Summary:
Making a sale to a credit grantor in the recessionary environment of 2009 has been more challenging than in years past — especially with the frequent turnover that we have seen within recovery groups. However, with the increased volume of past-due accounts, credit grantors have been looking to add to their agency networks.
In addition, this article states that once you’ve determined your unique selling proposition, discuss in your meeting whether you are fully communicating this strategic advantage in everything you do, including your marketing literature, your website, your sales pitch, your conference booth, and so on.
Article Quote:
“This past year, getting that call from the recovery manager was likely a function of whether your agency had all the boxes checked; SAS70, no substantial legal issues (FTC/State AG), the paper skill-set, a strong back-office, and, don’t forget the other important factor, the pre-existing relationship!”
Link: http://www.insidearm.com/go/arm-news/ask-the-experts-strategic-planning-for-2010-driving-sales-results
This article points out strategies for creditors to increase profits. As the author points out, one way to increase sales is to do a review of customers, past, present and future prospects. Making and maintaining connections with customers increases referrals, make customers feel they are important to you which in turn increases your bottom line. With the right technology, accessing customer lists along with other information such as their past payment histories is made simple.
For more on strategic planning technology, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Organizations around the country , including hospitals, are busy developing their strategic plans for the coming year. Strategic plans used to have a five to eight year outlook, now a three year outlook is common practice. For hospital executives and boards of directors, this means that many decades of habit may be going out the window. The strategic plan is no longer a document that nobody pays attention to and gets dusted off every few years. Instead, strategy is something that needs attention every quarter.
Hospital leaders are trained to plan ahead for predictable trends—the move toward outpatient care, pressure for quality and transparency, digitizing medical records, as this author points out. However, the past year was filled with unpredictable economic and political events that have left hospitals scrambling to react.
Article Quote:
“Traditionally, the strategic plan was developed every few years by a few board members who met as the strategic planning committee. While it may still be useful to have a specific group focused on the issue, governance experts say that strategic planning shouldn’t exclude the rest of the board—everyone should be regularly thinking about the big picture and learning about the long-term effects of what’s going on today.”
Link: http://mhanewsnow.typepad.com/executive/2009/12/new-pace-of-strategic-planning.html
Strategic plans should not be something brought up only on annual board meetings. Instead, they need consistent attention and updating. For some, that means checking results every quarter; for others, daily attention is appropriate. Utilizing strategic planning technology helps bridge strategic planning and strategic execution.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Listed are ten strategies for reducing business costs. Among them are bartering with other companies, networking to increase options, renting equipment vs. buying, and continuously searching for new suppliers. Following these easy strategies can create cost-savings that could amount to a significant number.
Article Quote:
“If you have a business that should be bartering goods and services with other companies. You should try to trade for something before you buy. Barter deals usually require little or no money. Plan Ahead and make a list of business supplies or equipment needed for the future. Keep an eye on the shops that have a big tuover. Purchase goods if they are on sale before you need it.”
Link: http://technologyofmanagement.blogspot.com/2009/11/10-effective-ways-to-reduce-business.html
One tip that could have made the top of this author’s list is having the right technology in place. The author doesn’t suggest implementing strategic planning technology as a means of reducing costs, however everyone knows that when time is saved, money and resources are also saved.
That said, these strategies are easy to follow and could contribute to reducing costs. One of the tips suggested is negotiating. Interestingly, when we think about negotiating, we usually vision more expensive items, such as the purchase of a new home or a new car. In our society, we rarely think about negotiating prices on less expensive purchases, such as appliances or furniture. However, many retailers are empowered to negotiate if the customer asks.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
A few short years ago BPM was primarily focused on addressing the budgeting and planning needs of the finance department. Today, business performance management has become much more than that. Craig Schiff, President and CEO of BPM Partners writes that BPM is has become the primary front-office strategic decision-making tool. By utilizing business intelligence (BI) tools, BPM converts data from transactional systems into meaningful and actionable information for management decision making.
Financial reporting, particularly management reporting, along with profitability analysis and optimization, has also grown in importance in BPM.
Article Quote:
“Many companies have come to the realization that you really can’t fully understand the business by just looking at the consolidated numbers at the top. You need to examine what is going on, on a daily basis, at the operational level.”
Link: http://www.b-eye-network.com/view/12282
Business performance management will continue to grow and change with business needs. Comprehensive business performance management has become a mission-critical initiative for many companies, while for others, it remains a back-burner item.
Performance technology is yet another tool in the business performance management arsenal. Performance technology software allows users instant access to vital information regarding their strategic plan and day-to-day performance objectives. By regularly monitoring results, management can course correct when necessary while watching for opportunities to present themselves.
For more on business performance management, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Every business needs to have a strategic marketing plan in place if they want to maximize their return on investments while getting their product or service promoted. Applying strategic planning to marketing will help focus your goals and provide a tactical plan to accomplish those goals. In this article, Jeremiah Tyson offers several tips to follow when applying your marketing skills.
