In the words of Benjamin Franklin, “if you fail to plan, you are planning to fail”. In my opinion, every marketer should have this posted on their wall. In the business world, decisions we make have a direct impact on the outcome. Marketers understand the importance of planning, no matter how small a business decision may be. Even an email to a client or a social media post requires planning to send the right message. Otherwise, you face the possibility of messages that consumers misunderstand tarnishing the brand.
What is a Strategic Planning Process?
A strategic planning process is “a process of documenting and establishing the direction of your business”. It is assessing where you are and telling you how to respond to your companies challenges and opportunities. A strategic planning process is necessary to measure results and evaluate your company’s goals and KPI’s. A strategic plan guides the decision-making process influencing business operations.
Why is it Important to Monitor Strategic Planning?
Businesses have limited resources; more than likely, you will have limited budgets or resources to work with, and your CEO wants to see positive results. In the development of strategic planning, you will set goals to monitor daily or weekly. You want to monitor the process to ensure that you are meeting objectives. You may need to tweak them or start over to avoid losing money if it’s not working.
Monitoring the plan allows you to detect and correct errors that would drain resources. Monitoring the strategic process ensures progress enabling you to meet company goals and make necessary changes when needed.
A business should consistently review the strategic plan; there’s always room for improvement. Sometimes a plan works one day and fails the next day; if it’s shoved away until the last day, you risk losing money and possibly your job. If a plan is not working and you have the resources to do so, don’t be afraid to end it and prepare a new one. You may need to amend or remove all or part of your strategy.