What worked for you a year ago may not work now and that can affect your objectives or goals. In our recent article, The Benefits of Strategic & Tactical Planning, we touched on what a strategic plan is and its benefits. In addition to “working” the plan, it must be regularly reviewed and updated. Your strategic plan should be reviewed annually at the very least.
Did you know that businesses using strategic plans are 12% more profitable? A strategic plan is a management tool that keeps everyone and everything (energy, resources, time, etc.) moving in the same direction. Through a strategic plan, companies also see improved control over costs, increased foresight, improved operational performance, increased transparency and insight into the business, and a sense of shared purpose