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Monday, January 25, 2010

Strategic Planning Going Away? Not So Fast!

The way this Wall Street Journal article portrays it, "the recession has changed the way business leaders think -- formerly reliable tactics no longer work and innovative strategies are becoming the new standards." 

One standby that may have gone out the window, the WSJ article argues: strategic planning.

In fact, NOTHING could be further from the truth!

If you really read between the lines of this article, strategic planning isn't going away at all.  Rather, it's becoming even more important - and will become an even more pervasive activity as we move ahead beyond the recession and into the recovery. 

"Old" practices, such as updating the company budget on a quarterly basis, are being replaced by monthly updates. One-year and three-year strategic plans are being reviewed and adjusted on a monthly basis as well, to faster respond to fluctuations in the market.

According to The Business Insider, "...even as the economy stabilizes, these new habits might just stick. Valuing flexibility over sticking to a long-term plan allows companies to better react to consumer changes and take advantage of fleeting opportunities, and that extra work and attention can result in better business overall."

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