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	<title>MyStrategicPlan/blog &#187; Performance Management</title>
	<link>http://mystrategicplan.com/blog</link>
	<description>Management how-to's, hacks &#038; news from MyStrategicPlan.com</description>
	<pubDate>Fri, 17 Oct 2008 19:17:16 +0000</pubDate>
	<generator>http://wordpress.org/?v=2.2.2</generator>
	<language>en</language>
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		<title>Gather Employee Input Before You Try Managing Their Performance</title>
		<link>http://mystrategicplan.com/blog/gather-employee-input-before-you-try-managing-their-performance/</link>
		<comments>http://mystrategicplan.com/blog/gather-employee-input-before-you-try-managing-their-performance/#comments</comments>
		<pubDate>Wed, 24 Sep 2008 18:26:57 +0000</pubDate>
		<dc:creator>Ed Adkins</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Strategic Planning Process]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/gather-employee-input-before-you-try-managing-their-performance/</guid>
		<description><![CDATA[Before you craft your performance management strategy, don&#8217;t miss this valuable tip for capturing your employee&#8217;s loyalty and valuable ideas. As our VP of Marketing Erica Olsen says, &#8220;recognition is the number one motivator of employees.&#8221; You can try yelling at them. You can try tossing money at them (well, probably not in this economy), [...]]]></description>
			<content:encoded><![CDATA[<p><strong>Before you craft your <a href="http://mystrategicplan.com/strategic-planning-topics/performance-management-balanced-scorecard.shtml">performance management strategy</a>, don&#8217;t miss this valuable tip for capturing your employee&#8217;s loyalty and valuable ideas</strong>. As our VP of Marketing Erica Olsen says, &#8220;recognition is the number one motivator of employees.&#8221; You can try yelling at them. You can try tossing money at them (well, probably not in this economy), but people are still moved more by incentives that increase their quality of life in the workplace. The question is, how best should employees be engaged?</p>
<p>Of course, you can&#8217;t just give your people a condescending &#8220;you did great!&#8221; plaque and call it a day. I can&#8217;t remember if my face ever decorated an &#8220;employee of the month&#8221; sign at the fast food joints I worked at in highschool, but I can say that it wouldn&#8217;t have motivated me. What would have, though, would have been having a say-so in a few of the areas where I could have contributed valuable ideas and insight.</p>
<h3>Include Me</h3>
<p>If you&#8217;re serious about great performance (who am I kidding- you&#8217;re reading our blog, so you must be!) then you need to be serious about taking your employees serious. OK, that might be confusing, but picture this: <strong>what&#8217;s going to engage your people better- your executive team presenting your company&#8217;s business strategy and performance management system as if you just climbed down from the mountain with them written on stone tablets, or&#8230; you taking the time to ask them their ideas, needs and wants- FIRST?</strong></p>
<p>Fall is usually the season for strategic planning. So, as we roll into it we all have a powerful opportunity to actively engage our employees and include them in the planning process. It may not always be possible or even best to include everyone in actually charting the final course, BUT by asking for input on the outset, we can secure a stronger bond that makes employees feel more capable, appreciated and needed. And during unsure economic times, employee loyalty is a costly thing to ignore.</p>
<h3>Unleash My Potential</h3>
<p>So how can we include our employees?</p>
<ul>
<li><strong>Survey your staff</strong>. Ask questions about how they see their roles, what direction they think the company should take, or what you should be doing better, or even not doing at all.</li>
<li><strong>Re-visit your company&#8217;s <a href="http://mystrategicplan.com/glossary/values-statement/">values</a> and <a href="http://mystrategicplan.com/glossary/vision-statement/">vision</a></strong>. While your mission shouldn&#8217;t change often, many companies find re-aligning their vision and/or values an important part of keeping their company competitive and acknowledging the changing culture of our environment.</li>
<li><strong>Sit down and chat</strong>. Managers can learn a great deal when they give employees a chance to talk openly and honestly about their every day tasks, perceived inefficiencies, or even how their performance is managed.</li>
<li><strong>Keep them posted</strong>. Let your people know exactly what stages you are in with your strategic or <a href="http://mystrategicplan.com/glossary/performance-management/">performance management</a> planning process. Let everyone know who is involved, when and why. Even if you&#8217;re calling the final shots, everyone finds value in being able to shape their destiny.</li>
</ul>
<p>Lastly, as Erica says, &#8220;helping your employees see the vision that you have for success and growth helps you work toward that goal. Organizations that have a clear direction have committed people.&#8221;</p>
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		<title>The 5 Traps of Personal Performance Management</title>
		<link>http://mystrategicplan.com/blog/the-5-traps-of-personal-performance-management/</link>
		<comments>http://mystrategicplan.com/blog/the-5-traps-of-personal-performance-management/#comments</comments>
		<pubDate>Tue, 12 Aug 2008 22:11:33 +0000</pubDate>
		<dc:creator>Ed Adkins</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Execution]]></category>

		<category><![CDATA[Leadership]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/the-5-traps-of-personal-performance-management/</guid>
		<description><![CDATA[Performance management is a problem. More specifically, how most people approach their own performance management is riddled with pitfalls. This is evident with the torrent of self-help and self-management books that have gained popularity, the increased talk of inbox management and especially in the colossal failure of the once heralded term, &#8220;multi-tasking.&#8221; Everything points to [...]]]></description>
			<content:encoded><![CDATA[<p>Performance management is a problem. More specifically, how most people approach their own <a href="http://mystrategicplan.com/glossary/performance-management/">performance management</a> is riddled with pitfalls. This is evident with the torrent of self-help and self-management books that have gained popularity, the increased talk of inbox management and especially in the colossal failure of the once heralded term, &#8220;multi-tasking.&#8221; Everything points to a lack of ability to effectively manage ourselves.</p>
