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| 74.
Strategies Must Be Examined Four Times A Year
| Some companies take the time to develop real strategic plans that clarify the company's vision and quantify the strategic goals and objectives and major paths to getting there. Most companies with any degree of sophistication engage in this type of planning; however, far too few go to the trouble of updating the strategic plan on a quarterly basis.
Certainly having a strategic plan is an important part of effective management, however it is not enough. The ink is no sooner dry on the strategic plan than some of the assumptions on which it is based have already been proven wrong. By performing a quarterly update of the strategic plan (and by the way the business plan as well) management is constantly recognizing the changing environments in terms of the marketplace, competition, the economy, and the internal changes as well.
This quarterly update should be conducted on a formal basis so all key participants provide their inputs before final revisions are made and commitments solidified. By keeping the strategic plan always updated on a quarterly basis annual planning is no longer necessary since the existing plan reflects current realities. And, by establishing a quarterly updating, management understands that planning goes on every day not just once a year. |
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