Should companies have a strategic plan?

In an ever increasingly competitive world where companies are struggling to stay open, should they use their limited resources on designing and implementing strategic business plans?

The short answer is YES!

Just think of your everyday lives. We are constantly planning:
• We plan on how we are going to get somewhere (in my case its usually the way of the Sat-Nav).
• We plan on where we would like to go on holiday.
• We sometimes even plan really far into the future on things like having a baby, getting married, buying your first house together, what you would like to do for a career etc.

Through making a plan, we make plans about those plans, for example tonight I know I’m going to make a curry so I know on my way home from work I need to nip to the shops to buy the ingredients to make that meal. In fact, quite often I don’t know what to have for tea I end up going to the shop and buying loads of bits and bats that I just fancy, and often don’t buy what it is I actually need.

This is exactly the same for companies. If you don’t have a strategic marketing plan you end up spending a lot of time and money on marketing that looks and sounds good but quite often, is not the most effective way for you to market your business.