<p>So, why do so many people try so hard to manage themselves and still fall short? Most people want to perform. They want to accomplish great things, but never seem to catch up on everything they are given to do in the course of a day. How many times have you said to yourself, &#8220;it’s five o&#8217;clock and my to-do list is bigger than it was when I got here at eight?&#8221;</p>
<p>For most of us, it&#8217;s a matter of overhauling our personal performance management systems, and finding a way to <strong>avoid the following five traps that so often trip us up:</strong></p>
<h3>Failure to see the big picture</h3>
<p><img src="http://farm1.static.flickr.com/205/493001160_0d3b596882_m.jpg" align="left" alt="big picture"/>Your performance management system should have a reason behind it. If you&#8217;re reading this, chances are that your current system, if you have one, isn&#8217;t working to some degree, and this is the most common reason. Instead of just jumping into your mountain of tasks, <strong>stop first and ask yourself&#8221;why am I doing all of these things?&#8221;</strong></p>
<p>There must be a reason why you work. The answer for you may be <a href="http://mystrategicplan.com/blog/the-5-traps-of-personal-performance-management/#more-198" class="more-link">(more&#8230;)</a></p>
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		<title>The Most Important Question You Can Ask About Your Meetings</title>
		<link>http://mystrategicplan.com/blog/the-most-important-question-you-can-ask-about-your-meetings/</link>
		<comments>http://mystrategicplan.com/blog/the-most-important-question-you-can-ask-about-your-meetings/#comments</comments>
		<pubDate>Wed, 11 Jun 2008 22:05:22 +0000</pubDate>
		<dc:creator>Ed Adkins</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/the-most-important-question-you-can-ask-about-your-meetings/</guid>
		<description><![CDATA[Think about the last meeting your business conducted, and hold on for that question. First, read this list. It may look like an informal set of rules your organization adheres to when trying to accomplish something as a group:
	

Insist on doing everything through “channels.” Never permit short-cuts to be taken in order to expedite decisions.
Make [...]]]></description>
			<content:encoded><![CDATA[<p>Think about the last meeting your business conducted, and hold on for that question. First, read this list. It may look like an informal set of rules your organization adheres to when trying to accomplish something as a group:</p>
<p>	<strong>
<ol>
<li>Insist on doing everything through “channels.” Never permit short-cuts to be taken in order to expedite decisions.</li>
<li>Make “speeches.” Talk as frequently as possible and at great length. Illustrate your “points” by long anecdotes and accounts of per­sonal experiences. </li>
<li>Never hesitate to make a few appropriate “patriotic” comments.</li>
<li>When possible, refer all matters to committees, for “further study and considera­tion.” Attempt to make the committees as large as possible — never less than five.</li>
<li>Bring up irrelevant issues as frequently as possible.</li>
<li>Haggle over precise wordings of com­munications, minutes, resolutions.</li>
<li>Refer back to matters decided upon at the last meeting and attempt to re-open the question of the advisability of that decision.</li>
<li>Advocate “caution.” Be “reasonable” and urge your fellow-conferees to be “reason­able” and avoid haste which might result in embarrassments or difficulties later on.</li>
<li>Be worried about the propriety of any decision — raise the question of whether such action as is contemplated lies within the juris­diction of the group or whether it might conflict with the policy of some higher echelon.</li>
</ol>
<p></strong></p>
<p>Eerily familiar, no?</p>
<p>You may <em>(or may not)</em> be surprised to find out that these actually come from a 1944 publication titled &#8220;Simple Sabotage Field Manual&#8221; presented by the US Office of Strategic Services (a proto-CIA).</p>
<h3>So, how well are you doing at sabotaging your business?</h3>
<p>Found via <a href="http://www.boingboing.net/2008/06/11/sabotage-manual-from.html">boingboing.net</a>. Original manual PDF link <a href="http://community.e2conf.com/servlet/JiveServlet/download/1090-5-1190/OSS%20Simple%20Sabotage%20Manual.pdf">here</a>.</p>
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		<title>6 Reasons we Procrastinate and 7 Ways to Quit It</title>
		<link>http://mystrategicplan.com/blog/6-reasons-we-procrastinate-and-7-ways-to-quit/</link>
		<comments>http://mystrategicplan.com/blog/6-reasons-we-procrastinate-and-7-ways-to-quit/#comments</comments>
		<pubDate>Mon, 10 Mar 2008 15:46:06 +0000</pubDate>
		<dc:creator>Ed Adkins</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Featured]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/6-reasons-we-procrastinate-and-7-ways-to-quit/</guid>
		<description><![CDATA[What usually gets in the way of implementing your plans? How can a company put so much time into creating a plan, only to have it end up collecting dust locked in a filing cabinet somewhere? The common answer, from a performance management perspective, can most likely be found in why we procrastinate.
Below you&#8217;ll find [...]]]></description>
			<content:encoded><![CDATA[<p>What usually gets in the way of implementing your plans? How can a company put so much time into creating a plan, only to have it end up collecting dust locked in a filing cabinet somewhere? The common answer, from a performance management perspective, can most likely be found in why we procrastinate.</p>
<p>Below you&#8217;ll find info on why we put things off and even more examples of how to fight that unproductive habit!</p>
<p>According to <a href="http://www.lifehack.org/articles/lifehack/6-reasons-on-why-are-you-procrastinating.html">LifeHack</a>, there are 6 main reasons why we procrastinate:</p>
<h3>Reasons we Procrastinate:</h3>
<ol>
<li>Projects seem too complex to begin
<li>Projects seem unpleasant
<li>Inability to prioritize
<li>Inability to make decisions
<li>Fear of failure
<li>Distractions
</ol>
<h3>How to Fight Procrastination</h3>
<p>Just to make sure we can fight off procrastinate, let&#8217;s add an extra point on how to quit doing it! <a href="http://www.pickthebrain.com/blog/grow-the-action-habit/">From Pick the Brain</a>, we find 7 ways to fight procrastination by growing the action habit.</p>
<ol>
<li>Don’t wait until conditions are perfect - If you’re waiting to start until conditions are perfect, you probably never will.
