Directors, Strategic Planning
Share this post: