Strategic planning is a critical business practice that helps position companies for success. Having a strategic plan aligns your leadership team and guides management decisions. Unfortunately, most strategic plans fail to deliver real value due to some common pitfalls, such as viewing strategic planning as a single, annual event, not an on-going process where the plan is reviewed and acted on throughout the year. Today, more than ever, companies need to devote time to strategy. Although there is no one-size-fits-all approach to strategic planning, companies that get the most benefit from their strategic planning activities have four things in common: 1) They explore strategy at distinct time horizons; 2) They constantly reinvent and stimulate strategic dialogue; 3) They engage the broad organization; and 4) They invest in execution and monitoring.