You did the work and put together a good strategic plan. Should you regularly review it? Do you need to update it?
“How do I know I need a new strategic plan?”
I get asked this question often enough. Here are five key indicators that creating a brand new plan is necessary:
- When what’s been working well doesn’t work so well anymore. Same amount of work and effort being done well, and you are getting less results. Something has changed. Dig in, and figure it out. Change your plan accordingly.
- When things are going a lot better than they have in the past. This surge in growth needs to be supported, or the wheels will come off your organization. Something has changed, this time for the better. Dig in, figure it out, and change accordingly.
- New technology enters your arena. Something has changed. Dig into it and figure it out, hopefully so you can take advantage of it. Change accordingly.
- New technology/competition enters into your customers’ arena. Something has changed. Dig into it and figure it out for your customers. Change accordingly.
- Your team changed. You have a brand new team. Dig in, and figure out what the new players on the team bring to the table. New talent, new insights, more bandwidth. Change your plan accordingly.
I could go on and on, but I’m hoping you are catching my drift. Whenever you see that “something has changed,” good or bad, you need to figure it out. And change your plan accordingly.