![]() Ineffective or inefficient performance evaluations-Organizations dedicate all their time to coming up with a plan, but either forget to follow through by tracking progress or have no organized, reliable way to track performance data.Lack of management support-Organizations neglect to rally support for middle managers, who are key to making sure strategy is executed on a daily basis.Poor research around customer trends, organizational threats, and market opportunities-Companies tend to spend more time on internal issues (resolving conflicts and reconciling budgets) than they do analyzing important external information.Research shows that 95% of most companies’ employees don’t understand their organization’s strategy, and 85% of executive leadership teams spend less than one hour per month discussing strategy. Lack of communication-This is a big one. ![]() These strategies fail for many reasons, including: There are also plenty of organizations that do take steps to fulfill the requirements of strategic planning, yet still fail to see results. Neither of these scenarios will give you the competitive edge you hoped for. ![]() Without this foundation in place, you’ll either continue on a path to nowhere, or get caught up in a tornado of urgent activities that may not actually benefit your organization in the long term. But as noted in the definition above, it also involves laying out-step-by-step-how you’re going to get there. The strategic planning process is about looking forward, outside the immediate future for your organization, to reach a particular set of goals. This absence of a strategic plan demonstrates why having one is so important. Months or years later, strategic leaders are left wondering why the company never achieved what was intended. As a result, nothing about their way of doing business-including their priorities, projects, or culture-changes. They may talk a good game and be able to explain an innovative new mission, but they cannot articulate the processes and business models that will make it happen. Some experts say there’s a simple explanation behind the dismal statistics mentioned above: companies are failing to strategize at all. Unfortunately, the strategic planning process isn’t as straightforward as it seems, especially for large companies. On one hand, that definition makes strategy planning sound like a Business 101 concept-define your goals and a plan to achieve them. Strategic planning is an organization's process of defining its direction and long-term goals, creating specific plans to achieve them, implementing those plans, and evaluating the results. What is strategic planning and why is it important? Having a plan doesn’t mean your organization will execute on it. There is a danger of “analysis paralysis.” Everything about strategic planning takes time.
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