What Should Your Executable Strategic Plan Cost in Terms of Money, Time and Results?
What Should Your Executable Strategic Plan Cost in Terms of Money, Time and Results?
Business owners to executives have a plethora of resources from which to select the type of strategic plan along with the numerous business coaches, business consultants or national training organizations that help to create strategic plans. Yet, most of the outside resources fail to deliver a quick positive return on investment.
The creation of a strategic plan has 3 costs: money, time and results. When analyzing the cost of a strategic plan, each of these costs should be reviewed and compared.
Cost #1 - Money: A recent review of a national seminar offering strategic planning 3 day to 2-day workshops indicated a cost ranging between $2,000 and $1,500. These dollar costs do not include travel, lodging along with salaries.
When compared to business coaches or consultants offering strategic planning on site or off site with fees ranging from $3,000 to $10,000 and up, the national seminars appear to be the best deal, buy are they?
Research suggests that a one time exposure to a learning event. If there are not additional opportunities for performance that being the application of learning, then the money spent whether $1,500 to $12,000 is moot. This is why most traditional training offered through a 2 or 3 day event fails to deliver a positive return on investment.
Cost #2 - Time: How much time does it take to create an executable strategic plan? From my experience has a business coach, this ranges from 20 to 30 hours to create the plan and then another 10 to 20 hours to monitor the plan so that the business goals are achieved. Two day to three day traditional training seminars or retreats fall short of the basic time necessary to develop a solid strategic plan. Also, these off site locations do not allow the participants time to do complete the necessary research or answer specific questions necessary to operationalize the strategic plan.
Cost #3 - Results: What results are you getting from the traditional approach to strategic planning? First, the origins of the word strategy mean as a general to deceive the enemy. In today’s world, that means to out think and simultaneously out perform the competition.
From the initial meeting, a good strategic planning process will begin to deliver immediate results. Additionally every strategic plan should contain a strategic action plan that is everyone works from on a daily basis. In this way the results are almost continuous.
When a strategic plan is created off site in a few days, the likelihood of immediate results has been greatly diminished because of this learning structure. By crunching some numbers, we can immediately see the advantage for a longer planning cycle
A 3 days event probably means 6 hours per day planning or a total of 18 hours at an investment of $2,000. Adding in 3 nights of lodging, meals and miscellaneous experiences results in at least another $600. The hourly rate for this seminar per participant is at least $145.00. And what results or deliverables do you have from such an investment?
Comparing a 10-week (3 hours per week) on site with 6 monthly follow-ups suggests at least 39 hours. Since there are no travel costs, the hourly rate based upon a $5,000 fee is $128.45. And the results are a tangible, active, dynamic and interactive strategic plan that is being executive every week ensuring measurable outcomes.
Given that most national seminars require payment up front and do not offer a money back guarantee, this becomes a win win for them and a potential lose lose for your firm. If you charge the costs, then your hourly rate has just increased not to mention the charges for any other costs. However, if you can locate a strategic business coach who provides a money back guarantee in some format and will work with you by offering non-traditional forms of payment, then what makes more sense?
If you are deciding to seek some help in the creation of you strategic plan, congratulations. Just make sure that you have analyzed ALL the costs and have a better idea of your potential ROI.
What Should Your Executable Strategic Plan Cost in Terms of Money Time and Results - To learn more about this author, visit Leanne Hoagland-Smith's Website.
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Sustainable business success originates from an executable strategic plan. However, creating a strategic plan does have price tag. The underlying business strategy is to realize a positive return on investment (ROI) by quickly achieving specific and aligned organizational goals.
Business owners to executives have a plethora of resources from which to select the type of strategic plan along with the numerous business coaches, business consultants or national training organizations that help to create strategic plans. Yet, most of the outside resources fail to deliver a quick positive return on investment.
The creation of a strategic plan has 3 costs: money, time and results. When analyzing the cost of a strategic plan, each of these costs should be reviewed and compared.
Cost #1 - Money: A recent review of a national seminar offering strategic planning 3 day to 2-day workshops indicated a cost ranging between $2,000 and $1,500. These dollar costs do not include travel, lodging along with salaries.
When compared to business coaches or consultants offering strategic planning on site or off site with fees ranging from $3,000 to $10,000 and up, the national seminars appear to be the best deal, buy are they?
Research suggests that a one time exposure to a learning event. If there are not additional opportunities for performance that being the application of learning, then the money spent whether $1,500 to $12,000 is moot. This is why most traditional training offered through a 2 or 3 day event fails to deliver a positive return on investment.
Cost #2 - Time: How much time does it take to create an executable strategic plan? From my experience has a business coach, this ranges from 20 to 30 hours to create the plan and then another 10 to 20 hours to monitor the plan so that the business goals are achieved. Two day to three day traditional training seminars or retreats fall short of the basic time necessary to develop a solid strategic plan. Also, these off site locations do not allow the participants time to do complete the necessary research or answer specific questions necessary to operationalize the strategic plan.
Cost #3 - Results: What results are you getting from the traditional approach to strategic planning? First, the origins of the word strategy mean as a general to deceive the enemy. In today’s world, that means to out think and simultaneously out perform the competition.
From the initial meeting, a good strategic planning process will begin to deliver immediate results. Additionally every strategic plan should contain a strategic action plan that is everyone works from on a daily basis. In this way the results are almost continuous.
When a strategic plan is created off site in a few days, the likelihood of immediate results has been greatly diminished because of this learning structure. By crunching some numbers, we can immediately see the advantage for a longer planning cycle
A 3 days event probably means 6 hours per day planning or a total of 18 hours at an investment of $2,000. Adding in 3 nights of lodging, meals and miscellaneous experiences results in at least another $600. The hourly rate for this seminar per participant is at least $145.00. And what results or deliverables do you have from such an investment?
Comparing a 10-week (3 hours per week) on site with 6 monthly follow-ups suggests at least 39 hours. Since there are no travel costs, the hourly rate based upon a $5,000 fee is $128.45. And the results are a tangible, active, dynamic and interactive strategic plan that is being executive every week ensuring measurable outcomes.
Given that most national seminars require payment up front and do not offer a money back guarantee, this becomes a win win for them and a potential lose lose for your firm. If you charge the costs, then your hourly rate has just increased not to mention the charges for any other costs. However, if you can locate a strategic business coach who provides a money back guarantee in some format and will work with you by offering non-traditional forms of payment, then what makes more sense?
If you are deciding to seek some help in the creation of you strategic plan, congratulations. Just make sure that you have analyzed ALL the costs and have a better idea of your potential ROI.
What Should Your Executable Strategic Plan Cost in Terms of Money Time and Results - To learn more about this author, visit Leanne Hoagland-Smith's Website.
Like this article? Share it with your friends
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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