Von Moltke said "No plan survives contact with the enemy." Your strategic plan won't always go as expected. Sometimes it's due to poor planning on your part. Other times it's due to changes in the external environment. And no matter how good your plan is, if you don't execute it well, it's worthless.
- Your strategic plan won't always go as expected. Sometimes it's due to poor planning on your part. Other times it's due to changes in the external environment. No matter how good your plan is, if you don't execute it well, it's worthless. For details on building a good strategic plan, watch my course on that subject. In this course I'll cover the most common reasons a strategic plan doesn't go as expected as well as what you can do in those situations.
There are four major challenges you'll face. Insufficient capabilities, pursuing the wrong strategy, market changes and poor execution. Your plan might be shaky from the start. Failure to align compensation, prioritize your efforts and resource your plan appropriately can compromise it before you even begin. Things like market changes, competitive actions, consumer shifts and poor execution can also derail your plan.
Your ability to recognize these dynamics quickly determines your ability to react appropriately. If you recognize an issue too late, you might not have time to shift. By understanding the dynamics that can derail your plan, you're going to build a more solid plan that will help you execute it well and achieve the goals you've set out for your organization.
- Assessing the market
- Reacting to customer behavior changes
- Dealing with competitive actions
- Adjusting to technology changes
- Managing your prioritization process
- Making tough choices
- Ensuring that you're working with the right talent
- Aligning compensation and incentives
- Linking strategy to execution