Summary:

Strategic planning and strategic thinking are not the same. Strategic planning is a process of identifying goals and creating a path to reach those goals. By contrast, people who have the ability to think strategically can step outside their normal frame of reference and understand that it’s only one of many possible frames.

Executives often become too focused on the task of exceeding last quarter’s numbers, that they fail to see the broader landscape. For instance, in a four-week executive-education course, students were presented with this challenge using the example of Apple’s iPod — how did a small computer company with only a 5 percent share of the market  come out with this revolutionary new product, while Sony Corp., which had all the components inside its organization to create the iPod, failed to do so? The answer: simply because Sony executives failed to see outside the box and instead stayed within their comfort zone.

Article Quote:

“Planning is, by definition, a sense that there’s a Point A and a Point Z, and simply a number of steps from point to point — it’s a linear process. Strategic thinking, by contrast, is a way of conceiving of a problem or challenge more holistically.”

Link: http://www.hreonline.com/HRE/story.jsp?storyId=330860356

When strategic thinking is fostered in an organization, people can more easily identify problems areas and circumvent them before they become giant headaches. Employees become more aware of the company goals, thus becoming more engaged in the execution of the strategic plan.

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

Summary:

Although a strategic plan translates to a greater ability to accomplish goals, few invest the time necessary to actually create a plan. Strategic planning involves a lot of marketing research, forecasts, and a clear understanding of the business.

Management should review the company’s mission, vision and cultural statement and assess goals, objectives, strategies and a tactical plan to get from Point A to Point B. A good plan usually covers 3-5 years and should be a living, breathing document providing focus, but that allows for changes in direction should opportunities or threats arise.

The first step in developing a business plan is to understand what these plans are supposed to achieve. A good business plan should provide detailed guidelines, objectives and action that will enable you to:

1. deliver a product that satisfies the customer
2. become more efficient than your competition
3. become more profitable

Article Quote:

“I am amazed how many people spend weeks planning their vacations, but never set aside time to plan the year(s) for their business or life. I also see the opposite, people who over complicate their strategic planning and get overwhelmed and discouraged in the process.”

Link:http://small-business-management.bestmanagementarticles.com/a-35901-how-do-you-or-should-you-do-your-small-business-planning.aspx

Developing a strategic plan is only the first half of the battle, executing the plan is the second. In order to successfully execute a strategic plan, it needs to be broken down into actionable steps that easily translate into to-do’s and objectives. This enables leadership to monitor results and make course corrections when necessary, while at the same time keeping the plan alive.

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

Summary:

Planning a vacation is a lot like strategic planning. When planning a vacation, you have to consider who’s going with you; what you’re going to do; when you’re going to go; where you’re going to go; why you’re going in the first place; and, how you’re going to get there. In other words, the five W’s and an H (who, what, when, where, why, and how). These same questions need to be addressed in strategic planning.

As the leader of the organization, you’re the driver or pilot, or engineer (depending on the mode of transportation you select) and the members of the organization are on board (hopefully) and going along for the ride.

Article Quote:

“If you want to have the best success with the strategic direction of your organization, get the members involved in the process of setting the direction and then communicate all the details of where you’re going, how you’re getting there, why it’s important to go there… you know… the five W’s and an H.”

Link:http://www.firehouse.com/blog/rgasaway/strategic-planning-vacation-planning

After you have identified the five W’s and and H, the next step is to get everyone on board with the plan. This, of course is much easier said than done. First, management needs to believe in the plan and show commitment to it because without this commitment, employees are likely to not feel its importance.

To effectively execute the plan, management needs to translate the plan into actionable steps that can be measured. These steps need to be practical enough to be input in each employee’s daily to-do list as these tasks correlate to overall objectives.

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

Summary:

Strategic planning is important because it allows leadership to closely look at business functions, strengths, weakness, and opportunities while focusing energy and resources towards goals. Developing a strategic plan is only half the battle; the other half is executing the plan. Once you have your plan, check it against reality. If it is an unrealistic goal, your motivation is likely to deflate as months pass.

Author Cat Mason describes what she calls a “life sandbox” -the life context that her business exists within. By allocating time to life demands such as work, home, personal goals, etc., she is able to more accurately fit her business goals into the time she realistically can provide. Finally, break down the goals into projects with timelines and block out time from your schedule to accomplish these projects.

Article Quote:

“Planning is great … but plans are only as good as our ability to implement them.  So what can you do NOW, while you’re focused, excited and motivated about the year ahead to ensure your plan does get converted into action?”

Link: http://www.herbusinessblog.com/grow-your-business/beyond-planning-easy-ways-to-convert-your-plan-into-action

Setting realistic goals and executing them by breaking them into manageable tasks, scheduling time to see that they get accomplished, and monitoring progress will greatly increase your chance of realizing your goals.

Performance technology can help keep you focused with instant visibility on the strategic plan, objectives to accomplish, daily to-do’s that work towards objectives, and monitoring capabilities that let you know instantly where you’re at in completing those objectives.

For more on strategic planning and execution, 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:

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:

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:

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/