<li>Be a doer - Practice doing things rather than thinking about them.
<li>Remember that ideas alone don’t bring success - Ideas are important, but they’re only valuable after they’ve been implemented.
<li>Use action to cure fear - Have you ever noticed that the most difficult part of public speaking is waiting for your turn to speak?
<li>Start your creative engine mechanically - One of the biggest misconceptions about creative work is that it can only be done when inspiration strikes.
<li>Live in the present - Focus on what you can do in the present moment.
<li>Get down to business immediately - It’s common practice for people to socialize and make small talk at the beginning of meetings.
</ol>
<p>I encourage you to check out the posts for further information and have a productive week!</p>
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		<title>Do Your Employees Trust Your Performance Management Process?</title>
		<link>http://mystrategicplan.com/blog/do-your-employees-trust-your-performance-management-process/</link>
		<comments>http://mystrategicplan.com/blog/do-your-employees-trust-your-performance-management-process/#comments</comments>
		<pubDate>Fri, 22 Feb 2008 19:18:38 +0000</pubDate>
		<dc:creator>Ed Adkins</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/do-your-employees-trust-your-performance-management-process/</guid>
		<description><![CDATA[Managers face this problem far too often: you want to mange your team to success, but when searching for a software solution to help you there&#8217;s usually a whole line of abandoned programs and tactics that you&#8217;ve tried before. Employees can often-times look at management processes and systems as &#8220;the flavor of the month,&#8221; dismissing [...]]]></description>
			<content:encoded><![CDATA[<p>Managers face this problem far too often: you want to mange your team to success, but when searching for a software solution to help you there&#8217;s usually a whole line of abandoned programs and tactics that you&#8217;ve tried before. Employees can often-times look at management processes and systems as &#8220;the flavor of the month,&#8221; dismissing them as a passing fad that gets in the way of their normal job.</p>
<h3><a href="http://mystrategicplan.com/strategic-planning-topics/performance-management-software.shtml">Business Performance Management</a>: Crucial, but tough to implement</h3>
<p>Business Performance Management, or BPM, is defined as &#8220;<a href="http://en.wikipedia.org/wiki/Business_performance_management">a framework for organizing, automating and analyzing business methodologies, metrics, processes and systems that drive business performance.</a>&#8221; Basically, it&#8217;s a system for maintaining alignment between your company&#8217;s resources and your strategy. For employees, it usually determines how they are compensated and held accountable by their managers.</p>
<p>So, why do so many BPM systems fail to be adopted? I think it comes down to a matter of trust. Does your staff really BELIEVE that this new system or program will make a difference? In the mind of the average employee, &#8220;if it&#8217;s going to change the way I do things or give me extra tasks, there better be a payoff.&#8221;</p>
<p>Instead of buying a system and expecting it to work, there must be a plan in place to encourage adoption and manage the system for success. Otherwise, many in the company will fail to trust in it.</p>
<p>According to a recent study by BPM Authority, Sibson Consulting, <strong><a href="http://www.sibson.com/pressreleases.html#72607">Only 30 percent of employees actually trust their company&#8217;s performance management system</a></strong>.  Less than one third! That means that as a manager or business owner, you have more than 2 thirds of your company to convince if you&#8217;re going to implement a BPM solution.</p>
<h3>What builds trust?</h3>
<p><strong>Communication:</strong> Sibson&#8217;s Senior VP concluded from the results of the study that &#8220;the organizations getting the most impact from performance management are those that have strong leadership support and that execute well in differentiating performance and giving performance messages.&#8221; There absolutely has to be strong support communicated from senior executives. It must be clear, and each employee must know inside and out how the system will impact them positively. More communication nearly always means more trust.</p>
<p><strong>Consistency:</strong> It&#8217;s far too easy to lose momentum for a new system as soon as everyone gets back to their regular jobs. As we&#8217;ve said at MSP, <a href="http://mystrategicplan.com/strategic-planning-topics/strategic-plan-manager.shtml">someone at your company should be appointed to champion your system</a> in order to make it work. Messages need to be repeated and employees need to see results consistently- then they&#8217;ll trust the system.</p>
<p><strong>Coaching:</strong> Listed along with Sibson&#8217;s study is a quote from Research Ranager Dr. Lise Flores-Reed, that the results of the study &#8220;suggest there is opportunity for organizations to enable their managers to become more effective at communicating performance messages and coaching their employees around performance issues.&#8221; Encouraging, inspiring coaching of employees is key to successful performance management.</p>
<p><strong>For more information on making your performance management system work for you, check out our article <a href="http://mystrategicplan.com/strategic-planning-topics/performance-management-software.shtml">How to Get the Most of Performance Management Software.</a></strong></p>
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		<title>B-EYE Covers The Best &#038; Worst Performance Management Trends From 2007</title>
		<link>http://mystrategicplan.com/blog/b-eye-covers-bestworst-performance-management-trends/</link>
		<comments>http://mystrategicplan.com/blog/b-eye-covers-bestworst-performance-management-trends/#comments</comments>
		<pubDate>Mon, 28 Jan 2008 08:43:53 +0000</pubDate>
		<dc:creator>Ed Adkins</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/b-eye-covers-bestworst-performance-management-trends/</guid>
		<description><![CDATA[B-Eye, the Business Intelligence Network, recently issued their &#8220;Best and Worst of Performance Management in 2007&#8221; highlighting important trends for Performance Management.
