The myths behind strategic plans that fail

by Mark Arnold

Myth: most organizations are successful in their strategic planning

Truth: about 70% of strategic planning fails

With the amount of time and effort that goes into strategic planning, this statistic isn’t the truth most organizations want to hear. An even sadder reality is that many organizations never figure out why their strategic plans fail. They make the same mistake time and again, all the while expecting different results.

It doesn’t have to be this way. Strategic planning is one of the most important tools a business of any size uses for itself and its customers or members. A business without a strategic plan is like a builder without a blueprint. He may know what he wants to build or what he is supposed to build, but he doesn’t have the tools which show him how to build it. A strategic plan, when executed properly, provides direction on what goals the business plans to achieve and how it will achieve them.

Here are some common myths about strategic planning that may challenge your financial institution to create a well winning strategic plan.

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