Why do you need a strategic plan? A strategic plan helps guide your organization toward its goals. Here are the 4 top reasons your may need a strategic plan (or a new one):
1. The market has changed: customers, competition, products/services may be evolving or you may need to diversify.
2. Profitability is not what it should be: you might be focusing on the wrong areas of the business–a well-thought-out plan should help determine business priorities.
3. A new vision is adopted so a roadmap is needed to show how the vision will be achieved: organizations with new visions definitely need new strategic plans.
4. There is a change in leadership and a resulting need to re-shape or shape what the organization does (and how it does it): new leadership often adjusts the vision of the organization, and then a strategic plan change is necessary.