Why Most Strategic Plans Fail

Strategic planning is a big business. Companies spend millions of dollars working with consulting firms to chart a path forward. Not only does a lot of money change hands as part of this process, but the amount of time that employees invest in working on the plan likely doubles the cost of the entire process.

In the end, leadership gets a shiny report they can send to employees, shareholders, external stakeholders, and others. Often, though, much less money and time is invested in implementing that plan than was spent creating it. As a result, there is a lot of cynicism around engaging in strategic plans.

In many ways, this feels a lot like New Year’s resolutions. With great fervor, people will identify a change they want to make in the new year. Now is the time to get physically fit, develop deeper relationships, or get an education. Yet, most people have abandoned their resolutions in a few weeks.

Please select this link to read the complete article from Fast Company.