Matt never wanted to talk about “strategy”. Whenever it came up he even used the air quotes with his fingers to mock the idea.

He saw it as an unnecessary distraction that didn’t apply to his decades-old business.

He had bought into some of the most dangerous myths about strategic planning – and strategic thinking in general.

Myths like:

1. My business is too small (or too established) for a strategic plan.
2. Strategic planning is an expensive, academic exercise with low ROI.
3. I don’t have time to write a strategic plan. Besides, it will be out of date as soon as it is done.
4. It’s all in my head and that’s good enough.
5. My operating work plans have everything I need to succeed.

The truth is that lots of businesses achieve a level of success without having a strategic plan.

They might have been in the right place and the right time. They might have been lucky. Or maybe the founder really was that good.

This kind of accidental (or fortunate) success can be dangerous because it isn’t sustainable.

Thinking strategically, and writing up a simple and actionable plan is essential to avoid or minimize the impacts of the plateaus and stalls that impact every business.

A good plan will help you:

1. Establish and communicate clear priorities and directions for your business.
2. Attract and retain excellent team members and partners
3. Ensure everyone is aligned and working together to achieve your true objectives.
4. Simplify and accelerate decision-making.
5. Anticipate and adapt to challenges and opportunities
6. Prepare for business succession and transition.

Matt agreed that he wanted all of the things that a plan would give him.

But he wasn’t sure where to start – and it seemed like such a big undertaking.

Especially when he was so busy trying to keep up with all of the urgent and important things that packed his calendar.

I’d been in Matt’s shoes before, both as a small business owner and from my corporate life.

I’d also seen how overwhelming the planning process can be.

Luckily I’ve learned how to simplify and streamline the strategic planning process so it is doable – and usable by really busy professionals.

And when we do the work together – all of the various pieces and parts of the business fall into place and everyone starts pulling in the same direction – on purpose – to build the business you really want.

Have you done formal strategic planning before?

What’s worked out well for you? What would you do differently next time?

Your team is running like a well-oiled machine. Finally.

You might think that this is the time for a sigh of relief and to focus on other things for a change.

That would be a mistake.

The best CEOs are always working on protecting and developing their team – even when things feel like they are going perfectly. Because they know it’s always easier to get out ahead of a problem than to react when things go badly.

Here are some reasons why companies lose good employees. Don’t let this happen to you.

1. Lack of Trust & Respect. Make sure you have open lines of communication with your team. Be mindful of work-styles and providing the right level of direction, leadership, and management to match the needs of the situation. If you don’t trust in them, or the knowledge skills or abilities then it is your responsibility to remedy the situation – or to replace the person. Carrying someone on the team who you don’t trust – or who doesn’t trust you – will undermine trust and respect with the rest of the team.
2. Low Pay. Make sure you are paying your employees fairly for the value they bring. Consider the cost of replacing the team member when considering increases. It’s almost always more expensive to replace a high performer.
3. Poor Company Culture. Culture may be intangible – but it is really important to your employees (and your customers). The culture you create (or tolerate) will either attract or repel people. If you have a team of loyal productive staff then get curious about what you’re doing right so you can work it into your operating system. If your people are leaving or underperforming then you’ve got to take a hard look at how to improve your culture.
4. Feeling Overworked and Underappreciated. This is especially dangerous for your high performers who take on more and more responsibility and will be some of the last to complain – until it is too late.
5. Lack of Growth Opportunities. Make sure you are talking with your employees about how they want to grow, learn and develop. It doesn’t necessarily have to be a promotion – it could be an opportunity to expand their knowledge, skills, or abilities.
6. No Work-Life Balance. Make sure you respect the lives your employees have outside of work. And while you’re at it – respect it for yourself. Set a good example for your team.

One of the most effective tools to retain good employees is to adopt quarterly development conversations to replace the once-a-year “review”. Quarterly discussions are much less stressful for you and the staff – and they allow for a much more meaningful exchange of ideas and information.

Team development and growth need to be part of your own monthly CEO checklist – especially when things are going great.

Yours in Success,

Doug

P.S… If you are concerned about employee retention or engagement then it’s time to set up that free consultation I’ve mentioned before. I’ve only got a few each month – so if you’d like yours just Click HERE and we’ll set it up.