Strategic plans often fail due to a lack of attention from leaders, according to the report. If a leader’s strategic plan isn’t working, they may need to re-examine their approach and consider whether they’re dedicating enough time to the plan’s execution.
Leaders are often busy with tasks such as writing grants, replacing staff, and preparing financial reports, but this can lead to a focus on putting out fires rather than preventing them through strategic planning.
Common Pitfalls in Strategic Planning
The number one reason strategic plans fail is the inadequate attention leaders give to using their plans, says the document. This can be due to various factors, including the impact of Covid-19 on the plan’s implementation.
Now that the pandemic is subsiding, it’s essential for leaders to update their plans and ensure they’re ready to oversee their execution.
Foundational Ways to Ensure Strategic Planning Success
Approaching strategic planning as a process, not an event, is essential for its success. This means assessing, planning, executing, and repeating the process year after year, while championing it on behalf of the team and organization.
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Having a co-champion to oversee the plan’s implementation can provide accountability, a thought-partner, and make the process more enjoyable. This can also help build a deeper talent bench within the organization.
Creating and communicating a planning calendar is also vital. This can include annual meetings to review and update the plan’s long-term vision, quarterly check-in meetings to ensure the plan is on track, and monthly meetings to review progress on goals.
It’s worth considering that the success of a strategic plan depends on the leader’s ability to adapt and evolve over time. As the organization grows and changes, the plan must also be flexible enough to accommodate these changes. By being open to adjustments and willing to make changes as needed, leaders can help ensure their strategic plan remains effective and relevant, which is key to gaining a competitive edge in their market.
They must be willing to learn from their mistakes and use that knowledge to improve their planning process. This can involve seeking feedback from their team and using that feedback to make adjustments to the plan.
