If any of these symptoms are occurring in your business you may be experiencing the need to reassess your strategic plan and the way you’re doing it:
While every business should utilize strategic planning, fast-growing SMBs are at the top of that list. These companies must regularly meet to discuss their strategic plan – time moves quickly and communication can get lost in the midst of it.
Experiencing higher-than-average revenue one quarter, and then rock-bottom revenue the next? Inconsistent results not only hurt your company during the lows, but also hinders your company’s future success. Employees begin to worry, plans become reactive, and opportunities are missed, leaving executives scrambling for a plan last minute.
An Unclear Goal or Vision
A lack of an agreeable vision will lead to a lack of long-term profit. While some companies may experience quick growth and high profits for some time, a company without goals will not go far. Major decisions and day-to-day office life need a guiding principle, or else individuals are left to come up with the best plan of action on their own.
Reactive, Not ProactiveFor a company without a strategic plan, it is often external problems that make internal decisions. This is an extreme issue, as daily events are not representative of what the company will face in a year. Rather than solely reacting to outside forces that are thrown at executives, there must be an overarching plan to guide them through the difficulty at hand.
Your revenue hasn’t been meeting the target, profit is low, and you’re running out of suggestions. Strategic initiatives identify the best ways to capitalize on market opportunities in the future and attract revenue consistently, rather than just relying on current customers and the best of luck. It’s time to turn back to the basics, rethink your business endeavors, and make way for the future of your company.
Can’t Say “No”
When a company’s key decision-makers don’t know where the value lies, it’s difficult to determine what opportunities are best for the business. This makes it tough to say no, and can eventually force the company in over its head.
Difficulty Attracting Top Talent
The employees don’t know the values and long-term goals of the company, so how would potential recruits know either? Without a strategic plan in place, current employees begin to leave due to the inconsistency of results. This further affects the stability of the company, making it even more difficult to hire new talent
Lack of Communication
Internal communications are at an all-time low, and no one seems to know what they are doing when they are doing it, or even how they will get the job done. Employees and executives don’t communicate and aren’t aligned on what the overall mission and vision for the company are. Communication is the glue that holds the company together, and without it, things can go south pretty quickly.