Who is responsible for updating a strategic plan
To achieve this, CEOs need not only the traditional information, but fresh perspectives to expand their vision of the future. The input should be from sources not previously considered; from people not previously asked, markets not previously tapped, in industries and from sources never before explored.
Strategic plans can also be an essential tool in working with outsiders, including your bankers, investors, suppliers, and franchisees.
But failure is often caused by management’s inability to anticipate simple factors, or to take advantage of opportunities that could have been foreseen.
Through the process of formulating a plan, issues and assumptions can be exposed to detailed formal scrutiny, early enough to make effective management possible.
But what is directing your brainstorming thought process? In traditional strategic planning we use the tools we know like the SWOT analysis, brainstorming where we throw ideas on the wall and see what sticks and financial history.
Most of the time the results bear little if any real and new fruit.
Unfortunately, too often, the CEO’s executives are telling him/her just what they think the CEO wants to hear and often what has been acceptable in the past. Often there is no new thought, even though they may think there is.