Six Steps to Successful Strategic Planning 

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Many individuals, practice groups, and firms create strategic plans in Q4 only to have implementation stall several months into the new year. Incorporating the right steps now is essential whether you are creating a firm-wide strategic plan, a plan for a practice group, or an individual partner. Following are a few tips to get you started:

1. Mind the 3 W’s 

Remember throughout the strategic planning process that for each actionable item you need to include the three W’s: WHO will do WHAT by WHEN. This is also known as SMART goals. More information on incorporating them into your planning can be found in our white paper, A Systematic Approach to Business Development. 

2. Let Voices be Heard 

For firm-wide strategic planning, give various cohorts a voice in the process, including associates and affinity groups. That way, there will be more buy-in throughout the firm. 

3. Get Crystal Clear 

Decide on crystal clear, agreed-upon objectives for the plan prior to delving into tactics. One way to do that is to incorporate Key Performance Indicators (KPIs) in your plan. For a full list of KPIs that marketers should track, click here. 

4. Pay Attention to Pay 

Ensure that compensation plans reinforce the marketing, business development and management activities that are expected of your partners. 

5. Be Sure to Check In 

For individual planning, scheduled quarterly check-in meetings will improve accountability much more than a “DIY” approach. 

6. Put Tech into Play 

Use PipelinePlus to manage the targets and deadlines in your plan so you can oversee progress, automate deadline reminders, and keep your plan in play throughout the year.