Strategy Reviews: Heartbeat of Your Management Process
The monthly or quarterly strategic plan review meeting is the heartbeat of the strategy management process. In order for a plan to be an effective management tool, it must be up-to-date, guide decision making, and be top of mind.
Therefore, consistent review and monitoring of the plan are necessary to know whether you’re on or off course and to modify the course if necessary. A monthly or quarterly strategy review is the best way to achieve this outcome.
Over the life of a strategic plan, a company’s vision and mission often remain the same, but its goals and objectives probably need revised. Depending on the industry, some businesses can maintain a strategic plan for a year or longer, whereas others have to respond to market changes more frequently.
Move ahead with the plan as established, but be prepared to let go and switch strategies as necessary. Take corrective actions quickly to compensate for the dynamic business environment most businesses operate within.
In today’s ever-changing business environment, who has the time to stop and figure things out? No one. You adapt on the fly and so should your plan. The best way to address this issue is through periodic plan reviews.