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/
Craig McIvor writes that over twenty years of crafting strategic plans for businesses, he has come to some conclusions. First, that modern leaders are drowning in detail and this is hampering the quality of their decision-making. Second, very few businesses understand the drivers of their business and what competitive advantage really means. Without a clear understanding of what the business does and what constitutes its competitive advantage, the task of developing a strategy becomes difficult. Finally, McIvor writes that our leaders’ risk-aversion is limiting the ability to change towards more sustainable business models.
Article Quote:
“Many large businesses succeed in spite of themselves. Over time they do accumulate competitive advantage, market share and great profits, but without understanding the reasons for this, their ability to sustain this position is unlikely.”
Link: http://www.nzherald.co.nz/small-business/news/article.cfm?c_id=85&objectid=10613436
The self-imposed information overload we put ourselves through only hampers the strategic planning process. In this information age, we have nearly infinite amounts of information at our fingertips. When sorting through what is important and useful, sometimes we need to take a step back to focus on what kind of decision needs made. Remember, information is only useful when it is relevant.
Once a strategic plan has been adopted, implementing it is the next step. Strategic planning software brings projects and people together in a collaborative effort that puts the strategic plan at the forefront of day-to-day operations.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
This article offers definitions on widely used business terms. Miscommunication on key terminology creates havoc when it comes to implementing a strategic plan. Furthermore, this author explores the question of who should own the definition of terms like objectives, goals, strategies and tactics. Should it belong to the executive in charge or an outside agency?
Objectives, or high level achievements, should sit at the top of the strategic plan. Organizations should have no more than a handful -any more is an overload and may cloud what is really important to business success.
Article Quote:
“Most people use some form of objectives, goals, strategies and tactics for their plans, but get a group of 10 people into a room and you might have 10 different definitions of what those terms mean? That’s why agreeing on their meaning is vital to your plan. Term agreement is a lubricant to productivity.”
Link: http://sclohonet.blogspot.com/2009/12/planning-for-2010.html
Effective communication must start with a clear understanding of what terms mean. Who owns the term is not what is important. What’s important is that everyone understands what’s being said.
Once you’ve moved beyond term definition, and created your strategic plan, it’s time to put it into action. This is another area where clarity in communication helps avoid slip ups. Individual accountablity and follow-up improves with strategic planning technology. Management can have instant access to track projects and people.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/
Summary:
Many companies employ strategists while many do not. The trick is getting leadership to want strategy, otherwise they will eliminate it, or worse -’shelve’ the strategy’, thereby having the plan fail. So what is the trick to getting management to like and want strategy? Gerald Nanninga believes the key is to make it into a hobby for leadership. To do this, Nanninga advices supplying them with (1) boost to their egos, (2) let their imagination escape, and (3) be fun.
Strategic planning should not be thought of as a tedious chore, instead it should be thought of as an escape from the tedious – an escape where imaginations are set loose and where possibilities are explored.
Article Quote:
“Since strategic planning is often viewed as an optional activity, executives can opt not to do it. Instead, they can fill their time with the pressing issues of today. If you want to make strategic planning a priority, you need to make it appear like a hobby—something people always seem to find time for.”
Link: http://planninga-from-nanninga.blogspot.com/2009/12/strategic-planning-analogy-297.html
The idea of taking strategic planning and turning it into a creative and fun experience is fascinating. Rarely do we think of it as a fun task, and why not? Exploring possibilities by working through scenarios should be a process that involves more than just executives. It should be broadened to include a wider range of ideas and perspectives where fresh outlooks can be explored, and perhaps – a ‘gem’ found.
However you come to develop your strategic plan, it will inevitably perform poorly if it is not put into action and reviewed often to see if changes need to be made. Having the plan, the people assigned to complete objectives, and a solid strategic management system in place will enable management to have instant access to performance measurements.
For more on strategic planning, see http://www.performancesolutionstech.com/category/strategicplanning/