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The Business Case for Strategic Planning
In recent years some firms have, due to the evolving economic climate, dramatically reduced costs to offset revenue reductions. In doing so, many improved profitability while others maintained or experienced only slight revenue reductions. But in reacting swiftly, some firms failed to take the time to create a thorough strategic plan that would better position them for the long term. To thrive in the future, these firms must now develop comprehensive strategic plans or re-evaluate existing plans, which frequently lack focus and foresight in favor of strategies aimed simply at survival.
In creating a strategic plan, a firm evaluates both tangible and intangible factors, including firm culture, the wants and needs of its partners, the economy, the industry, and developments in legal and business regulations. A comprehensive strategic plan will allow a firm to examine opportunities for new revenue streams and evaluate areas that need improvement. The experience of creating such a plan allows partners and associates to reflect upon the firm's philosophy and their individual roles and responsibilities toward the firm's success.
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