First, marketers need to follow the 80:20 rule that concentrates on the 20 percent of products/services, and on the 20 percent of customers, which will account for 80 percent of the volume and 80 percent of the profit. Other tips offered by Tyson are to decide on your niche market, which kinds of advertising to use, and when to implement your marketing choice(s). Next, consistently split testing multiple types of the same marketing methods will help find better methods and as a result, will help maximize results and efforts.
Article Quote:
“Lay out a plan for yourself. Your marketing efforts will fail if you do not have a set plan that is executed precisely. Do all of your research before putting anything into action.”
Link: http://ezinearticles.com/?Why-is-Strategic-Planning-So-Important-in-Marketing?&id=3545278
Strategic planning, whether for marketing or for your overall business, requires an understanding of where you want to be versus the reality of where you are now. Strategic execution is essentially bridging the gap between the two. To successfully execute your strategic plan, provide well-defined and realistic benchmarks that will get you closer to the ultimate goal. Measure your results and course correct when necessary and keep a constant watch for market opportunities that arise.
Performance technology is useful when it makes the plan available to everyone in the organization. By providing visibility of the plan, buy-in and accountability increases and your plan won’t get shelved and forgotten until the next planning session.
For more information on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
The execution and management of such strategic issues such as business development, personnel, and fiscal operations often is the difference between the success or failure of any organization. This new book introduces readers to the duties and practices assigned to service managers in the successful operation of an automotive service facility. Additionally, it fosters a thorough understanding of strategic planning from the owner’s perspective to the service manager’s level in the establishment of a productive service facility.
The book starts with a general discussion of the management structure and the service manager’s role in facility operations. Next, the author discusses navigation of the personnel process from the recruitment of workers to supervision of their performance. The financial business practices of a service manager familiarizes readers with the importance of fiscal responsibility in the operation of a lucrative automotive service business. This book also offers information on the recruitment and retention of employees and the establishment of rules and performance measures gives readers valuable insight into the “real world” of the automobile business
Article Quote:
“The analysis of financial statements exposes readers to the basic activities and duties that are typical of an automotive service manager’s position.”
Link:http://www.livingstone2009calendar.com/business-and-finance/managing-automotive-businesses-strategic-planning-personnel-and-finances.html/
Whether you are in the automotive industry or any other industry, strategic planning and execution are important. Strategic planning offers an opportunity to review what has and hasn’t worked in the past, then looks toward future goals and how to accomplish them.
Where most people get caught up is in implementing the plan. Goals should be broken down into realistic, manageable steps that can be measured by management. By measuring your results, a realistic snap shot of what still needs to be accomplished is revealed. Measuring results also offers leadership has an opportunity to recognize key employees and investigate why others are under performing.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
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/
Summary:
This article reveals results from a study conducted by the Spears School of Business highlighting the competitive advantages companies gain in hiring competitors’ key employees. The study analyzed the effect of key employee mobility on competitors outcomes. Employees learn processes and have indepth information about their current employers that becomes very valuable to prospective employers.
Article Quote:
“The loss of a key employee can hinder performance, even in superior organizations that have established advantageous routines via strategic initiatives that set them apart from their competitors, because the lost employees bring strategic knowledge with them to the hiring firm.”
Link: http://scienceblog.com/cms/migration-key-employees-competitors-hinders-orgainzational-success-27369.html
Finding the right employees and perhaps more important, being able to keep them, is an important strategic management challenge for businesses today. Offering competitive wages is not the only driver to consider when trying to keep key employees.
Flexibility, personal growth, and performance satisfaction must also be considered when looking to the HR side of the business equation. Strategic planning technology may assist management by highlighting employee performance to help focus recognition to your key employees.
For more information on strategic planning, see http://performancesolutionstech.com/category/strategicplanning/
Summary:
While most strategic planning sessions are well-intentioned and want to contribute to a successful meeting, most sessions follow a pattern that only appears meaningful when in truth, they are anything but. Bill Bartmann of Entrepreneur.com offers several tips to use at your next strategic planning session including keeping the re-cap of last year’s session brief and honest with regards to successes and failures. Keeping the conversation on topic, clearly articulating challenges, and choosing the top one to five best ideas and building the rest of the meeting around those ideas are additional tips offered. Additionally, if you’ve discovered a worthwhile goal, guide it through the initial stage with a certain confidence that the “how” will appear as you go along. Make careful note of opposing viewpoints; they’re much more valuable than a series of nods from the yes men.
Article Quote:
“A really good planning session should feel draining but invigorating at the same time. Similar to a good gym workout, you want strong resistance against muscles that are working toward a worthy goal.”
Link: http://www.thestreet.com/story/10658462/2/strategic-planning-for-the-real-world.html
When the facilitator keeps the meeting focused and allows for constructive criticism that includes contributions from everyone, strategic planning sessions can be a productive and worthwhile task . If the loudest or most popular members of the group are allowed to ‘take over’ and quieter members stop contributing, the session becomes a popularity contest and usually an exercise in group-think.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/