The challenges of strategic planning was the topic of the latest executive roundtable sponsored by Schneider Downs Business Advisors. Sixteen local business leaders met to discuss the various challenges faced while developing and implementing their strategic plan. The roundtable discussions covered a wide variety of topics and industries and provided insight into the various methodologies used to complete the strategic plan.
Several different industries were represented at the roundtable, and each participant shared ideas on strategies that worked and strategies that did not work. Everyone in the group agreed that strong leadership and a clear mission statement were essential to building an effective plan.
Based upon the discussions, the following items should be part of any strategic plan:
- Market or economic analysis (product life cycles, competition etc.)
- Internal analysis, your core competencies, R&D, product differentiators etc.
- Tools: SWOT analysis, PEST analysis, Business Drivers analysis
- A clear mission statement or vision statement
- Alignment with the supply chain strategy
- Financial goals and metrics
- Implementation teams with specific goals
- Measureable key indicators and report to the team
- Willingness to adjust the plan as needed
Although this list is not complete, it serves as a foundation for any organization to develop a strategic plan. The success of any organization depends in large part on how well it implements its strategic plan and how well the organization adapts to change.
Schneider Downs provides accounting, tax, wealth management, technology and business advisory services through innovative thought leaders who deliver the expertise to meet the individual needs of each client. Our offices are located in Pittsburgh, PA and Columbus, OH.
This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax-related matter.