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Monday, July 30, 2007

Annual Strategic Planning - Already?

A recent Entrepreneur Magazine article entitled "Here's the Plan" raised the question:

"Is your company running smoothly? Then there's no better time to review your business plan and consider what your next move will be."

It's why - even during good times - that your strategic plan should not be collecting dust on a shelf somewhere.

"The business plan is the company's road map and strategic vision for the future. In its first iteration, it's simply a best guess, but later revisions show the business owner what's working, what isn't and why."

BOTTOMLINE: Examine your company's value drivers and how they may have changed since you started. In the Six Disciplines program, we call this Discipline IV: Step Back. It's an annual discipline of reviewing externals and internals, recapping your strengths, weaknesses, opportunities and threats, and reviewing your team's performance to ensure you're organized the right way to execute your strategy.

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