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/

Summary:

Strategic planning methodologies are like shoes – one size does not fit all. Some companies use an autocratic approach, in which the plan gets created by a small group of senior managers and handed down to the rest of the organization. Others prefer a more democratic approach, with employees at all levels contributing their ideas and input to the plan. However, most companies employ a hybrid of these two models.

There are several factors to consider when deciding which approach you choose, such as company size, culture, type of workforce, and management style. However, every strategic plan should include the following five “must-haves”:

1. Mission. This defines why you exist as an organization.

2. Guiding principles. Also called organizational attributes, these describe how you expect people to behave with each other and with other stakeholder groups.

3. Value propositions. These explain the value you provide to your organization’s different stakeholder groups, both internal and external.

4. Destination points. These identify where your organization wants to go within a specified time frame.

5. Areas of focus/strategies. These define, in a broad sense, how the organization will get to where it wants to go.

Article Quote:

“Effective strategic planning also requires that you set goals and define team and individual accountabilities, as these link the big picture to individual goals and competencies. Ultimately, strategic planning is like a jigsaw puzzle – all the pieces must be in place in order to complete the picture.”

Link: http://www.innovationheat.com/2010/02/26/five-must-haves-for-a-strategic-plan/9160/

Having the best strategic plan won’t get you far if you don’t implement it. Successful implementation requires breaking down, or chunking goals into manageable tasks to incorporate into daily to-do’s. By chunking your work and doing a little at a time, the plan will be worked and your goals will be achieved.

Keeping your strategic plan visible will help to measure your progress and make course corrections if needed. Maintaining flexablility is important so you don’t get caught up in working a flawed plan.

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

Summary:

Strategic planning is a great way to advance your business and achieve your goals. Being a seat-of-the-pants entrepreneur, it might feel challenging at first, but stick with it and you will soon see the reward of using strategic planning throughout every department of your company.

Key to strategic planning is the vision you have for your business. Building from your clearly defined vision, set two to three realistic goals and then develop a plan on how to achieve those goals. Goals should be able to be broken down into timelines that you can integrate into daily or weekly tasks.

Article Quote:

“If you are a seat-of-the-pants entrepreneur, then strategic planning can make you feel like a fish out of water. However, strategic planning is neither boring nor unimportant. In fact, it’s necessary to help you assess where your business currently stands, and how to push forward toward your goals.”

Link: http://www.wahm.com/articles/strategic-planning-for-seat-of-the-pants-entrepreneurs.html

Integrating goals in a way that is manageable and measurable allows for incremental successes that build up and help get the goal accomplished. Develop shorter strategies that range from six to eight months that are also included in the bigger picture.

Working on your strategic plans requires commitment. Finding the right balance between daily operations and incorporation of the strategic plan can be obtained with the use of performance technology.

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

Summary:

Starting off the new year with a strategic plan and high hopes to achieve success won’t get you far if your plan is flawed, as most are. The following steps outline the basics when developing a strategic plan.

1. Know the difference between a strategy and a tactic. Strategy is the plan that defines where you’re going.  Tactics are the things you do and use to get to the destination.

2. Be specific. A few words can make all the difference in the direction you take your firm, and the tactics you use to implement a strategy.

3. Engage the aging process. Like great wine, the making of a strategic plan takes time.  A strategic plan is NOT built during a weekend retreat!  It evolves out of thoughts, research, information, and experiences.

4. Keep it simple. Use the A-B-C approach:

A. Establish what you want to achieve: STRATEGY.
B. List available, realistic ways to make it happen: TACTICS
C. Select options that give the highest rewards for the lowest output: IMPLEMENTATION.

5. Follow the plan. Most plans are developed, and then put on a shelf.

6. Be flexible. If, during the course of the year, you find that the plan needs some tweaking, you can certainly modify it.  Be careful not to switch directions too often, as this will discredit you and your plan in the eyes of its followers.

