Temperatures are dropping, Christmas songs are hitting the radio and the office is buzzing over the upcoming holiday party, which means it’s almost the end of the year and executives are beginning to think about their strategic plans for 2017. Over the past several months I’ve spoken with all types of CEOs and company leaders, and a question I’ve been hearing is: How can I improve my strategic planning process for 2017?
More than 50 percent of the time companies spend on strategic planning is wasted. To ensure this doesn’t happen to you, here is a list of five warning signs that show your company’s strategic planning process could fail:
1. You don’t reduce your strategy to 3 to 5 top priorities.
Only 55 percent of middle managers can name any of their company’s top priorities. When you have too many priorities, it becomes difficult for employees and divisions to focus on what’s most important. In turn, this often causes misalignment and an unengaged workforce. Narrowing your number of top company priorities to 3-5 ensures everyone in the company — from executives all the way down — is clear on your focus. Having a handful of priorities is useful because it’s easier to communicate and easier for people to remember.
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