When organizations struggle to get a handle on spending, fail to meet goals, or have a hard time meeting commitments to customers, it’s often the result of a weak or non-existent strategic plan. Research conducted by Harvard Business Review found that 85% of leadership teams spend less than one hour per month strategizing, and 50% of leadership teams spend no time at all on strategy.

When leadership isn’t aligned on the strategic direction of an organization, it can have a massive impact on the growth of that organization, its financial standing, ability to attract capital, and its success. Here are five major ways that a thorough strategic plan will benefit your organization: