Is your business planning suffering from SPOTS Syndrome?

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SPOTS Syndrome is proof that an organization’s strategic planning process is a waste of time and resources.

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Has your strategic planning just been a waste of time and effort?

Too many business’ strategic plans are still hit by ‘Strategic Plans On Top Shelf’ or SPOTS Syndrome.

Here we look at three key areas that continue to foil strategic planning if not dealt with effectively:

1. Symptom: Conducting business-as-usual post-planning

One of the most common errors occurs when the team approaches planning with a “business as usual” mentality, merely going through the motions and creating an illusion of having strategically planned. Such a team isn’t willing to identify, much less implement, needed changes. Their focus is “working IN the business,” neglecting the need to “work ON the business.” Solution: Use your plan as a springboard for change, bolstered by solid leadership and team buy-in.

2. Symptom: Seeing and treating the planning document as an end in itself

Planning session done! Plan produced! But just having a well thought-out plan without using it is like drawing up a blueprint to build a house, and then ignoring it during the construction phase. Solution: Use your plan as a road map and use your team to get some rubber on the road with it.

3. Symptom: Not having a scorecard system in place to track success

Unless methods for measuring organizational success are clearly defined, progress will be almost impossible to determine. Without Key Performance Indicators (KPIs) – essentially a measurable value that demonstrates how effectively your business is achieving key business objectives – and goals in place, you will be tempted to measure what is easy, instead of what is important and strategic. Another common mistake of many plans is limiting its KPI Measures to only financial performance. Solution: Measure what is important across a number of Critical Success Factors.

Whenever a strategic plan is not in agreement, acted upon nor implemented, it wastes time and resources. Are you working on your strategic plan or need help polishing up an existing one? Are you working with a CPA firm that looks at more than just the numbers?

If it’s time to gain better insight into your business, its performance and the whole planning process, call Williams & Kunkel in Flower Mound at 972-446-1040 today.

Need more business advisory help? Read more at Williams & Kunkel, CPAs, LLP New Business Advisor Services

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Source: allAfrica

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