The most encouraging trend is the continuing importance that companies are placing on managing performance:
Best Business Decision: BPM is no longer being placed on the back burner, and companies are adopting performance management in [...]]]></description>
			<content:encoded><![CDATA[<p>B-Eye, the Business Intelligence Network, recently issued their &#8220;<a href="http://www.b-eye-network.com/view/6726" target=_blank>Best and Worst of Performance Management in 2007</a>&#8221; highlighting important trends for Performance Management.</p>
<p>The most encouraging trend is the continuing importance that companies are placing on managing performance:</p>
<blockquote><p><strong>Best Business Decision:</strong> BPM is no longer being placed on the back burner, and companies are adopting performance management in droves. For many years, BPM has primarily been picked up on by the higher end of the mid-market. In 2007, we saw many smaller companies as well as some of the largest organizations jump in. Clearly, performance management has hit the mainstream. The trend in prior years to focus on putting out fires and getting to BPM “eventually” has been replaced by doing BPM in parallel with other pressing projects.</p></blockquote>
<p>Clearly, managing performance is no longer only a practice of fortune 500 companies, as many smaller and mid-sized businesses are beginning to take notice and reap the benefits.</p>
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		<title>A Fresh New Year - 3 Questions To Start off 2008</title>
		<link>http://mystrategicplan.com/blog/a-fresh-new-year-3-questions-to-start-off-2008/</link>
		<comments>http://mystrategicplan.com/blog/a-fresh-new-year-3-questions-to-start-off-2008/#comments</comments>
		<pubDate>Mon, 21 Jan 2008 17:32:18 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Featured]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/a-fresh-new-year-3-questions-to-start-off-2008/</guid>
		<description><![CDATA[So, here we are in 2008. As employees return to work from the holidays with fresh outlooks and reinvigorated spirits, this is a fantastic time to take advantage of the momentum and kickstart the year!
How did you do last year?

This is a great opportunity for you to break out your strategic plan and review your company's goals. How many did you reach? If your team performed well this year and your company is on track, make sure you didn't forget to reward everyone involved. The new year is a perfect time to set new, more challenging goals!]]></description>
			<content:encoded><![CDATA[<p>So, here we are in 2008. As employees return to work from the holidays with fresh outlooks and reinvigorated spirits, this is a fantastic time to take advantage of the momentum and kickstart the year!</p>
<h3><strong>How did you do last year?</strong></h3>
<p>This is a great opportunity for you to break out your strategic plan and review your company&#8217;s goals. How many did you reach? If your team performed well this year and your company is on track, make sure you didn&#8217;t forget to reward everyone involved. The new year is a perfect time to set new, more challenging goals!</p>
<p>If you or your company had a hard time meeting your goals, take some time to review your plan. Are all of your goals specific, measurable, attainable, assigned to a responsible person and time specific? Were there external events that occurred outside your control? Was there a breakdown  in accountability?  Remember, if you do have to make changes, the beginning of the year is a great time since people are naturally ready to accept new things.</p>
<h3><strong>Does Every Employee Understand the Direction of the Company is Headed?</strong></h3>
<p>Strategy isn&#8217;t something that is performed by management, it&#8217;s a function of your whole company. If the boss knows exactly where he or she wants to go, but the employees don&#8217;t, then the company&#8217;s strategic plan won&#8217;t help- there needs to be clear communication of goals, measures and responsibilities. When employees know how their efforts will impact the company&#8217;s progress and how they&#8217;ll be rewarded, the company&#8217;s plan is a powerful tool.</p>
<h3><strong>What are Your Milestones This Year?</strong></h3>
<p>Have you decided what your main objectives are? Make sure that you and everyone at your organization knows how close you are to achieving them. Each milestone should be something that you celebrate, however you choose to. This way you can maintain critical momentum all year long.</p>
<p>Once again from the M3 Team, here&#8217;s to a powerful 2008 full of growth in your organization!</p>
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		<title>Seeing the Future</title>
		<link>http://mystrategicplan.com/blog/seeing-the-future/</link>
		<comments>http://mystrategicplan.com/blog/seeing-the-future/#comments</comments>
		<pubDate>Fri, 29 Jun 2007 08:00:00 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Mission &amp; Vision]]></category>

		<category><![CDATA[Leadership]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/seeing-the-future/</guid>
		<description><![CDATA[ How much time do you spend thinking about your company&#8217;s future?
