Why you should have a strategic plan

Life offers many opportunities to show the many gaps between intentions (thoughts) and actions. These shortcomings affect performance such as productivity of individuals and organizations.

Recently, I met with a private bank that is in the process of building their fourth branch. This newer building is almost 10 years after the construction of their third branch. And I learned why this third branch has not been properly marketed through predetermined strategic goals, profitability has been made to wait about 5 years.

Management of the bank had just completed a strategic plan including the opening of this fourth branch. I asked if this team had set specific targets for this new branch. The answer to this question was not, but the bank had established an overall goal for the entire organization. Then I asked if this branch is not productive, not affecting performance of the other branches? The gentleman who was talking reluctantly said "yes".

They must indicate who does what and when, where and how. These plans can be very simple to very detailed action plan as a business page. Specific objective of this bank to increase its market presence in the commercial loan sector, the lack of specific objectives for this branch in a high traffic area and growing business was surprising but not shocking.

A strategic plan is a road map for everyone within the organization. Failure to communicate objectives and make necessary course corrections is what condemns many companies.

If strategic planning seems overwhelming, it is not provided by the philosophy of embracing the bite bite. Start with very small bites like a 7 course meal. Your strategic plan is the full 7 courses. Look at the big picture - the table laden with all that food - and then work yourself from one end - bite by bite .......