Summary:

The higher up a person’s position is in an organization, the harder it is for them to get honest feedback from subordinates. Most people refrain from offering honest, negative feedback because they don’t want to upset or anger their boss. However, choosing the right strategy to offer negative feedback may improve their insights as well as your working relationship.

The first thing to remember is that your feedback should be honest and data-driven because people respond much better to specifics than to generalities. Yet, even the most thought-out and organized feedback can insult your boss and create a defensive response. Before you offer advice, make sure your boss is open to feedback. If you haven’t been invited to offer feedback, then consider asking for it.

Remember, if what you say isn’t critical to the company or your department, and may only serve to jeopardize your working relationship, then you might want to keep quiet. Offering negative feedback is not worth risking your job or your relationship with your boss.

Article Quote:

“Giving your boss feedback, commonly called upward feedback, can be a tricky process to master. However, if offered correctly and thoughtfully, your insight can not only help your boss, but also improve your working relationship.”

Link: http://blogs.hbr.org/hmu/2010/03/how-to-give-your-boss-feedback.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+harvardbusiness/hmu+(Management+Essentials+on+HBR.org)

The ability to make strategic decisions regarding your position within an organization should be approached with both data and a forward looking approach to the success of the company.  It is also important to remember that your point of reference is not complete when it comes to the realities and pressures placed on your boss. Therefore, phrase your feedback in a manner that reflects your perspective and doesn’t come across as “I know how to do your job better than you do.”

Finding the right tone and time to offer feedback is critical if you truly want to make positive changes. Before speaking up, take an honest look at your true motivations. If your true intent is to somehow get back at your boss out of spite, realizing that intent before your speak up could save you embarrassment and possibly your job.

For more on making strategic decisions, see http://www.performancesolutionstech.com/category/strategicplanning/

Summary:

Daniel Kahneman and Gary Klein are two scholars that represent two schools of thought. Kahneman  is a 2002 recipient of the Nobel Prize for his theory for prospect theory, which helps explain the sometimes counterintuitive choices people make under uncertainty.

Klein, a cognitive psychologist and senior scientist at MacroCognition, focuses on the power of intuition to support good decision making in high-pressure environments, such as firefighting and intensive-care units.

When asked for words of wisdom to executives when trying to make strategic decisions, Kahneman suggested that leaders improve the quality of meetings. He believes meetings should be short, offer a lot of information, and decorrelate errors.

Klein’s advice is that instead of marginalizing people that disagree with you, be curious as to why they are taking that particular position.  He writes that “Curiosity is a counterforce for contempt when people are making unpopular statements.”

Article Quote:

“In strategic decisions, I’d be really concerned about overconfidence. There are often entire aspects of the problem that you can’t see—for example, am I ignoring what competitors might do?”

Link:https://www.mckinseyquarterly.com/Strategy/Strategic_Thinking/Strategic_decisions_When_can_you_trust_your_gut_2557?gp=1

Using intuition to make good strategic decisions requires a sense of the expected outcome. If a particular situation is unique or the outcome is highly uncertain, then using intuition to make your decisions could easily produce a poor outcome. On the other hand, if the expected outcome is familiar, then using intuition to make decisions is really based more on past experience than any ‘gut feeling.’

For more on strategic decision making, seehttp://www.performancesolutionstech.com/category/strategicplanning/

Summary:

Sir Martin Sorrell, CEO of WPP; Randy Komisar, a partner at Kleiner Perkins Caufield & Byers; and Anne Mulcahy, Xerox’s chairman and former CEO, have all made strategic decisions throughout the course of their careers. This article provides comments from each and highlights a critical challenge: striking the right balance between thorough, unbiased decision-making processes, on the one hand, and timely action, on the other.

WPP’s Sir Martin Sorrell, believes that everyone makes mistakes and that decision makers should learn from these mistakes and listen to feedback in order to be able to react rapidly and grasp opportunities.

Randy Komisar, of Kleiner Perkins Caufield & Byers learned early in his career that rather than tuning out the natural bias we all possess, he focuses on recognizing, encouraging, and balancing bias within effective decision making. Mr. Komisar makes the comparison of how President Kennedy ran his cabinet: assemble the smartest people he could, throw a difficult issue on the table, and watch them debate it.”