Chances are, not much. For the most part, putting out fires and taking
care of the day-to-day tasks consume most of your time. But to be
strategic in your business, you must discover how to spot future
opportunities as soon as possible. Yes, you do need to [...]]]></description>
			<content:encoded><![CDATA[<p> How much time do you spend thinking about your company&#8217;s future?<br />
Chances are, not much. For the most part, putting out fires and taking<br />
care of the day-to-day tasks consume most of your time. But to be<br />
strategic in your business, you must discover how to spot future<br />
opportunities as soon as possible. Yes, you do need to identify the<br />
immediate forces at work, but you also want to think about and plan for<br />
the future operating environment and industry trends. The value lies in<br />
anticipating change before it happens, instead of mindlessly reacting<br />
to whatever comes at you next. This is especially true in our modern<br />
world where the life cycles of goods and services are increasingly<br />
short. Technology and instant word-of-mouth by the Internet have<br />
created an &quot;unpredictable landscape of instant markets that require new<br />
levels of speed and agility&quot;.</p>
<p>Smart<br />
companies have learned how to adapt to the changing business landscape.<br />
David H. Freedman of Inc. magazine identified the &quot;spin-up&quot; trend in<br />
early 2005 when Apple launched the iPod and handed that company its<br />
first runaway hit in years. And we&#8217;re likely to see history repeat<br />
itself with the launch of the iPhone later this month. The basic idea<br />
is simple: Instead of thinking in terms of expanding the company as a<br />
whole, Apple has focused on new, fast-growth, &quot;spin-up&quot; business units<br />
with their own identities - even if it meant letting other parts of the<br />
company languish.<br />
&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;<br /> Hewlett-Packard&#8217;s<br />
photo-printer business likewise exploded, and the same approach works<br />
in other industries too. Savvy restaurateurs create entirely new<br />
concepts and occasionally even close or reinvent existing ones when<br />
their cachet fades. Smart fashion and sporting goods firms whip up new<br />
independent brands to &quot;surf the fad of the moment&quot;. According to<br />
Freedman, the &quot;trickiest part of the spin-up is to have the flexibility<br />
to bring a promising new aspect of a business quickly to the fore<br />
without worrying about what gets left behind.&quot; Unlike traditional<br />
businesses that tend to be so fixated on preserving the same core<br />
business that potentially hot new markets are poorly served (if at<br />
all), a &quot;spin-up creates a new brand identity&quot;. This way of thinking<br />
about a company encourages you to see the business not as a seamless<br />
whole but as a &quot;fractured conglomeration&quot; of potentially independent<br />
units. </p>
<p> It&#8217;s important to take a high-level look at your<br />
market when you need a complete picture of your company. Consider these<br />
steps:</p>
<ol>
<li>List the three to five main markets you compete in. Also list one or two that are new potential markets. </li>
<li>For each market, determine if it is growing, shrinking, or staying the same.</li>
<li>Determine the size of each market.</li>
<li>Determine if serving the market presents an opportunity or if the market is not worth focusing on.</li>
<li>Summarize the markets you want to focus on in your opportunities section of your SWOT.</li>
</ol>
]]></content:encoded>
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		<title>Coaching for success</title>
		<link>http://mystrategicplan.com/blog/coaching-for-success/</link>
		<comments>http://mystrategicplan.com/blog/coaching-for-success/#comments</comments>
		<pubDate>Fri, 15 Jun 2007 12:12:48 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Leadership]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/coaching-for-success/</guid>
		<description><![CDATA[
Previously in this space, we discussed how business leaders
are increasingly analyzing their abilities to execute on strategy in addition to delivering the strategic vision.
It’s no longer the case that managers alone are expected
to handle the details that turn vision into reality. We encouraged
“coaching for performance” then
and thought enough of the idea to devote another column [...]]]></description>
			<content:encoded><![CDATA[<p>
Previously in this space, we discussed how business leaders<br />
are increasingly analyzing their abilities to <strong>execute</strong> on strategy in addition to delivering the strategic vision.<br />
It’s no longer the case that managers alone are expected<br />
to handle the details that turn vision into reality. We encouraged<br />
“<strong>coaching for performance</strong>” then<br />
and thought enough of the idea to devote another column to it.
</p>
<p>Think about your favorite Olympic athlete. Do you think the<br />
athlete’s goal is foremost on her mind every day? You<br />
bet it is. That’s why it’s your job and your manager’s<br />
job to act as a coach to get Olympic-level performances out<br />
of all your people. In addition to focusing on the goal, Olympic<br />
athletes are incredibly disciplined. Executing goals that were<br />
set months ago is no different. It requires that same level<br />
of commitment and discipline.</p>
<p>This is where you and your managers need to lead rather than<br />
fight fires and do detail work. By acting as a coach, use the<br />
plan as your framework to guide your team to high performance.<br />
What do coaches do?</p>
<p><strong>Encourage:</strong> Everyone needs to feel like they’re<br />
doing a good job and are appreciated for their hard work. Coaches<br />
say encouraging words to their team to keep them motivated and<br />
engaged.<script><!--
