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How frequently do you update your strategic plan?

How frequently do you update your strategic plan?
(Image credit: SmartBrief)

SmartPulse — our weekly nonscientific reader poll in SmartBrief on Leadership — tracks feedback from over 250,000 business leaders. We run the poll question each week in our newsletter.

How frequently do you update your strategic plan?

  • We refresh more than once per year. 13%
  • We update it annually. 43%
  • We update every couple of years. 19%
  • We rarely refresh it. 12%
  • What’s a strategic plan? 13%

Regular strategy review. 56% of you are refreshing your strategic plan every year or even more frequently. The world moves rapidly. Priorities change quickly. Investing the time in regular reassessment is highly recommended. Shifting too slowly in response to market changes can put you at an extreme disadvantage you might not recover from. For those of you who don’t have a strategic plan or aren’t updating them regularly, you should be concerned. Even if you aren’t the owner of the strategic plan, you can still push for the organization to review it. Ask your leadership team if you can help lead the review. Offer to do some of the work. The organization you save might be your own!

Mike Figliuolo is managing director of thoughtLEADERS. Before launching his own company, he worked at McKinsey & Co., Capital One and Scotts Miracle-Gro. He is a graduate of the U.S. Military Academy at West Point. He’s the author of three leadership books: “One Piece of Paper,” “Lead Inside the Box” and “The Elegant Pitch.”