Businesses are dying quicker than usual. The average lifespan of a company used to be over 60-years, companies now are lucky to last more than 18-years now. There is not only a dire need for new products and approaches to competing, but it is essential for companies to develop more innovative strategies. Unfortunately, most companies fail to properly ideate and their strategic plan won’t work.
Most strategic plans are simply financial planning exercises that are done once a year. They become a compilation of best practices. They don’t create a unique competitive advantage.
Many strategic plans are developed without going through the process of competitive and market analysis. They also don’t engage the whole organization into the process. This turns the plan into the brainchild of whoever is leading the planning session.
A real strategy is something new that others are not doing. This takes dedicated people, time, and materials to accomplish. If it is someone’s additional duty to work on this initiative, it is a smaller initiative and won’t have the desired strategic impact.
Copyright © 2024 9m Consulting - All Rights Reserved.
208-881-3996