D(["mb","\u003c/p\>\n\u003cp\>\u003cstrong\>Support:\u003c/strong\> Without the right skills and resources\nfor the job, no amount of prodding and pushing will get it done.\nCoaches support their teams by making sure they have the training,\nknowledge, and ability to complete the task.\u003c/p\>\n\u003cp\>\u003cstrong\>Yell at the right time:\u003c/strong\> Just like athletic\ncoaches know when to yell, managers need to know when to “push”\ntheir team when they need it. A good coach knows when performance\nis lagging and when to turn on the pressure.\u003c/p\>\n\u003cp\>\u003cstrong\>Bring out the best:\u003c/strong\> Seeing the strengths and\nweaknesses of your team allows you to bring out the best in\nyour staff. Coaches know how to make you the best you can be.\u003c/p\>\n\u003cp\> \u003cstrong\>Monitor performance:\u003c/strong\> Keeping track of how\neveryone is performing is another trait of a good coach. With\nthe goals you set, you can assist your employee in creating\nan action plan if it isn’t already established and keep\nthem on the path toward achieving it. Meet with the employee\nregularly to discuss the status of goal accomplishment. Coach\nyour team when there are setbacks or roadblocks and recognize\nand reward employees for achievements. \u003cbr\>\n\u003cbr\>\n\u003c/p\> \u003cspan style\u003d\&#8221;font-size:15px;font-weight:bold;color:rgb(51, 51, 51);font-family:arial;line-height:150%\&#8221;\>\u003cimg src\u003d\&#8221;http://www.mystrategicplan.com/graphics/newsletter/check.jpg\&#8221; alt\u003d\&#8221;Check\&#8221;\> STRATEGY CHECK:\u003c/span\>\u003cbr\>\nHigh performance organizations accomplish extraordinary results,\nand they do it with ordinary people.\n\u003c/td\>\u003c/tr\>\u003c/tbody\>\u003c/table\>\u003c/td\>\u003c/tr\>\u003c/tbody\>\u003c/table\>\n\n\n\u003cbr\>\u003cbr\>\u003ctable width\u003d\&#8221;100%\&#8221; border\u003d\&#8221;0\&#8221; cellspacing\u003d\&#8221;0\&#8221; cellpadding\u003d\&#8221;1\&#8221;\>\n  \u003ctr\>\n    \u003ctd bgcolor\u003d\&#8221;#333333\&#8221;\>\u003ctable width\u003d\&#8221;100%\&#8221; border\u003d\&#8221;0\&#8221; cellpadding\u003d\&#8221;6\&#8221; cellspacing\u003d\&#8221;0\&#8221; bgcolor\u003d\&#8221;#FFFFFF\&#8221;\>\n      \u003ctr\>\n        \u003ctd width\u003d\&#8221;100%\&#8221; bgcolor\u003d\&#8221;#FFFFFF\&#8221;\>\u003cfont size\u003d\&#8221;1\&#8221; face\u003d\&#8221;Verdana, Arial, Helvetica, sans-serif\&#8221;\>This message was sent from MyStrategicPlan to \u003ca href\u003d\&#8221;mailto:mmhougland@gmail.com\&#8221; target\u003d\&#8221;_blank\&#8221; onclick\u003d\&#8221;return top.js.OpenExtLink(window,event,this)\&#8221;\>mmhougland@gmail.com\u003c/a\>. It was sent from: M3 Planning, Inc., &#8220;,1]
);</p>
<p>//&#8211;></script></p>
<p><strong>Support:</strong> Without the right skills and resources<br />
for the job, no amount of prodding and pushing will get it done.<br />
Coaches support their teams by making sure they have the training,<br />
knowledge, and ability to complete the task.</p>
<p><strong>Yell at the right time:</strong> Just like athletic<br />
coaches know when to yell, managers need to know when to “push”<br />
their team when they need it. A good coach knows when performance<br />
is lagging and when to turn on the pressure.</p>
<p><strong>Bring out the best:</strong> Seeing the strengths and<br />
weaknesses of your team allows you to bring out the best in<br />
your staff. Coaches know how to make you the best you can be.</p>
<p><strong>Monitor performance:</strong> Keeping track of how<br />
everyone is performing is another trait of a good coach. With<br />
the goals you set, you can assist your employee in creating<br />
an action plan if it isn’t already established and keep<br />
them on the path toward achieving it. Meet with the employee<br />
regularly to discuss the status of goal accomplishment. Coach<br />
your team when there are setbacks or roadblocks and recognize<br />
and reward employees for achievements. </p>
]]></content:encoded>
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		<item>
		<title>How Does Your Game Plan Stack Up?</title>
		<link>http://mystrategicplan.com/blog/how-does-your-game-plan-stack-up/</link>
		<comments>http://mystrategicplan.com/blog/how-does-your-game-plan-stack-up/#comments</comments>
		<pubDate>Fri, 08 Jun 2007 09:01:02 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Internal &amp; Operational]]></category>

		<category><![CDATA[Strategic Thinking]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/how-does-your-game-plan-stack-up/</guid>
		<description><![CDATA[

When the top &#34;most used&#34; business management tools globally were
announced in Bain&#8217;s Management Tools &#38; Trends 2007 study earlier
this year, the results were no surprise to us.

Strategic planning
Customer relationship management 
Customer segmentation
Benchmarking
Core competencies, mission &#38; vision statements (tied).

In fact, when asked to consider both usage and satisfaction with
management tools, the 1200 international executives participating
overall gave [...]]]></description>
			<content:encoded><![CDATA[<p><span class="q">
<p>
When the top &quot;most used&quot; business management tools globally were<br />
announced in Bain&#8217;s Management Tools &amp; Trends 2007 study earlier<br />
this year, the results were no surprise to us.</p>
<ol>
<li><strong>Strategic planning</strong></li>
<li><strong>Customer relationship management </strong></li>
<li><strong>Customer segmentation</strong></li>
<li><strong>Benchmarking</strong></li>
<li><strong>Core competencies, mission &amp; vision statements (tied).</strong></li>
</ol>
<p>In fact, when asked to consider both usage and satisfaction with<br />
management tools, the 1200 international executives participating<br />
overall gave strategic planning &quot;above average&quot; rankings.</p>
<p>Another finding that caught our eye was that 9 of 10 executives<br />
believed that “corporate culture is as important as strategy for<br />
business success.” Darrell Rigby, senior Bain &amp; Company partner and<br />
author of the study stated, “Organizational culture and so-called<br />
