In honor of every company that is going through strategic plans and annual plans this Fall, I wanted to share with you some sobering news: 9 out of 10 of your strategic plans are going to fail. In the first entry of a two-part post, I’ll address the four most common reasons why Strategic Plans fail. In the second part I’ll discuss some practical methods to help companies achieve their Strategic Plans.
Why 9 of 10 Strategic Plans Fail
We have all seen the output of Corporate Strategic Planning sessions: 3 ring binders, charts, actions, metrics, etc. One company actually delivered it in a hard bound, book format. Unfortunately, the output of these sessions actually contribute to the high failure rate. In summary, Strategic Plans typically fail because:
- Employees don’t understand the strategy
- The Executive team spends less than an hour a month discussing the strategy
- The budget is not aligned to…
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