I once had a professor in graduate school who was very fond of the phrase, “It’s not the plan that counts, it’s planning that counts”.His point was that the most important part of any plan is the planning process itself. A good strategist is smart enough to understand that plans may require adjustments. If you develop what appears to be a sound plan, and then discover that it isn’t working, do you stick with it or do you consider other options? I think most would argue that making adjustments would be both prudent and logical. This isn’t to say that sticking with a foundering strategy may not ultimately result in success. Sometimes a strategy takes time to build, and requires early losses before generating results. However, failing to even consider change is neither strategic nor wise. It’s a sign of arrogance and stubbornness.
Having to adjust your plan doesn’t mean you’re wrong or that you’ve failed. It means you’re learning and adapting. A good strategist is constantly scanning the environment, gathering data and evaluating alternatives. This applies to almost any type of planning: military, sports, personal finance, or of course business.
A good business plan is developed based on the information that you have at the time the plan is created. In a dynamic business environment, knowledge that you glean today, may be obsolete tomorrow. A smart business will constantly be scanning and observing its surroundings, while reviewing and evaluating its strategic plan, then making the appropriate adjustments to help ensure the business succeeds.
How often do you review your strategic plan?
