Plan for success in your annual strategic plan
by. Bruce Clapp
Two days in meetings in the board room of a local country club; a couple rounds of golf and some late night team building dinners – and all you have to show from your annual planning retreat is a pile of flip charts with a few great ideas but no plan for bringing them to fruition. Sound familiar?
Not all strategic planning is created equally. The majority of companies find a mere 63 percent of the goals outlined in their strategic plan are achieved each year, leaving a great deal of opportunity on the table…let’s make sure your credit union does not do the same! I believe there are four specific questions that every successful strategic planning process must address and broadly share within the organization:
- Where are we now? A specific self-assessment with peer review and market evaluation
- Where do we want to go? Goal oriented approach with specific how much by when with whom
- How are we going to get there? Specific tactical process spelling out steps, hurdles and plans
- How will we know when we have arrived? Measurable, quantifiable, actionable milestones
How can you pull the extra level of growth out of your strategic plan? It is crucial that strategic planning become an ongoing process rather than an annual event combined with a golf outing or Board retreat.
In times of economic turmoil, the companies that thrive are those that have an integrated plan. Successful companies know what they have to offer, know where they are going and have a definitive plan of how to get there that is embraced by all levels of the organization. This sense of purpose and direction is not achieved haphazardly. It comes from taking the time and putting in the work to develop a comprehensive strategic plan.
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