Strategic planning is a challenge – of all people, I understand…
After all the meetings, risk and data analysis, and brainstorming of the preceding months, it’s tempting to think this is the end of the road and you can relax. Contrary to this common perception though, this is exactly not the time to relax, but rather to settle in for the long haul.
This was the subject of a guest article that recently appeared the latest issue of Carrier Management, a quarterly journal that speaks to the needs and challenges of property & casualty insurance companies. Like my previous articles appearing in this journal, the tips contained within are applicable to any organization regardless of industry.
In the journal’s Q3 2022 issue, I outlined how an ideal strategic planning process should look. The timing of this topic coincided when most companies determine what their goals are going to be over the next 3-5 years. This process should hopefully be complete by now…
However, without putting these plans into action, they are nothing more than words on a screen or in a document. As Steve Jobs once quipped, “Execution is worth millions.”
The article linked below gets into the details of the core components of successfully executing your company’s strategic plan, along with why it is so challenging for so many organizations. Also, learn what many companies do in response to a faltering strategic plan implementation and why this can lead to even bigger issues.
Going the Distance: How P/C Insurers Can Put Strategic Plans into Action
This subject serves as a great lead-in to next week’s article, which will dive into more detail on one of the areas mentioned in the Carrier Management piece, so I encourage you to check back!
Before wrapping up, I would like to extend a huge thank you to Carrier Management for allowing me the opportunity to help their readers (insurance company executives) understand how they can more easily transition from strategic planning to execution and ensure the goals they set will ultimately be achieved.
Does your company have a seamless transition between planning and execution or do goals often get off track during this crucial phase?
To share your thoughts and experiences, please don’t hesitate to leave a comment below or join the conversation on LinkedIn.
If your company has a good handle on the planning part but fumbles during the crucial implementation phase and can’t seem to understand why, reach out to me to discuss your situation and potential solutions.
