The Key to Successful Strategic Planning

Strategic planning is pivotal for any business, but like anything, there are common pitfalls that can disrupt the overall progress. We help both large and small businesses across diverse industries and there are some common mistakes that we continue to see. So, we’ve put together this checklist to help your business avoid mistakes and ensure your heading in the right direction.
The Key to Successful Strategic Planning

1. Keep Focused

If your focus is too broad things can fall through the cracks and consequently, opportunities can be missed. Ensure you are realistic, identify your current capabilities and establish clear strategic priorities.

Strategic priorities are focused areas you set for your business. Some examples of strategic priorities can include:

  • Boost revenue
  • Foster a stronger workplace culture
  • Launch a new product
  • Develop a better customer journey​​

Highlighting three or four of these and setting priorities to achieve them within a timeframe will help you focus to achieve them. Take the time to:

  • Realistically consider your business growth
  • Have a flexible mindset with expectations
  • Set performance goals

2. Set S.M.A.R.T. goals

Initiating S.M.A.R.T. goals specific, measurable, achievable, relevant, and time-bound goals can influence their success. These are what you’ll be working towards so it’s fundamental for them to be clear and it will make you and your team accountable.

3. Track your progress

Even if you have a flawless plan, there’s still room for error and misguided actions if you aren’t checking your progress periodically.

Day to day responsibilities can get in the way sometimes and make for a chaotic schedule. So take time out to check your progress. Structure dedicated meetings to:

  • Monitor KPIs
  • Catch up with employees and check in with their goals and objectives
  • Keep your plan relevant and realistic

Your strategic plan will be a pivotal point in paving the path that your business will take. At MacDonald Dunlop, we see businesses fall into some pitfalls as the hectic day to day tasks and deadlines can be distracting. Our highly skilled and approachable team can help realign your business and motivate you to get back on track.

Our advisors will look at your business and it’s performance, assess the markets you’re operating in, and evaluate the opportunities and challenges. Get in touch to find out how we can help.