Summary:
Strategic planning and strategic leadership styles vary just as the employees and business owners of companies involved in the planning process vary.
Today, more than ever, the ability to gain instant access to news and information has changed the way many companies do business. However, the necessary skills to effectively manage others has not changed that much. Today’s work force is much less tolerant of bullying by management, and instead are looking for qualified and genuine leaders to work for.
Strategic planning seeks to answer the questions where are we, where do we want to be, and how are we going to get there. When deciding on strategic goals, keep it lean with only one to three goals as this will help keep the plan uncluttered and focused.
Next, come up with a tactical plan that easily translates into daily or weekly tasks. that chip away at the completion of key goals. This step also requires developing a budget to allocate the necessary resources.
Article Quote:
“Strategic planning isn’t just for corporations. Small businesses, even a sole proprietor, benefit from making strategic plans on an annual basis.”
Link: http://www.ilabstech.com/info-blog/strategic-leadership-focuses-your-strategic-planning.html
To insure companies meet their goals, strategic planners include responsibilities, timelines and accountability in the mission statement. Change within the organization is often met with some type of resistance. Therefore, present the plan with clear expectations of each individual so they understand their role in bringing the plan to reality.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Although thinking strategically and planning strategically are two different concepts, they are quite interrelated and complementary. Planning strategically involves a systematic programming of pre-identified strategies and thinking strategically involves a more integrated perspective of the organization.
When thinking strategically, it is not the specific details of the future that is needed; instead, one must only have an idea of what the future will be. Additionally, through strategic thinking, executives, managers, and supervisors are able to understand that there is a link between change and strategy. This helps to understand that identifying new strategic options and then needing to implement them successfully can become quite a challenge.
Article Quote:
“Strategic thinking can be explained through seven dimensions. These seven dimensions are as follows: vision of the future, strategic formulation and implementation, managerial role in making strategies, control, managerial role in implementation, strategy making, and process and outcome.”
Link: http://becomingwhoyouwanttobe.com/2010/03/a-closer-look-at-strategic-thinking/
Implementing strategy is often constrained by resistance to change within the organization. People are comfortable with what they know and the processes that are already in place. Shaking up the comfort level with a new direction for the company poses quite a challenge for leadership.
Leadership first needs to be committed to the plan if they expect others to get behind it. Next, delivery of the plan should include clearly defined objectives, broken down into actionable tasks that easily integrate into daily to-do’s. This allows individuals to not only understand the strategic goals, but also their part in bringing the plan to action, also increasing accountability.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Strategic planning, more than anything else, is what gives direction to an organization. It is the process of developing and implementing plans to reach desired goals and outcomes. Involvement and buy-in from key personnel is essential for successful implementation. Employees are far less likely to buy into a strategic plan if leadership isn’t fully behind the plan.
Once a solid strategic plan is developed, implementation of the plan requires clearly defined and specific objectives that can be translated and broken down into daily objectives. Once objectives are set, accountability for achievement is critical.
A few of the key ten common mistakes in strategic planning include: A Dart Board approach that generates numerous initiatives but no means for implementation; Failure to involve employees form all levels of the organization; Developing vision, mission and value statements but no real actionable foresight as to what the business needs to look like 5 to 7 years into the future; Failing to make the tough choices and holding people accountable; and Lacking specific Key Performance Indicators (KPIs) and measuring only what’s easy, not what’s important to the success of the strategic plan. For a complete list of the ten common mistakes to avoid, see the link below.
Article Quote:
“Strategic planning is a creative process the starts with the visionary creativity of the owner or CEO. The fresh insight it engenders might very well alter past initiatives.”
The best strategic plan won’t get far without a “roll out process” that includes maintaining accountability, visibility of the plan and a centralized effort by leadership to see the plan to fruitation.
Present the plan so that everyone in the organization understands not only what the strategy is, but also their role in executing the strategy.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Successful businesses are those that pay attention to the competition and know the field in which they operate. These elements are key to an organization’s thinking and the relationship that is built between customers, members, volunteers and financial resources.
All organizations should be thinking about strategies, how they go to market, serve or promote their wares.
Within these strategic thoughts, there are four questions to ask to determine if an organization can win:
1. What does the organization want to become?
2. What is the vision and strategy?
3. What assumptions are to be made?
4. What are the available resources?
There are several factors that influence strategic decisions. Some of these factors include changes in the market, economy, service, products, culture, attitude, suppliers, customers, members, volunteers and technology. Paying attention to these internal and external factors will help the organization recognize opportunities and threats.
