Archive for December, 2009
By twelch in
Strategic Planning
Dec
21
Summary:
According to this author, the primary fear when developing the strategic plan is resource allocation. Employees worry about leadership allocating enough resources to execute the strategic objectives and whether they will be expected to do more less allocated. Given are three questions this author believes are essential when working the strategic plan. First, is there a facilitator addressing important elements (mission, vision, accountability’s, etc.)? Next, is there a process for measuring effectiveness? Finally, is the top three “stop doing” objectives being identified.
Article Quote:
“It seems that boards/executive leadership pay close attention to certain elements of the strategic planning process – mission, vision, objectives and strategies. However, the process often seems to stop before the objectives are reviewed to ensure that they are (1) measurable and (2) reasonable. It seems that other critical elements of strategic planning – timelines, accountabilities, resources and evaluation procedures – are often swiftly reviewed or skipped over entirely.”
Link: http://blog.catchyourlimit.com/2009/12/three-essential-resource-questions-when.html
Measuring effectiveness and including accountability and timeliness is often overlooked in the strategic planning process. Without careful examination of these elements, leadership will not realize advanced productivity or allow their people to achieve a greater sense of ownership in the plan. Performance technology can do half the work for you as long as a commitment to implementation is maintained.
For more about strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
By twelch in
Strategic Planning
Dec
21
Summary:
The real problem with strategic planning is not planning at all, it is executing the actions to secure the pre-determined results, as this author writes. Execution still remains as one of the top challenges for entrepreneurs to small business owners to C-Level Executives. This article highlights a five point model developed by Jay Galbraith, designed to help determine why the strategy is not being effectively executed.
The model includes Strategy, Structure, Processes/Systems, Rewards, and People as areas to focus on that may be causing the strategic plan to fail. This model is useful because it can serve as a quick assessment to determine why the strategy is not being effectively executed.
Article Quote:
“Within the center of the star are the desired results. All points are interconnected and encompass the center. When there is a lack of alignment between the points, then performance gaps are created. These gaps not only strain the limited resources of time, energy, money and emotions, but also contribute to the inability to secure the desired results.”
Link: http://www.post-trib.com/news/hoagland-smith/190464is 9,hoagland-smith-1130.article
This time of year, several companies are working on their strategic plans and looking to improve results in the coming year and beyond. Developing the strategic plan is only half the battle, putting the plan into action is the other. Performance technology that assists in tracking results and keeping everyone in the organization both informed and actively participating will save time, emotional stress, and keep the plan at the forefront of everyone’s activities.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
By twelch in
Strategic Planning
Dec
21
Summary:
In the fore-front of every health care company’s strategic radar screen is health care reform. However, this author highlights many other important trends to watch, such as medical home, cloud computing platforms, socialnomics, accountable care organizations, comparative effectiveness indicators, and customer transparency.
Offered is advice on surviving the healthcare reform by monitoring mega-trends such as, watching the consumer trends, who Wall Street is watching, and how innovators are positioning themselves.Amidst this looming change, strategists must be prepared to identify and capture opportunity, have the capacity to absorb change, and manage through obstacles to build on their company’s advantages.
Article Quote:
“Strategic planning calls for analytical thinking and objective decision-making that continuously works to improve corporate vision and strengthen brand. Management needs answers to tough, introspective questions.”
Link:http://www.lindsayresnick.com/healthcare_strategy/2009/12/what-to-watch-in-2010-reform-medicare-strategy.html
The sweeping healthcare reform set to change this nation is a major concern not only for the healthcare industry, but also for everyone who uses it. How the healthcare industry faces these challenges and how it will affect every American remains to be seen. The challenge is finding the opportunities and adapting quickly to change. Monitoring, analyzing , and interpreting trends and incorporating scenarios into the planning process enables leadership to make intelligent and informed decisions. Performance technology is a great tool to use when developing and implementing a strategic plan.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
By twelch in
Strategic Planning
Dec
21
Summary:
This paper is divided into four sections to explore and answer the question, “What makes Wal-Mart the best in the industry.” The four sections are: 1) retailing industry at the time of Wal-Mart’s innings, 2) Wal-Mart’s Competitive advantage and key components, 3) Wal-Mart’s Strategy and 4) Sustainable growth of Wal-Mart. Although these sections offer a view to understand how Wal-Mart has made itself the dominate retailing business in the world, Wal-Mart’s strategy is to be the focus of this summary.
Wal-Mart strives on three generic strategies consisting of Focus Strategy, the Differentiation Strategy and overall cost leadership. Expanding their already 4000 stores, continuing to provide goods under its own legal brand, and buying in bulk to lower consumer prices is other strategies employed by Wal-Mart.
Article Quote:
“It is learnt that Wal-Mart strives on three generic strategies consisting of Focus Strategy, the Differentiation Strategy and overall cost leadership. Managers strive hard to make their organizations unique, distinctive and identify key success factors that will drive the customers to buy their products.Thus, firm specific resources and capabilities are crucial in explaining the firm’s performance.”
Link: http://www.articlesbase.com/strategic-planning-articles/strategic-management-a-case-study-of-walmart-inc-945260.html
Cleaver planning and implementation have given Wal-Mart the ranking of #1 largest retailing business in the world. Strategic and operational planning enabled Wal-Mart to be a cost cutting leader, giving them a huge advantage over competitors. What makes Wal-Mart standout is also that they implement their plans very well. Implementation should be an ongoing daily exercise that structures objectives and tasks with the strategic plan at the core.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
By twelch in
Strategic Planning
Dec
18
Summary:
John Ryan writes that leading people and strategic planning are the top two skills needed for management in the next five years, according to a survey, conducted by The Center for Creative Leadership, of more than 2,000 leaders from 15 companies in the U.S., India, and Singapore. The ability to leading people is essentially being able to direct, motivate, and engage your colleagues. Just because an individual is talented in an area, for example sales, does not necessarily mean they are effective leaders.
Strategic planning is translating vision into realistic business strategies. Ryan writes that once you have a strategy, the next step is to share it with everyone in the organization. Finally, arrange for colleagues to develop their own expertise in strategic planning.
Article Quote:
“There’s no question we can build greater skill at leading people and strategic planning in ourselves and our organizations. But making it happen requires a sense of urgency—and knowing that the leadership gap will only widen if we stand by waiting for it to correct itself.”
Linkhttp://www.businessweek.com/managing/content/dec2009/ca20091214_346828_page_2.htm
The ability to effectively lead people is a skill that many, but not all, within an organization can develop. Investing in leadership and strategic planning education for employees will create an advantage over competitors. Too often, these skills are not developed and when we see strategies fail, it’s not always because they were bad ideas, but because the strategy wasn’t communicated and implemented well.
For more on strategic planning, seehttp://www.performancesolutionstech.com/category/strategicplanning/
By vgoodwin in
Strategic Planning
Dec
18
Summary:
This is an article discussing a book about the convergence of knowledge management (KM), business intelligence (BI), and competitive intelligence (CI) into what the author defines as strategic intelligence. The text is divided into two sections: the first describes and defines these terms and the second part of the volume describes case studies written by recognized experts in the fields of KM, BI, and CI. The case studies include strategic scenarios at Motorola, AARP, Northrop Grumman, and other market leaders.
Article Quote:
“Strategic intelligence (SI) has mostly been used in military settings, but its worth goes well beyond that limited role. It has become invaluable for improving any organization’s strategic decision making process. The author of Strategic Intelligence: Business Intelligence, Competitive Intelligence, and Knowledge Management recognizes synergies among component pieces of strategic intelligence and demonstrates how executives can best use this internal and external information toward making better decisions.”
Link: http://supremezz.blogspot.com/2009/11/strategic-intelligence-business.html
As described, this book sounds like a good source for information on key business terms and functions, with practical examples to follow. It appears that the advantage this book provides is the strategic scenarios of market leaders where one can learn by example.
One topic not described in the article is the use of performance technology and its benefits. WIthout strategic planning technology to assist in implementing goals, the result is wasted time, energy, and resources.
For more information on strategic intelligence technology, see http://www.managepro.com/executestratplan.html
Tonya Welch
ManagePro.com
By twelch in
Strategic Planning
Dec
17
Summary:
This author writes that research, contemplation, setting course, and communication are key elements when putting together your strategic plan. He suggests that one person or a small team should take the lead on collecting relevant market research, getting employee inputs on important issues, reviewing the 2009 annual plan and producing a SWOT (strengths, weaknesses, opportunities, and threats) analysis.
Next, sharing the market research with executives and allowing a few weeks time for the information to resonate before decisions are made will set the stage for open communication and collaboration in getting the strategic plan formulated.
