Stop Winging It: Build a Five-Year Strategic Plan | Mike McKay

Send us Fan MailMany businesses claim to do strategic planning when they are actually producing a long document, a collection of short-term tactics or another annual plan that nobody executes.In this episode, Peter Boolkah speaks with business coach Mike McKay about creating a five-year direction and working backwards to determine what must happen in years four, three, two and one.They explore why even large organisations can invest heavily in planning without making genuine strategic decisions, and why repeatedly replacing the plan is not the same as executing it.You’ll discover:The difference between strategic planning and tactical executionWhy a genuine strategic plan should look at least three years aheadHow a long-term destination gives context to short-term problemsWhy the five-year direction should be reviewed rather than continually replacedHow strategic planning supports succession and ownership transitionWhy clarity about the future determines who you need to hire todayHow to create a compelling reason for talented people to join your companyWhy great candidates rarely leave a good employer to join somebody else’s confusionHow a strategic plan helps turn the business into a transferable assetWhy planning is not an optional extra for a serious business ownerA strategic plan will not predict every market change. Its purpose is to give the company enough direction to respond without the founder improvising every decision.When the team understands where the business is going, it becomes easier to prioritise, recruit, execute and prepare the company for a future beyond its current owner.CONNECT WITH MIKEWebsite: https://actioncoachwi.com/LinkedIn: https://www.linkedin.com/in/businesscoachmadisonCONNECT WITH PETER BOOLKAHWebsite: https://www.boolkah.comLinkedIn: https://www.linkedin.com/in/boolkahInstagram: https://www.instagram.com/pboolkah/Facebook: https://www.facebook.com/BoolkahX: https://twitter.com/boolkahABOUT PETER BOOLKAHPeter Boolkah is a business coach, author and speaker who has spent more than 20 years helping business owners build stronger, more valuable businesses that do not depend on them for everything.He is the creator of The Hamster Wheel Trap® and author of Your Business Sucks: Build a Business That Works Without Destroying Your Life.Peter works with founders and leadership teams on the issues that ultimately determine whether a business creates freedom or becomes another job: leadership, founder dependency, people, profit, execution, scaling, exit readiness and enterprise value.His approach is direct, practical and built around one simple question:Do you own the business, or does the business own you?Learn more at https://www.boolkah.com