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/