Article Quote:
“A good annual operating plan can really bring an entire company together and get everyone pulling in the same direction for at least the first 6 months of the year.”
Link: http://www.seattle20.com/blog/Strategic-Planning-for-2010-is-a-must-start-now.aspx
Coming up with a strategic plan, and equally important – implementing it – can be a daunting task. Strategic planning technology assists with the process by providing greater collaboration tools. Additionally, using scenarios when making the plan will aid anticipation and response to the future. Having a plan in place when a scenario becomes reality lessens anxiety and will make it easier to deal with the threat or opportunity.
For more on strategic planning technology, see http://www.performancesolutionstech.com/category/strategicplanning/
By twelch in
Strategic Planning
Dec
17
Summary:
This article addresses several core principles of scenario planning as described by the author’s experiences using planning methodology. Scenario planning is about moving confidently towards tomorrow and towards the aspiration of what an organization wants to become. In the hands of a skilled facilitator this process can be a meaningful way of engaging stakeholders in a process of thoughtful change that strengthens the strategic intent of an organization.
Article Quote:
“Building scenarios is more art than science and while it engages the head, scenarios often more about passion, vision and heart. As a result, scenario planning is a useful tool that works best where there is leadership, openness to change, uncertainty future, and the time to process the uncertainty. Conversely, if the way forward is predetermined or an organization is in the midst of a crisis or otherwise does not have the capacity to absorb long-term change, scenario planning will be less helpful.”
Link: http://facilitationprocess.com/scenario-planning-as-a-facilitation-tool
When creating scenarios, one needs to build time into the process to twist and turn scenarios until there is alignment across several dimensions. When groups work together to bring a scenario into existence, they begin the work of creation.
Once created, the strategies and actions that support movement towards the realization of the scenario becomes a self-fulfilling direction. Possessing the right mind set from the very beginning will help bring the scenario into existence. A right mind set is positive to change and ‘rolls with the punches’.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
By twelch in
Strategic Planning
Dec
17
Summary:
This article explores applying strategic planning to our lives. Strategic planning is done by scores of businesses, but rarely do we think of strategic planning in our personal lives. A strategic approach is simply a way of looking at multiple ways of accomplishing a goal or objective and evaluating the pro’s and con’s of each, as written by this author.
Given are four steps to follow when using strategic planning for yourself. Begin with identifying goals, then create a plan. Next, think about alternative ways to accomplish the plan, and finally, come up with a back up plan.
Article Quote:
“When there’s more than one good way to accomplish the goal that’s when it can be very beneficial to plan strategically. By planning strategically you look at both the pro’s and the con’s of each approach and your able to select the best approach based on your analysis of the two.”
Link: http://earningmoneyonline.biz/2009/12/04/the-importance-of-personal-strategic-planning/
Strategic planning can be the safeguard to the unexpected while providing a map to accomplishing goals. Thinking about possible scenarios, both positive and negative, while crafting the strategic plan will provide greater control when or if the scenario becomes reality. Scenario planning can produce better decisions because when a problem does come up we are often stressed out and decisions can easily be clouded by emotions.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
By twelch in
Strategic Planning
Dec
17
Summary:
Tactical planning takes strategy and puts it into action. Three key components of a basic tactical plan include action plans, measurements and an education and training plan for department employees, according to Steve Van Remortel, a consultant, speaker, certified behavioral analyst and president of SM Advisors Inc., a strategic planning and talent management consulting firm.
Reasons given for the importance of tactical plans include: a result in company-wide involvement, buy-in and accountability. When these factors increase, so too will active participation in putting the strategic plan into action.
Article Quote:
“Each action plan is developed to achieve an organizational goal, and must have an owner and a prioritized completion date. Because accountability is so important, all action plans should be reviewed at least monthly.”
Link: http://www.greenbaypressgazette.com/article/20091206/GPG03/912060606/1247/Tactical-planning-makes-a-difference
Successful Implementation of tactical plans requires a lot of work and involvement. Some individuals may be resistant to change while others embrace it. Striking the right balance sometimes requires coaching to get a strategic plan into action. As each department completes its action plans working “on” the business, instead of “in” the business, the success of the organization will likely accelerate.
Accountability is by far one of the biggest components in successful strategy implementation. A good strategy software lets everyone see who’s responsible for what, when it’s to be completed, and at what stage of completion the task is.
For more on implementing tactical plans, see http://www.performancesolutionstech.com/category/strategicplanning/