Q: Do we really need to create and execute from a strategic plan?
A: In this industry, it’s all about sustainable competitive advantage. Everyone is upgrading core systems, using remote capture, and polishing wealth management services. Strategic planning answers the question, “How will we do it better?“
Q: What’s the most critical indicator of having your strategic plan succeed?
A: If your decisions are based on good research (as opposed to “in my opinion!”) you’re halfway home.
Q: Why do so many strategic plans just end up in a drawer?
A: Ah, so many answers, so little time…
- You created great ideas but allocated insufficient resources to implement.
- Senior management doesn’t care if it doesn’t get done.
- Not being evangelical enough. A communication plan must be part of your strategic plan.
- Undeveloped intentions. Frequently, the person with the great idea is not an execution giant. Break concepts into doable actions.
- Failure to tell the team “why.” If you’re going to require time and effort from everyone, tell them the expected ROI. Which, of course, implies you have figured out an ROI goal!
