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Managers and executives often are their own worst enemies because they approach strategic planning with an "all-or-nothing" mentality. But, as Brent Grover writes in Strategic Planning for Distributors: "An imperfect plan, well executed, is better than a perfect plan that is never completed."
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Grover says it's distressing to listen to distribution CEOs talk about plans they can't carry out because their firms lack management depth, capital or both. Strategic planning is not a "one-and-done" prospect; once a plan is created, you will need to revisit each year to adapt it to your changing business.
Simplify the plan by pinpointing half a dozen stresses that need to be addressed right now and key in on how to resolve those issues. And make sure the resolutions fit within your broader strategic goals.
When built and planned properly, a strategic plan is a competitive differentiator in today's volatile economy. For your executive team, a sound plan is a gauge and tool for better decision-making. For all employees, it is a clear communication about how and why their contributions are important to the future of the company.
Join Brent Grover & MDM on June 7 at 1 p.m. EDT for a free, 75-minute webcast, Strategic Planning for Distributors.