Innovative Marketing: Reasons for failure of your Strategic Plan

Innovative Marketing: Reasons for failure of your Strategic Plan
Shutterstock

A strategic plan is vital for the success of a business and to implement such a plan as part of the Innovative Marketing strategy of your company requires anticipation, discipline and trust. No matter how thoroughly you have prepared and set up your plan, it is inevitable that you will encounter a set of challenges throughout your way. 

Ten major challenges

Strategic plans sometimes fails and below is a series of reasons that account for this failure. Try to avoid these traps and you will be in a better position to achieve your goal of improving your results, objectives and your business.

 

  1. Setting up a plan simply for the sake of having a plan. Some businesses develop a strategic plan simply for the sake of having such a plan and that it is common belief that each and every business should have a strategic plan. If you are bound to take time to elaborate such a plan, better do it the right way. 
     
  2. Not mastering your environment or focusing too much on result. Planning teams should pay more attention to variations in the business environment, set pertinent priorities, and better understand the need to pursue results.
     
  3. Limited commitment. Business owners and Top Management must be fully committed and fully understand the way a strategic plan can improve their business. If they lack this knowledge, it is very difficult to stay committed to the process.
     
  4. Not the right people at the right place. Those responsible of executing the plan should be involved from the very beginning and those involved in creating the plan will be committed to monitor it through its execution.
     
  5. Drafting the plan and forgetting it on the shelf. This is similar and as bad as not drafting the plan at all. For the plan to be an effective management tool, it should be used and reviewed constantly. 
     
  6. Reluctance or incapability to change. Your company and your strategic plan must be flexible to adapt to market conditions change.
     
  7. Wrong people in leadership positions. Management should not be reluctant to make the tough decisions to ensure that the right people are in the right leadership positions. The “right” people include those who will support and work in line with the strategic plan to keep the company on track.
     
  8. Not aware of marketplace reality, facts, and assumptions. When it comes to marketplace realities, it is better to tackle the problem rather than hide away from them because their impact may not be immediate but prevention is better than cure.
     
  9. Lack of follow-up. Be strict once you have set up your plan and resources are committed and make sure there are perceived penalties for not delivering on the strategy.
     
  10. Unrealistic goals & lack focus. Strategic plans needs to be focused and include a number of goals, objectives and programs that are manageable. It is better to have fewer goals but focused one than numerous and nebulous. You must also be ready to assign adequate resources to complete those goals and objectives defined in the plan.


More on: http://www.forbes.com/sites/aileron/2011/11/30/10-reasons-why-strategic-plans-fail/ 

 

Questions or comments? Please feel free to contact the editors


Gerelateerde items

Facebook launches its Marketplace in Europe

16/08/2017

In October 2016, Facebook launched a marketplace for used items in several countries, including the United Kingdom and the United States. That marketplace is now also coming to Belgium, the Netherlands and fifteen other European countries.

AS Adventure acquires German McTrek

14/08/2017

Belgian outdoor chain AS Adventure has acquired its German competitor McTrek. The acquisition opens up the largest European outdoor market for the Belgians, thanks to McTrek’s 39 stores and web shop.

American department store chains continue to struggle

11/08/2017

Several American department store chains continue to underperform. Both Macy’s and Kohl’s experienced turnover slumps compared to the previous year, even though they both managed to beat analysts’ expectations.

Amazon wants to compete with Ticketmaster

11/08/2017

Amazon is in talks with American event location owners to see whether it could sell tickets for their events on its web shop.

Record turnover for Henkel

10/08/2017

German Henkel has had a record second quarter, when turnover reached nearly 5.1 billion euro. For the first time ever, its six-month turnover surpassed the 10 billion euro milestone, thanks to its acquisition of laundry detergent company Sun.

Lion Capital once again wants to sell Hema

08/08/2017

Lion Capital has approached business bank Credit Suisse to look into “strategic options” for Hema, which basically means it has to find an interested buyer for the Dutch store chain.

Back to top