Strategy or Just Planning
3 Minute Read
It seems like today things are changing as fast or faster than ever. Supply chains have been disrupted. Competition is fierce. Finding the right talent has become a nightmare. Customer expectations are through the roof. There are tough decisions that need to be made about our future. You can probably think of a few things that plague your own business. And with change a constant, we too need to adjust for the future of our business. But the question is, do you need a strategy, or just a plan?
Imagine that you are building a new company headquarters. Your strategy is the blueprint of your future building. It is direct, sharply in focus, and clearly identifies the future vision. When you think about this blueprint, you need to think about who your customers are, how you are different from the competition, how you manage resources, and how you are going grow your company in the future.
Now that you have your blueprint, you will need all the steps to create your vision. Your plan is the tactical steps to make your headquarters come to life. It is the roadmap to success that brings the vision into focus for the entire organization. When you think about planning, you would think about your budget, timelines, and who is responsible for projects and deliverables. If a company already has a strategy, then what they need is a step-by-step plan to execute and meet your goals.
Not having a set plan or strategy is the easiest way to waste money!
The reality is most people need something in between. You cannot just have a blueprint and expect your headquarters to be built, as well as you can’t have a plan to build the building without that blueprint. They support each other.
Here’s the problem…without both a strategy and a plan, your builders will be fighting for resources, leadership will be confused on direction and where to spend their time, and even with the best of intentions, the building becomes a jumbled mess. You run into issues, scrambling to make it work. Most companies hate wasting time and resources. Not having a set plan is the easiest way to waste money!
Companies that have a strategy and a plan move their company forward faster!
But we have good news!
Companies that have a strategy and a plan (that is constantly being updated) move their company forward faster! People have a clear picture of the future, and they grow at a much greater rate because everyone is focused and moving in the same direction.
Consider these statements related to strategy.
- We are clear about the direction of our business.
- We are clear about what we will prioritize.
- People know why we do what we do beyond making money.
- We know how we will compete in the future.
- We have a well-established culture to support the future of our company.
If the majority of your responses to these statements are false, you need a strategy. If they are true, simply double check that others in your company agree with you.
All companies need a plan. Companies need the tactical recipe to fulfill the strategy. You decide the timeline. Is a 12-month plan, 18-month plan, or some other timeframe? Identify the specific actionable items, document them in a way that is trackable. Set a cadence to review progress and make adjustment if necessary. And ultimately, make sure everyone in the company knows the goals of the company and what they are doing to contribute.
It’s been said that when change happens, it is time to create a plan. We agree, but we also say when things are not changing much or feel stagnate, it is the perfect time to challenge what is being done and put together a plan that the entire organization can understand and execute to help address challenges as well as grow the company. Your company is unique. You need a process that works for your company and your culture.Not having a set plan or strategy is the easiest way to waste money! Click To Tweet Companies that have a strategy and a plan move their company forward faster! Click To Tweet