Over the decades of the 70’s, 80’s and 90’s there were a mixed bag of academic studies regarding the usefulness of strategic planning. Some studies poured cold water on the notion that strategic planning could improve the performance of a firm, others were hearty in their endorsement.
But time and again in recent years, analysis has shown that indeed bringing direction to an organisation through the process of strategic planning has indeed brought benefits.
Aspects improved include:
- returns on investments
- employee engagement
- even the success ratio of new product development
The long-term implication from each of these studies is that if an organisation (whether for-profit or not-for-profit) thinks about its future and puts some resources into planning its direction (where it is, where it wants to go, and how it will get there) it will not only survive but thrive.