Future-Proof Your Business: A Strategic Planning Q&A

Q: What exactly is strategic planning, and why is it so important?

JB: Strategic planning is all about setting short-term and long-term goals and then creating a roadmap to achieve them. It’s not just about fulfilling requirements—like some organizations might do every few years—but about creating a tool that truly guides the organization. A strategic plan ensures you’re providing value to your customers and communities and staying ahead of changes in the market. Without it, you risk falling behind, like Blockbuster – a video rental store popular back in the 80s & 90s that failed to adapt to changing consumer needs and went bankrupt in 2010. 

Industry Insight: According to a study by the Harvard Business Review, 85% of executive teams spend less than one hour per month discussing strategy. This lack of focus on planning often correlates with underperformance. Companies with well-defined strategic plans are 24% more likely to outperform their competitors financially, highlighting the importance of investing in this process.

Q: What are the key elements of an effective strategic plan?

JB: A great strategic plan starts with a vision. Where do you want your business to be in five or ten years? For example, a credit union might want to become the first fully digital credit union in the nation or focus on serving underprivileged communities. Once the vision is clear, we define short-term (a year or less) and long-term (three to five years) goals. From there, we create actionable objectives that drive decisions and behaviors—making the plan a living, usable document.

Next, we outline the mission: how you’re going to achieve the vision. Core values come next, as they shape how you treat customers, vendors, and your own team. Then we dive into market trends, competitor analysis, and identifying your unique point of difference. Without a clear differentiator, you risk becoming a commodity.

Finally, we align the entire organization. This means ensuring marketing, sales, operations, HR, and every department supports the strategic goals. The process culminates in an implementation plan with concrete steps to achieve success.

Q: How does EDSI’s approach to strategic planning stand out?

JB: Many organizations create a strategic plan, drop a big document on your desk, and leave. At EDSI, we go beyond just creating the plan. We ensure alignment across the organization and develop a detailed implementation plan so the strategic plan becomes a real, actionable tool. We stay involved, guiding you as you bring the plan to life.

Industry Example: According to a 2023 PwC survey, 72% of executives stated that misaligned departmental goals were a key barrier to strategy execution. EDSI’s hands-on approach ensures alignment across all levels, helping organizations overcome this common challenge.

Q: What challenges arise during the alignment phase, and how does EDSI handle them?

JB: Alignment often reveals gaps in areas like HR, marketing, or operations. For example, an organization might realize they need to recruit new types of talent or shift their marketing strategy. At EDSI, we don’t shy away from these challenges. We help prioritize and integrate the work into the strategic plan, so every part of the organization is working toward the same goals.

Industry Insight: Research by the Project Management Institute (PMI) shows that poor strategic alignment results in an average loss of $109 million for every $1 billion invested in projects. Addressing these alignment issues early can dramatically improve ROI and success rates.

Ready to take your organization to the next level? Let EDSI guide you through the strategic planning process. Check out our website for more information  or contact us through the form below to talk to one of our experts about creating, updating, or implementing a plan that will drive your success into the future.