softer issues are now top of mind. Executives are clearly looking<br />
beyond cost-cutting for success.”</p>
<p></span><script><!--
D(["mb","\nNow in its 11th edition, the Management Tools &amp; Trends study examines executive attitudes toward management and industry trends, and it evaluates the use and satisfaction with management tools.  We like to use it with clients to determine how their organizations compare. Have you considered where these best practices rank in your organization?\n",1]
);</p>
<p>//--></script>Now<br />
in its 11th edition, the Management Tools &amp; Trends study examines<br />
executive attitudes toward management and industry trends, and it<br />
evaluates the use and satisfaction with management tools. We like to<br />
use it with clients to determine how their organizations compare. Have<br />
you considered where these best practices rank in your organization?<br />
<script><!--
D(["mb","\u003cspan class\u003dq\>\u003cbr\>\n\u003cbr\>\nOur \u003ca href\u003d\&#8221;http://www.mystrategicplan.com/strategic-planning-tools/business-report-card.shtml\&#8221; target\u003d\&#8221;_blank\&#8221; onclick\u003d\&#8221;return top.js.OpenExtLink(window,event,this)\&#8221;\>Business Report Card\u003c/a\> is a guide through each part of the development process on the way to creating a strategic plan and includes strategic activity benchmarks for comparison. Benchmarking improves performance by identifying and applying best practices and can serve as an essential starting point for creating a strategic plan. The foundational piece of the report is the Balanced Scorecard (another Bain Top Management Tool) that focuses on the key areas of any organization and is used by companies worldwide. In addition to linking strategic objectives to long-term targets, a Balanced Scorecard can also increase companywide understanding of the corporate vision and strategy. You see, we’re also advocates of including a focus on people and culture in your strategic planning in order to engage your staff and give them ownership in participating and driving success. \u003cbr\>\n\u003cbr\>\nBusiness owners, CEOs, directors, and department managers can all benefit from using the Business Report Card. The assessment is intended to help them better understand activities that will help their businesses grow and better determine on which of those activities they should focus. The full Business Report Card is bundled with our online strategic planning software, but we also offer a \u003cstrong\>complimentary Summary Report Card\u003c/strong\>. Please \u003ca href\u003d\&#8221;http://www.mystrategicplan.com/strategic-planning-tools/business-report-card.shtml\&#8221; target\u003d\&#8221;_blank\&#8221; onclick\u003d\&#8221;return top.js.OpenExtLink(window,event,this)\&#8221;\>click here\u003c/a\> for more information.\u003cbr\>\n\u003cspan style\u003d\&#8221;font-size:15px;font-weight:bold;color:rgb(51, 51, 51);font-family:arial;line-height:150%\&#8221;\>\u003cimg alt\u003d\&#8221;Check\&#8221; src\u003d\&#8221;http://www.mystrategicplan.com/graphics/newsletter/check.jpg\&#8221;\> STRATEGY CHECK:\u003c/span\>\u003cbr\>\nYour goal should be to transform your organization in such a way that your people are capable of delivering high performance every minute and every hour of every day. \u003c/span\>&#8221;,1]
);</p>
<p>//&#8211;></script><span class="q"></p>
<p>Our <a onclick="return top.js.OpenExtLink(window,event,this)" target="_blank" href="http://www.mystrategicplan.com/strategic-planning-tools/business-report-card.shtml">Business Report Card</a><br />
is a guide through each part of the development process on the way to<br />
creating a strategic plan and includes strategic activity benchmarks<br />
for comparison. Benchmarking improves performance by identifying and<br />
applying best practices and can serve as an essential starting point<br />
for creating a strategic plan. The foundational piece of the report is<br />
the Balanced Scorecard (another Bain Top Management Tool) that focuses<br />
on the key areas of any organization and is used by companies<br />
worldwide. In addition to linking strategic objectives to long-term<br />
targets, a Balanced Scorecard can also increase companywide<br />
understanding of the corporate vision and strategy. You see, we’re also<br />
advocates of including a focus on people and culture in your strategic<br />
planning in order to engage your staff and give them ownership in<br />
participating and driving success. </p>
<p>Business owners, CEOs, directors, and department managers can all<br />
benefit from using the Business Report Card. The assessment is intended<br />
to help them better understand activities that will help their<br />
businesses grow and better determine on which of those activities they<br />
should focus. The full Business Report Card is bundled with our online<br />
strategic planning software, but we also offer a <strong>complimentary Summary Report Card</strong>. Please <a onclick="return top.js.OpenExtLink(window,event,this)" target="_blank" href="http://www.mystrategicplan.com/strategic-planning-tools/business-report-card.shtml">click here</a> for more information.</span></p>
]]></content:encoded>
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		</item>
		<item>
		<title>Staying on top of technology trends</title>
		<link>http://mystrategicplan.com/blog/staying-on-top-of-technology-trends/</link>
		<comments>http://mystrategicplan.com/blog/staying-on-top-of-technology-trends/#comments</comments>
		<pubDate>Wed, 23 May 2007 08:29:03 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Strategies]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/staying-on-top-of-technology-trends/</guid>
		<description><![CDATA[Many people believe that the revolutionary impact technology has had on products, processes, and communication systems has just begun. New technologies and processes continue to change the way organizations operate daily. The problem for most companies is evaluating which advances are truly opportunities and which are distracting.