Article Quote:
“As a reminder, the most important strategies every organization should focus on is investment, management and implementation. An investment strategy is to decide where and why to invest. A management strategy is how to achieve the desired result. The implementation strategy is how to be effective with the resources given. Implementation links the investment and management strategies together in an action plan.”
Link: http://www.onlineathens.com/stories/030710/bus_571688051.shtml
When developing your strategy, don’t forget that the core priority is always what the customer wants and is willing to pay for or subscribe to.
Beyond that, gain a a thorough understanding of where the company has been and what direction it is moving. Perform due diligence when doing research by paying attention to trends, market changes, new products or processes and decide where your organzation fits into this environment.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Budgeting for the long-term should be a major consideration during the strategic planning process, Developing a plan for long-term expenses often proves difficult for many people. The basics of how to budget for long-term successfully starts with determining your goals. Be very specific and realistic when writing your goals. For example, in financial planning you might ask yourself how much you want saved in one year, then five years, ten years and so on.
After you have decided on your goals, develop a plan to achieve them by breaking the goals down into manageable steps. Write the plan down and refer to it often so it remains a priority. Breaking the plan into manageable steps means you will be working the plan in increments until you have reached your goals.
Next, when trying to budget for the long-term, you need to look at all of the different expenses that you have. Weigh each expense against the importance of your final goal. If the expense can be done without and is not more important than your goal, then eliminate it.
Article Quote:
“There are many different ways that you can evaluate your financial situation and see if changes need to be made to meet your financial goals for the long-term. While the decisions might be tough, they are decisions that need to be made.”
Link: http://www.finweb.com/financial-planning/strategic-planning-budgeting-for-the-long-term.html
The process remains the same whether you are preparing a strategic plan for long term financial budgeting or for other business related goals; define your goals and prepare a plan. Successful execution of your plan requires attention; how much attention it needs is established when the plan is developed. It may need daily, weekly, or monthly attention. However, referring to the plan often will keep the focus on achievement while allowing for course corrections when needed.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Abundant opportunity linked to individual dreams and passions is what makes Cornell great. However, universities are facing a set of circumstances unlike any seen since the Great Depression. Don’t be lulled into thinking that this is just another cyclic financial downturn: this Great Recession will affect the lives of individuals, families and, yes, universities for many years to come.
In light of this, many universities are adjusting their need-based student aid programs to reflect difficult budgetary realities. Despite budget pressures, Cornell is resisting this trend because providing an extraordinary academic environment for the most promising students from all backgrounds is one of their foundational principles and fundamental values.
Article Quote:
“The answer is to take strategic planning seriously and to think as Cornellians first and as members of our particular colleges or schools or programs second. As faculty, staff and student leaders conceive of ways to continue Cornell’s excellence with fewer resources, we must be open to novel and even radical ideas and not reject them solely because they threaten the status quo.”
Link: http://www.cornellsun.com/section/opinion/content/2010/03/01/taking-strategic-planning-seriously
Strategic planning in a bad economy means some tough decisions need to be made. Cornell, like many other universities, is trying to maintain high quality standards with dwindling resources and budget shortfalls.
This is a time for creative thinking with possibilities for diversification or differentiation. Several campuses may close before the recession ends, but those that survive will be the ones that used all the resources available to them to develop a realistic and well structured strategic plan.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Toyota gained market share in the automotive market by focusing on quality - this was their strategic competency. This single-minded concentration on quality built trust with consumers worldwide, a trust that has been shaken by a recent recall of millions of Toyota vehicles.
The recent recall shows how Toyota’s loss of focus on quality has severely damaged the trust that had been built up over decades. The cost of the recall will be millions of dollars in the short-term, but the loss of future sales and its reputation is incalculable.
Before Toyota set their sights on becoming the world’s largest automobile manufacturer, they mentored their engineers for 10 years so they became fully imbued in the quality culture and focus on detail that was Toyota’s primary focus. As their strategic focus changed from high quality to “biggest”, they hired many new engineers globally and spent far less time analyzing consumer complaints.
Article Quote:
“When you lose sight of your strategic competency, the very differentiator that gives you your competitive advantage, you will damage your reputation in the market.”
Link: http://www.cssp.com/strategicplanning/blog/?p=563
Commitment to the strategic competency that differentiates a company from others, even as growth occurs, will help keep the company shielded from the kind of disaster currently happening at Toyota. This means that you must have plans to ensure your intellectual capital (strategic competency) grows at the same pace as your sales growth.
