A plan is just a road map or compass to get you from one place to another. It need not be overly complicated, but it needs to be detailed enough to serve its purpose. Anything done long-term requires a plan to guide thinking and outline intentions and boundaries for employees in getting work done and serving the larger business purpose and objectives.

It is a common perspective amongst leaders that an organizational statement of purpose must be short, memorable and motivating like the world’s greatest marketing slogans or brand tag lines. What these executives are never able to validate is why this is better or more important than a more comprehensive statement that explains and communicates the purpose of the business.

In the right context and when appropriately framed, the identification of failure is one the best way to scout out and identify the possibilities for improvement. To the keen entrepreneurial eye, the failure of others can shine light on potential opportunities.