Well-crafted strategic and annual business plans provide a sense of purpose and direction. They establish the operations and initiative activities the organization will implement in order to achieve defined outcomes. Furthermore, these business plans service as a communications mechanism to drive alignment of management decisions and employee actions to the effective and efficient achievement of the organization’s mission goals. (See StrategyDriven article, Why Do Organizations Need Strategic Planning) Without business plans, time and effort may be applied to activities less directly focused on achievement of the organization’s goals thereby wasting the business’s precious limited resources. (See StrategyDriven article, The StrategyDriven Organization)
Given the value strategic and annual business plans represent, how much should be invested in their development?
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About the Author
Nathan Ives is a StrategyDriven Principal and Host of the StrategyDriven Podcast. For over twenty years, he has served as trusted advisor to executives and managers at dozens of Fortune 500 and smaller companies in the areas of management effectiveness, organizational development, and process improvement. To read Nathan’s complete biography, click here.