For more on strategic planning, seehttp://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Strategic planning methodologies are like shoes – one size does not fit all. Some companies use an autocratic approach, in which the plan gets created by a small group of senior managers and handed down to the rest of the organization. Others prefer a more democratic approach, with employees at all levels contributing their ideas and input to the plan. However, most companies employ a hybrid of these two models.
There are several factors to consider when deciding which approach you choose, such as company size, culture, type of workforce, and management style. However, every strategic plan should include the following five “must-haves”:
1. Mission. This defines why you exist as an organization.
2. Guiding principles. Also called organizational attributes, these describe how you expect people to behave with each other and with other stakeholder groups.
3. Value propositions. These explain the value you provide to your organization’s different stakeholder groups, both internal and external.
4. Destination points. These identify where your organization wants to go within a specified time frame.
5. Areas of focus/strategies. These define, in a broad sense, how the organization will get to where it wants to go.
Article Quote:
“Effective strategic planning also requires that you set goals and define team and individual accountabilities, as these link the big picture to individual goals and competencies. Ultimately, strategic planning is like a jigsaw puzzle – all the pieces must be in place in order to complete the picture.”
Link: http://www.innovationheat.com/2010/02/26/five-must-haves-for-a-strategic-plan/9160/
Having the best strategic plan won’t get you far if you don’t implement it. Successful implementation requires breaking down, or chunking goals into manageable tasks to incorporate into daily to-do’s. By chunking your work and doing a little at a time, the plan will be worked and your goals will be achieved.
Keeping your strategic plan visible will help to measure your progress and make course corrections if needed. Maintaining flexablility is important so you don’t get caught up in working a flawed plan.
For more on strategic planning, seehttp://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Strategic planning is a great way to advance your business and achieve your goals. Being a seat-of-the-pants entrepreneur, it might feel challenging at first, but stick with it and you will soon see the reward of using strategic planning throughout every department of your company.
Key to strategic planning is the vision you have for your business. Building from your clearly defined vision, set two to three realistic goals and then develop a plan on how to achieve those goals. Goals should be able to be broken down into timelines that you can integrate into daily or weekly tasks.
Article Quote:
“If you are a seat-of-the-pants entrepreneur, then strategic planning can make you feel like a fish out of water. However, strategic planning is neither boring nor unimportant. In fact, it’s necessary to help you assess where your business currently stands, and how to push forward toward your goals.”
Link: http://www.wahm.com/articles/strategic-planning-for-seat-of-the-pants-entrepreneurs.html
Integrating goals in a way that is manageable and measurable allows for incremental successes that build up and help get the goal accomplished. Develop shorter strategies that range from six to eight months that are also included in the bigger picture.
Working on your strategic plans requires commitment. Finding the right balance between daily operations and incorporation of the strategic plan can be obtained with the use of performance technology.
For more on strategic planning, seehttp://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Starting off the new year with a strategic plan and high hopes to achieve success won’t get you far if your plan is flawed, as most are. The following steps outline the basics when developing a strategic plan.
1. Know the difference between a strategy and a tactic. Strategy is the plan that defines where you’re going. Tactics are the things you do and use to get to the destination.
2. Be specific. A few words can make all the difference in the direction you take your firm, and the tactics you use to implement a strategy.
3. Engage the aging process. Like great wine, the making of a strategic plan takes time. A strategic plan is NOT built during a weekend retreat! It evolves out of thoughts, research, information, and experiences.
4. Keep it simple. Use the A-B-C approach:
A. Establish what you want to achieve: STRATEGY.
B. List available, realistic ways to make it happen: TACTICS
C. Select options that give the highest rewards for the lowest output: IMPLEMENTATION.
5. Follow the plan. Most plans are developed, and then put on a shelf.
6. Be flexible. If, during the course of the year, you find that the plan needs some tweaking, you can certainly modify it. Be careful not to switch directions too often, as this will discredit you and your plan in the eyes of its followers.
Article Quote:
“Every year, we meet thousand of decision makers around the country in our consulting and speaking work. Like you, they’re smart, ambitious, and they’re doing a decent job. But, they’re also often frustrated that they aren’t doing better. When we break down the element for them, we find that few if any of them have a good strategic plan they can work from. In fact, most of them don’t even know how to create one.”
Link: http://lazerpromotions.com/blog/general/6-ways-to-build-a-stronger-strategic-plan
All the steps listed above are important to follow when building and implementing your strategic plan. Another useful tool is performance technology that not only keeps the plan visible to all users, but allows management an instant view of progress and accountability. ManagePro software is one such application that allows users to execute and monitor their strategic plans.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
