The Truth About Strategic Planning

Source: Partner Insights

Too often, firms create a strategic plan and nothing changes. It doesn’t get implemented. Often the problem is that firms think the planning process ends at the end of their strategic planning retreat. The plan may start at a retreat, but it doesn’t get completed there. The retreat will help you:

• Identify key factors to success.
• Decide how to improve the firm’s productivity, efficiency, and profits through strategy.
• Identify three things each partner must do during the coming year.
• Determine how to get everyone committed and involved.

The real work comes in implementation.

Here are some FAQs about strategic planning:

What is a strategic plan?

It’s how a firm achieves its vision – a process for guiding the firm toward realizing its vision. It answers questions like:

• What do we offer our clients?
• What is our market?
• What competitive advantages do we have or can we develop?

Should every firm have a strategic plan?

Every firm has a strategy. The real question is whether it’s been subjected to the intensive scrutiny that comes from the planning process.

If the firm is successful, why plan?

Historical success doesn’t guaranty future success.

How can a small firm afford to plan?

Strategic planning doesn’t require doing more, but rather doing better.

How can we plan when the future is so unclear?

Uncertainty about the future requires more, rather than less, planning.

From Aquila Global Advisors, LLC Partner Insights, September 25, 2007, www.aquilaadvisors.com. To obtain a copy of the article What to Expect from Strategic Planning, send an email to [email protected].