When I started driving, I begun to understand the importance of periodically conducting key services to ensure my car functions at its best. Doing a medical check up,  from time to time, also ensures that my body does what it is intended to do.
We tend to go beyond the expected when we are passionate about something and yet we do not do the same when it comes to formulating strategies for our companies. Growing revenue, margin and profit is not an achievable objective if the company does not have an appropriate structure in place. 

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Looking at the strategy process of a company, planning has always been one, if not the most crucial part of the process.  Depending on the nature of the company, planning involves a number of factors, which include thorough analysis of the company's environment; prioritizing strategic factors, complete understanding of the financial aspect of the business, and a dedicated team for its implementation.

At a glance, doing an evaluation of any company seems quick and easy. However, as you review certain elements, you begin to appreciate the intensity of the work.

I believe this is one of the reasons organizations fail at planning and formulating strategies. Individuals do not look at the data available to them with a critical eye. As much as gut feeling is often quoted by leaders when making business decisions, backing it up with relevant data could go a long way.

Some other reasons I believe organizations fail when formulating strategies are:

- Lack of resources whether financial or human to formulate a strategy

- Lack of data or lack of sufficient evidence to make informed decisions

- Poor planning from the onset of the project

- Lack of clarity

- Resistance from stakeholders

- Bad timing

In order for organizations to formulate successful strategies, they should ensure that:

- The quality of information they receive about their environment is credible.

- That there is engagement from all stakeholders after all individuals can make or destroy an organization, and staff are the implementer of a plan. In order for them to buy-into the idea, it needs to be communicated in a clear and concise manner and ensure commitment. Clarify roles and expectations.

- Avail sufficient resources for the implementation of the strategies

- Develop a good KPI for M&E