Summary:
Holly Green compares waving a magic wand in movies or books to the attitude management often takes when it comes to implementing their strategic plans. Managers put a lot of hard work into developing the plan, then everyone sits back and hopes that somehow they will magically get their desired outcomes. Yet developing the plan is only half the battle. In order to achieve your goals, you must break the process down into manageable steps. Begin with a comparison of where you want to be and where you currently are. Then come up with the benchmarks needed to transform your current reality. Ask what operating goals and strategies you can realistically achieve in a given time frame, then supply the resources and support necessary to get you there.
Article Quote:
“In today’s chaotic markets, nothing is more critical than figuring out where you need to go as an organization. Once you do, put away your magic wand and invest the time in creating your incremental, substantial, and transformational action plans. These will ensure that all your hard work during the initial planning phase doesn’t go to waste.”
Link: http://bx.businessweek.com/strategy/view?url=http://www.business-strategy-innovation.com/2010/01/magic-wand-of-strategic-planning.html
Breaking down goals into tactical plans requires careful consideration of the businesses current capabilities and what is needed to move forward. Leadership must think about what resources are needed to improve skills, competencies, or processes and how much your organization can absorb without getting off course. Keep the plan active by constantly monitoring results. Accountability increases when everyone on the team knows who is assigned what, at what level the task is completed, and what the rewards or consequences are for the outcome.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Although approximately 88% of large organizations engage in strategic planning, as reported by Bain & Company, a survey by McKinsey reports that only 45% are “satisfied” with their strategic plans. If only 45% are satisfied, that means that more than half are not satisfied. Of the 45% satisfied, how many are actually happy with their plan?
This article points to Jay Galbraith’s 5 Point Star Model as a useful tool to use when executing your strategic plan. Strategy sits at the top of the star and follows with Structure, Processes/Systems, Rewards, and People.
Structure appropriately follows strategy because without structure strategy is doomed to fail. Processes/systems often gets misaligned because people tend to do what has always been done. Thinking outside the box can and often does get met with resistance because people are comfortable doing what they already know and change is stressful. Next, rewards should fit the level of performance. For example, when educators allow students to advance with only a 75% passing grade, they are setting their students up for unrealistic expectations when they enter the work force. Lastly, people are necessary to get the job done. Don’t underestimate the need for quality HR management.
Article Quote:
“The 5 Point Star Model is a great way to improve the execution of your strategic action plan and to create sustainability. now is the time to revisit your plan or create one. even if you think you can get by without one, let me ask you this final question: “Would you fly in a plane that had not filed a flight plan?” So if your life is worth a flight plan, then shouldn’t your business or organization be worthy of one as well?”
Link:http://www.gogreentoolshed.com/ensure-sustainable-execution-of-your-strategic-action-plan
The elements offered in Jay Galbraith’s model are valid and should be considered, however the execution of the plan also needs constant monitoring in order to course correct or to move quickly when opportunities arise. Keeping the plan in front of the eyes and on the minds of your entire organization will increase the chances for positive results.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/