Strategic planning is a critical function of business owners and CEOs. Your company’s success can hinge upon developing a strategic plan that addresses current challenges and positions your company to meet future challenges. Considering the importance of having a strategic plan, why do so many companies avoid strategic planning or have no plan at all?
Here are some common excuses why business leadership avoids strategic planning (or if they do attempt to build a plan, it’s poorly done).
I’ve never done strategic planning … I don’t know where to start.
If you find yourself putting off strategic planning for this reason, there are several ways to overcome it. A simple Google search for “strategic planning” will unveil a vast amount of resources to help. On top of the many books, YouTube videos, and podcasts covering this topic, you can also leverage the experience of other business owners who have been through the process. At LXCouncil, we bring together CEO’s, business owners, and other leaders from companies that span many business sectors. By bringing a wealth of experience to the room, you can benefit from the knowledge of others who have “been there, done that.” Leveraging their insights can help you build your own strategic plan.
I spend all day putting out fires. There’s definitely no time for this.
Obviously, you have to make sure the day to day operations of your business or company are taken care of. However, not having the right focus or systems in place may be the root of this excuse. If you are finding a lack of cohesiveness or control of your systems, consider making some changes. A strategic plan brings clarity and focus to your goals and the tasks/processes/accountability required to meet them. It becomes your fire extinguisher and can free up the time you used to dedicate to the fires.
If it isn’t broke, don’t fix it.
This is a common excuse for many CEO’s or business owners. If your business has been around for several years and is successful, it’s easy to fall into the mindset of not thinking strategically about the future. The problem is, change is inevitable and if it catches you off guard, it can be catastrophic. This has been the downfall of many companies over the years (think Blockbuster Videos, as an example). It’s all too easy for today’s successful business owners to develop complacency, precluding them from taking the steps to strategically plan for the future and keep them at the top of their industry. Creating a strategic plan forces you to be forward thinking and proactive for the life of your business.
I don’t know what I don’t know and I’m afraid to find out.
Some CEO’s and business leaders are paralyzed by the fear of the unknown. Fear can be deadly for a business. Procrastination, inertia, and corporate culture may be at the root of this excuse. Fear of the digital age, and other “unknowns” have to be overcome, especially by CEOs and business leaders. This is another reason why having a dream team of other business owners whom you trust can be extremely powerful. A team of advisors, like what you have with LXCouncil, can help remove fear of the unknown and hold you accountable to developing a strategic plan for your business.
I’ll never get consensus or engagement from my managers.
This comes down to building a clear vision for your team, communicating the “why” of your business, developing your goals, defining your values, and then building objectives and supporting initiatives to achieve those goals. At LXCouncil, we explore all of these ideas. Our members gain the insights/ideas of other business owner peers to help them build and effectively communicate their strategic plan with their teams. If this is one of your challenges, LXCouncil might be a great solution for your business.
We hope you don’t recognize one of these five common excuses why your company is avoiding strategic planning. But if you are like most, you can definitely relate to a couple of them. If so, consider contacting LXCouncil for help.
We are a Leader Exchange Council consisting of distinct business owners and leaders that are hand-picked through a proprietary process to ensure that every member complements each other and the overall group. You’ll gain access to tools and resources (like this Agenda of Strategic Execution) that our LXCouncil members are discussing and integrating into their business’ strategic planning efforts.
It’s powerful and it’s effective.
If you are ready to kick start the growth of your business in a strategic way, LXCouncil is great place to start. Let’s start a conversation and unchain your infinite entrepreneurial potential!
Interested in learning more about what LXCouncil is doing to help business owners, like you, attain their highest potential? A short conversation may open a world of opportunity and connections for your company. Schedule a call today!
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