Why is it crucial to have a strategic plan ready by the start of the fiscal year?

Unexpected course corrections in the strategic planning process can be managed by starting the planning process early. This allows ample time for brainstorming, goal setting, and action plan development. Starting early also provides the opportunity to make necessary adjustments or corrections as they arise. It's important to be ready to adapt and adjust the plan as needed, especially if the business plan is dependent on recurring revenue books of business. Being prepared and flexible allows for effective management of unexpected course corrections.

The strategic planning process typically involves several key steps:

1. Setting clear, measurable goals: These should align with the company's mission and vision.

2. Conducting a SWOT analysis: This helps identify the company's strengths, weaknesses, opportunities, and threats.

3. Developing a strategy: This involves deciding on the actions and resources needed to achieve the goals.

4. Implementing the strategy: This includes communicating the strategy to all stakeholders and allocating resources.

5. Monitoring and adjusting the strategy: This involves tracking progress towards the goals and making necessary adjustments.