| Sustainable business success originates from an | | | | - Results What results are you getting from the |
| executable strategic plan. However, creating a | | | | traditional approach to strategic planning? First, the |
| strategic plan does have a price tag. The underlying | | | | origins of the word strategy mean as a general to |
| business strategy is to realize a positive return on | | | | deceive the enemy. In today's world, that means to |
| investment (ROI) by quickly achieving specific and | | | | out think and simultaneously out perform the |
| aligned organizational goals. | | | | competition. From the initial meeting, a good strategic |
| Business owners to executives have a plethora of | | | | planning process will begin to deliver immediate |
| resources from which to select the type of strategic | | | | results. Additionally every strategic plan should contain |
| plan along with the numerous business coaches, | | | | a strategic action plan that is everyone works from |
| business consultants or national training organizations | | | | on a daily basis. In this way the results are almost |
| who can help them to create strategic plans. Yet, | | | | continuous. When a strategic plan is created off site |
| most of the outside resources fail to deliver a quick | | | | in a few days, the likelihood of immediate results has |
| positive return on investment. | | | | been greatly diminished because of this learning |
| The creation of a strategic plan has 3 costs: money, | | | | structure. By crunching some numbers, we can |
| time and results. When analyzing the cost of a | | | | immediately see the advantage for a longer planning |
| strategic plan, each of these costs should be | | | | cycle A 3 days event probably means 6 hours per |
| reviewed and compared. | | | | day planning or a total of 18 hours at an investment |
| - Money A recent review of a national seminar | | | | of $2,000. Adding in 3 nights of lodging, meals and |
| offering strategic planning 3 day to 2-day workshops | | | | miscellaneous experiences results in at least another |
| indicated a cost ranging between $2,000 and $1,500. | | | | $600. The hourly rate for this seminar per participant |
| These dollar costs do not include travel, lodging along | | | | is at least $145.00. And what results or deliverables |
| with salaries. When compared to business coaches or | | | | do you have from such an investment? Comparing a |
| consultants offering strategic planning on site or off | | | | 10-week (3 hours per week) on site with 6 monthly |
| site with fees ranging from $3,000 to $10,000 and | | | | follow-ups suggests at least 39 hours. Since there are |
| up, the national seminars appear to be the best deal, | | | | no travel costs, the hourly rate based upon a $5,000 |
| but are they? Research suggests that a one time | | | | fee is $128.45. And the results are a tangible, active, |
| exposure to a learning event. If there are not | | | | dynamic and interactive strategic plan that is being |
| additional opportunities for performance that being | | | | executed every week ensuring measurable |
| the application of learning, then the money spent | | | | outcomes. |
| whether $1,500 to $12,000 is moot. This is why most | | | | Given that most national seminars require payment |
| traditional training offered through a 2 or 3 day event | | | | up front and do not offer a money back guarantee, |
| fails to deliver a positive return on investment. | | | | this becomes a win win for them and a potential lose |
| - Time How much time does it take to create an | | | | lose for your firm. If you charge the costs, then your |
| executable strategic plan? From my experience has a | | | | hourly rate has just increased not to mention the |
| business coach, this ranges from 20 to 30 hours to | | | | charges for any other costs. However, if you can |
| create the plan and then another 10 to 20 hours to | | | | locate a strategic business coach who provides a |
| monitor the plan so that the business goals are | | | | money back guarantee in some format and will work |
| achieved. Two day to three day traditional training | | | | with you by offering non-traditional forms of |
| seminars or retreats fall short of the basic time | | | | payment, then what makes more sense? |
| necessary to develop a solid strategic plan. Also, | | | | If you are deciding to seek some help in the creation |
| these off site locations do not allow the participants | | | | of you strategic plan, congratulations. Just make sure |
| time to do complete the necessary research or | | | | that you have analyzed ALL the costs and have a |
| answer specific questions necessary to operationalize | | | | better idea of your potential ROI. |
| the strategic plan. | | | | |