ARTICLE · 03 JULY 2024

The importance of strategic plans

Worrells

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Tips to assist with the preparation and implementation of a strategic plan for a business.

AustraliaStrategy

Michael Griffin

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Easy to recommend, harder to implement effectively.

Much has been said over the years about the importance of strategic plans. Advisors often recommend that clients take the time to develop a strategic plan for their business, invoking the old adage, "Failing to plan is planning to fail."

As an insolvency practitioner with 34 years of experience, I can confidently say that I can count on one hand the number of failed businesses that had taken the time to document and (at least try to) follow a strategic plan.

But strategic plans are not just for clients; they are equally important (if not more so) for professional advisors' own businesses. This holds true for Worrells as well. Whether your business operates nationally, at the state level, or within a local community, you are an owner, an employee, a tenant, a trade creditor, and a taxpayer. Your business is important to you and deserves an investment in strategic thinking.

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