Xerox’s chairman and former CEO, Anne Mulcahy,  offers five suggestions for other senior leaders: cultivate internal critics; force tough people choices; force tough R & D choices; know when to let go; and strike the right risk balance. For a complete explanation of these suggestions, please follow the link below.

Article Quote:

“While there’s no silver bullet, taking concrete steps to cultivate internal critics, safeguard diversity of thought, clarify assumptions underlying different points of view, and force tough choices between business priorities can help.”

Link: https://www.mckinseyquarterly.com/Strategy/Strategy_in_Practice/How_we_do_it_Three_executives_reflect_on_strategic_decision_making_2541?gp=1

A challenge for all leadership is striking the right balance between timely action and the need for thorough, unbiased decision processes. The leaders in this article each have a different approach, yet the underlying theme appears to be challenging the people around you with voicing their opinions and insights while possessing the leadership skills needed to recognize personal bias.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/

Summary:

The economic crisis experienced over the past couple years has forced most management teams to focus on the present and manage by crisis. However, crisis management doesn’t prepare your organization for future growth and opportunity. Planning your business’s future is no longer a discretionary decision. If you want to control the destiny of your business then you need to create it!

Strategic planning is a multi-step process encompassing vision, mission, objectives, values, goals, and specific action steps. Once the work of creating the plan is complete, action must be taken to ensure it succeeds.

Leadership should be fully behind and support the plan before presenting it to the organization. Conviction that the plan is going to add value to the company and presenting it in a positive light is essential. However, management needs to be clear to employees that this is the direction leadership is taking the company and it is everyone’s responsibility to do their part to see the plan to completion. Not only will this increase accountability from individuals, but it also fosters as sense of ownership in the company and its ability to thrive and outshine the competition.

Article Quote:

“Take a moment and be honest. Do you have an actionable strategic plan for your business? Do you know where you want to take your business one year from now, five years from now? Do you want to learn how to better manage the inevitable fires while focusing on growth opportunities? Make the commitment with your management team to develop a strategic plan now as your future results depend on it!”

Link: http://www.resourceassociatescorp.com/blog/2010/03/strategic-planning-is-no-longer-a-discretionary-decision/

Executing a strategic plan requires the objectives of the plan to be measurable. Leadership should continually review progress updates and decide if adjustments need to be made. It may be that additional resources are required for specific objectives or that parts of the plan really aren’t adding the value originally hoped for. The ability to make timely course corrections will ultimately save the business from wasting valuable resources.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/

Summary:

The great start to the success of your business strategic planning process is to identify the foundation upon which your business was built. A well defined mission statement and equally communicated vision statement identifying your desired future will make the job much easier. Businesses that set goals relating directly to their mission and vision statements excel over businesses that lack these defined statements.

Both these statements help focus a business in terms of direction, leadership, and goal-setting ; mission and vision statements are the basis for your organization’s strategic planning. Vision and mission statments need to be communicated to customers, employees, and stockholders.

Once the plan of action is decided upon, objectives should be broken down into actionable tasks that integrate into monthly, weekly, or daily activities. Working the plan in this manner keeps it active and assists leadership in making course corrections when internal and external factors present themselves.

Article Quote:

“A periodic review by management of your strategic planning actions will let you know if you have chosen the right strategic activities for your business. Additionally you can also make sure that the strategic planning activities you have chosen to implement are all supportive of your mission and vision statements. Use your mission and vision statements to chart and stay the course.”

Link: http://gfa-ng.com/vision/strategic-planning-begins-with-a-mission-statement-and-a-vision-statement.htm

Mission and vision statements help the organization by providing a foundation from which to begin the strategic planning process. Choose two to three clearly defined goals or objectives, then develop a plan of action. Leadership that can effectively communicating both the strategic plan and each individual’s part in achieving the plan improves results.

For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/

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.”

Link: http://www.smallbizupdate.org/strategic-planning-key-success-factors-and-how-to-avoid-ten-common-mistakes/

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/