Article Quote:

“Every year, we meet thousand of decision makers around the country in our consulting and speaking work.  Like you, they’re smart, ambitious, and they’re doing a decent job.  But, they’re also often frustrated that they aren’t doing better.  When we break down the element for them, we find that few if any of them have a good strategic plan they can work from.  In fact, most of them don’t even know how to create one.”

Link: http://lazerpromotions.com/blog/general/6-ways-to-build-a-stronger-strategic-plan

All the steps listed above are important to follow when building and implementing your strategic plan. Another useful tool is performance technology that not only keeps the plan visible to all users, but allows management an instant view of progress and accountability. ManagePro software is one such application that allows users to execute and monitor their strategic plans.

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

Summary:

Unfortunately, most new businesses fail for two main reasons: a lack of capital resources to carry the business until it becomes established and profitable; and a lack of management skills. Strategic planning that incorporates both of these elements will help ensure the business doesn’t fail. New business ventures need a lot of capital in the beginning for equipment purchases, supplies, and training new employees.

There are two forms of capital from which to choose: debt or equity financing. There are advantages and disadvantages to choosing to finance a bank loan for a new business idea. When financing with a bank, you can negotiate the terms of repayment and having a set payment plan helps stabilize expenses. However, the payment must be made whether or not there are profits to cover such payment.

Article Quote:

“Whether you are starting your business or expansion of IT financing, you will need to do strategic planning. This is particularly relevant for the new companies that have just started up.”

Link: http://www.usestock.net/business-finance-strategic-planning/.html

Strategic planning is essential whether businesses are start ups or well established corporations. Planning seeks to answer the question, “Where do we want to be and how are we going to get there?” There are several methods that can be used, such as swot analysis or scenario planning or hiring a strategic planning consultant.

Once a plan is developed, implementing it successfully is the next challenge. Strategic plans need to be translatable into daily activities that can be monitored for effectiveness. Monitoring allows for course corrections when the opportunities or threats present themselves.

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

Summary:

Strategic planning is a process in which organizations define expectations of the future, identify resources that will be needed to ensure success, and take the necessary steps to achieve expectations. There is a myriad of methods used by organizations to determine their focus, direction and measures of success.

Strategic planning strives to answer the following questions, “Who are we?”; “Where are we going?” ; and “How we will get to where we are going?”  By defining these questions, organizations leverage their focus and their resources, which leads to a greater chance of success in achieving both short and long term goals. However, the best strategic plan will fail if it is not worked into daily operations and measured for results.

Article Quote:

“Strategic thinking and business planning processes should help you create a clear sense of purpose, direction and focus for all stakeholders that is measurable, sustainable, requires involvement and drives the actions of everyone — yes, everyone — in the organization to achieve predetermined results.”

Link: http://ordsunshinepumpers.wordpress.com/2010/02/18/a-conversation-about-the-economy-strategic-planning/

There is a fourth question that needs be addressed when developing a strategic plan; “What kind of environment can we expect to encounter along the way?”

Both the internal and external environment needs to be analyzed with the use of scenario planning, to deal with these environmental factors. For example, is the internal atmosphere – the individuals in the organization – going to be resistant to the plan? Is there new processes being introduced that will cause change resistance or do some members in the organization feel the plan is fundamentally flawed and therefore will be hesitant in helping achieve results?

These questions and others need to be asked in the development process not only to identify possible conflicts, but also to have a plan in place if they are encountered.

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

Summary:

Marketing excellence programmes have become commonplace in the pharmaceutical industry. The concept of these programmes suggests that as industries mature and it becomes harder to differentiate technologically, competitive advantage flows from the ability to segment, position and deliver extended value propositions.

Yet, after 12 years of examination, Dr. Brian Smith finds the results of this up-skilling frenzy disappointing. By and large, these firms describe their marketing excellence programmes as costing lots of money and even more time, but delivering little tangible improvement in capabilities or performance. Why this is can be summarized in seven fundamental flaws that are often embedded into the structure of marketing excellence programmes. For a complete explanation of the seven deadly sins of marketing excellence, follow the link below.

