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:

Kerry Martin asks, “What’s strategic about having a fixed plan in a year of constant change?”  She points to the turbulence of economic events in 2009 and how they have rendered many strategic plans useless. Using an outdated or irrelevant strategic plan that was developed in a different economic environment is wasteful. Instead companies need to remain flexible and adjust their strategic plans accordingly.

If budgeted projections need to be pared down, preemptively adjust your tactics to find more efficient ways to accomplish your long-term objectives. By finding alternative ways to accomplish the long-term goal, companies may avoid losing entire campaigns.

Article Quote:

“For this New Year, make the resolution to be proactive with how your marketing plan or overall business model is assessed; don’t wait for 12 months to start over.”

Link:http://thestrategicfirm.wordpress.com/2009/12/23/proactive-strategic-planning/

Implementing and  monitoring a strategic plan should go hand in hand. Changing business factors dictate the need for adjusting strategies. Using scenario planning while developing your strategic plan can help avoid sudden pitfalls. However, even the best strategists cannot plan for every scenario.

In order to monitor your plan, it needs to be in front of the eyes and on the minds of everyone in the organization. Getting everyone involved in executing the plan increases the chance for success. Strategic planning and execution software developed to perform these tasks allows leadership to see, in minutes, how well the strategy is performing.

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