When Should Strategic Planning Occur?
Strategic planning is a process that businesses use to set goals and identify the steps necessary to achieve them. But when is the best time to engage in strategic planning? The answer, unfortunately, is not as simple as it might seem. Here’s a look at some factors you should consider when deciding when to conduct strategic planning.
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The Organization’s Lifecycle Stage
The organization’s lifecycle stage is one of the first things you should consider when determining when to conduct strategic planning. Startups, for example, tend to be more nimble and adaptable than established companies and, as a result, can benefit from engaging in strategic planning more frequently. That’s not to say that startups shouldn’t have long-term goals—they absolutely should—but they may need to revisit and adjust their plans more often than companies that have been in business for many years.
On the other hand, companies that are well established may find that they don’t need to engage in strategic planning as often because their overall direction is less likely to change. Of course, there are always exceptions; even established companies may find themselves in a situation where they need to pivot to stay competitive. Companies that have been around for a while usually don’t need to revisit their plans as often as newer businesses.
The Desire for Change
Another thing to consider is the organization’s desire for change. If the company is happy with its current trajectory and isn’t looking to make any significant changes, then there may not be a need for strategic planning at that particular moment. On the other hand, if the company wants to make some significant changes—such as launching a new product line or expanding into new markets—then strategic planning will be essential to ensure that those changes are successful.
As you can see, there are several factors that you should consider when determining when to conduct strategic planning. There’s no one-size-fits-all answer; instead, you’ll need to consider the organization’s lifecycle stage, desire for change, and other factors before deciding whether or not now is the right time for strategic planning. By considering all of these factors, you’ll be able to develop a plan that makes sense for your business and helps you achieve your long-term goals. To that end, the right direction is just a few steps away with this 1-Page, 1-Year Strategic Planning Template.
Alternatively, if you need help with strategic planning and execution, look no further than MediaTCgroup. We can take your vision and turn it into reality, helping you to achieve your long-term business goals. We’ll work with you to develop a tailored plan that considers your needs and requirements, ensuring that every detail is accounted for. Contact us today to get started on making your vision a reality.