Article Quote:

“The recent blooming of a thousand marketing excellence programmes in the pharmaceutical industry has been one of the most noticeable trends in our industry, but it has not been surprising. The same phenomenon has been observed in other sectors, from consumer goods to cars, from IT to financial services, as technical innovation became a more difficult route to differentiation.”

Link: http://pharmexec.findpharma.com/pharmexec/Europe/The-Seven-Deadly-Sins-of-Marketing-Excellence/ArticleStandard/Article/detail/657777?contextCategoryId=48182

The research conducted by Dr. Brian Smith reveals that the reasons for the pharmaceutical industry’s difficulty in extracting value from marketing excellence lie mostly in the industry culture. The culture assumes that a social science-based discipline like marketing can be managed in the same way as we manage natural science disciplines.

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

Summary:

In the arena of Non-Profit Organizations, a strategic marketing plan provides the foundation needed for the organization’s influence on it’s members and potential members. The goal is to have a compelling enough message for your audience to align themselves with and “buy into” with donations or memberships.

The six steps to follow in creating a marketing plan, as highlighted by Marla Cooper from Bloom Consulting, Inc. follows:

1. Form a Marketing Committee

2. Set the Goals of your Committee

3. Do your research

4. Establish your Mission and Vision

5. Develop your strategic marketing plan

6. Execute your strategic marketing plan

Article Quote:

“Why is it that I’m often met with those glazed stares when I’m brought in as a Strategic Marketing Consultant and I ask to see an organization’s “Communications Plan”. This should be as basic to any organization as an Operating Budget and yet it seldom exists as a comprehensive, integrated and well thought out document. Why is this so often neglected by organizations when it is clearly so key to success in today’s competitive and dynamic marketplace? Possibly because there are many misconceptions about what a Strategic Marketing Plan is and what is should do.”

Link: http://www.howsescandy.com/marketing-plan/taking-on-the-“battle”-of-strategic-marketing-6-steps-to-developing-a-strategic-marketing-plan-that-works

Although not necessarily in the right order, the steps and advice given in this article are relevant. Begin by knowing what your mission and vision statements are as these will provide a foundation to work from. Next, conduct market research, set your goals, and develop an action plan to achieve these goals.

Developing a strategic plan asks these questions: “Where do we want to be?”; “How are we going to get there?”; “What kind of environment do we expect to face along the way?”

After these questions are answered and a plan is in place, implementing the plan is the next step. Make sure the goals/initiatives are translatable into daily tasks. As long as they are integrated into daily operations, the plan will be “worked” and results can be measured.

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

Summary:

Succession planning refers to the development of a comprehensive and coordinated plan designed to insure an orderly replacement of key members of an organization when they are lost to the organization for any reason. Succession planning also provides for training and mentoring prior to the change. Management first needs to identify the key employees within the organization and provide a plan for their eventual replacement.

This task should not be delayed until the employee nears retirement because many key people leave the company well before retirement age. There are a number of reasons an employee may leave a company. For instance, they could be lured away by another company, become ill and unable to work, move away, and the list goes on. It is not only wise to perform succession planning, it is an obligation management has to shareholders as well.

Article Quote:

“Many organizations have Succession Insurance policies that are designed to provide the necessary funds for the recruitment and training of new personnel in the event of a sudden loss of a key member of the organization. This is one indication of how serious this issue can be to a large business. It is a part of the risk management element of the overall business financial plan.”

Link: http://strategicplanning.doodig.com/2010/02/17/have-you-considered-succession-planning-2/

History has shown that succession planning is critical to the continued success of the business. Many companies falter and even fail with the loss of key personnel. Businesses have the option of taking out an insurance policy to cover training costs and lost profits directly related to key employee loss. However, this could be avoided with management’s careful consideration and development of a plan.

Succession planning should not be limited to large corporations. It should also be performed in smaller businesses because the smaller the business is, the more important each member is to the business’s success. Succession planning  reduces this risk and is considered as important as any other form of insurance in the overall risk management picture.

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