Failure to monitor and address advances may negatively impact [...]]]></description>
			<content:encoded><![CDATA[<p>Many people believe that the revolutionary impact technology has had on products, processes, and communication systems has just begun. New technologies and processes continue to change the way organizations operate daily. The problem for most companies is evaluating which advances are truly opportunities and which are distracting.</p>
<p>Failure to monitor and address advances may negatively impact your financial position in the market. Areas to watch include government spending on technology, big new discoveries or products, speed of technology transfer, and changes in business processes as a result of technology.</p>
<p>Here are some trends over the next ten years that may be opportunities or threats to your business:</p>
<ul>
<li><strong>Embedding the Internet in every part of our lives:</strong> Internet technologies make it easier to have strategic partnerships; put the customer more in control of the buying process; reduce the costs of customer service; offer new ways to recruit, train, and retain employees; and provide new communication tools.</li>
<li><strong>Growth of robots:</strong> Robots and other automation-based technologies handle most repetitive tasks.</li>
<li><strong>More open source programs:</strong> Open source software - where the programming code that runs the application is accessible to anyone - is expected to grab more than 20 percent of the world-wide software market in five years. The estimated cost to software makers is $100 billion in revenue, according to the Gartner Group.</li>
</ul>
<p>With more than 63 million Americans expected to be hooked up to broadband by 2008, companies large and small are making serious money by doing everything from working virtually, to offering online services, to distributing anything that is digital. Skype, the world&#8217;s fastest growing Internet telephony provider, was sold to eBay for $2.6 billion. Why the large price tag? It boasted more than 54 million customers worldwide using its service, virtually free.</p>
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		</item>
		<item>
		<title>Benchmarking your place in the pack</title>
		<link>http://mystrategicplan.com/blog/benchmarking-your-place-in-the-pack/</link>
		<comments>http://mystrategicplan.com/blog/benchmarking-your-place-in-the-pack/#comments</comments>
		<pubDate>Mon, 26 Mar 2007 17:19:01 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Resources &amp; Books]]></category>

		<category><![CDATA[Competition]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/benchmarking-your-place-in-the-pack/</guid>
		<description><![CDATA[Benchmarks are surveys and assessments that help determine how well your company performs compared to other companies in your industry or business size. Below are just a handful of benchmarking tools available:
BizStats: Visit www.bizstats.com for instant access to useful financial ratios, business statistics, and benchmarks. Biz Stats has effective and understandable analysis of businesses and [...]]]></description>
			<content:encoded><![CDATA[<p>Benchmarks are surveys and assessments that help determine how well your company performs compared to other companies in your industry or business size. Below are just a handful of benchmarking tools available:</p>
<p><strong>BizStats:</strong> Visit <a href="http://www.bizstats.com">www.bizstats.com</a> for instant access to useful financial ratios, business statistics, and benchmarks. Biz Stats has effective and understandable analysis of businesses and industries. You can benchmark a business in five seconds for free.</p>
<p><strong>Solution Sage: </strong>An online tool for assessing middle market business strategic and succession readiness. The Family Business Assessment is a simple and inexpensive strategic and succession assessment tool available to family business owners and their professional advisors. Visit <a href="http://www.solutionsage.com">www.solutionsage.com</a> for more information.</p>
<p><strong>DigitalHatch, Inc.:</strong> This company looks at the key areas successful organizations need in order to grow. The activity areas are specifically correlated to profitability so business owners can see the direct link between action and ROI. Industry specific assessments are available. Point your Web browser to <a href="http://www.growthassessment.com">www.growthassessment.com</a>.</p>
<p><strong>The Business Report Card:</strong> This assessment helps companies pinpoint strengths and weaknesses, capitalize on an existing client base, develop invaluable networks and alliances, and increase profitability. To see if you&#8217;re making the grade, go to The Business Report Card at <a href="http://www.mybusinessreportcard.com">www.mybusinessreportcard.com</a>.</p>
<p><strong>B2B Benchmarking Association:</strong> This association brings together a variety of companies for the purpose of process improvement and identification of &quot;Best Practice&quot; companies through benchmarking. Check them out online at <a href="http://b2bbenchmarking.com">http://b2bbenchmarking.com</a></p>
]]></content:encoded>
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		</item>
		<item>
		<title>Agreeing on Priorities</title>
		<link>http://mystrategicplan.com/blog/agreeing-on-priorities/</link>
		<comments>http://mystrategicplan.com/blog/agreeing-on-priorities/#comments</comments>
		<pubDate>Fri, 16 Mar 2007 12:48:00 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Strategic Planning Process]]></category>

		<category><![CDATA[Strategic Thinking]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/agreeing-on-priorities/</guid>
		<description><![CDATA[Okay, so far we’ve addressed the first three steps in the strategic planning
process on the way to making strategy a habit – 1) Getting ready for the
strategic planning process, 2) Articulating your mission and vision, and 3)
Reviewing your strategic position. Once you’ve made it to this point, it’s
important now that you get everyone involved in [...]]]></description>
			<content:encoded><![CDATA[<p>Okay, so far we’ve addressed the first three steps in the strategic planning<br />
process on the way to making strategy a habit – 1) Getting ready for the<br />
strategic planning process, 2) Articulating your mission and vision, and 3)<br />
Reviewing your strategic position. Once you’ve made it to this point, it’s<br />
important now that you get everyone involved in the strategic planning process<br />
to <strong>agree on priorities</strong>.</p>
<p>Since you should have already identified your strengths and weaknesses as<br />
part of reviewing your strategic position in step 3, this next step should be<br />
fairly easy. But don’t underestimate the value of consensus. The one concept<br />
that most business owners, executives, and managers forget is that the lack of<br />
a decision results in more derailments of the mission than any other cause. </p>
<p>I encourage you to not get caught up in a search for a single method of<br />
evaluating all the strategic choices that may be in front of you. In my<br />
experience, there is no single fail-safe method. Instead, set some parameters<br />
or rules that are specific to your operating environment and use them to<br />
evaluate your strategic choices. Some categories of rules might include the following:</p>
<p><strong>PRIORITY RULE:</strong> You may prioritize some opportunities over others based on<br />
their connection to reaching your vision.</p>
<p><strong>TIMING RULE: </strong>You may prioritize opportunities based on how much money you<br />
want to see returned in a set time period.</p>
<p><strong>BOUNDARY RULE:</strong> You may prioritize every opportunity based on whether it is<br />
aligned with your organization’s core mission and values.</p>
<p><strong>HOW-TO RULE:</strong> You may qualify opportunities by first sketching out potential<br />
implementation strategies before committing to them. If you can’t clearly<br />
define an action plan, you know that trying to execute it will likely go<br />
poorly.</p>
<p>At this point, you will also need to divide your choices into two groups –<br />
those that have internal implications and those that have external<br />
implications. Internal priorities include everything related to productivity<br />
improvement such as employees, operations, technology, and anything else that<br />
deals with the internal operations of your organization. External priorities,<br />
meanwhile, include everything that’s related to revenue generation such as<br />
entering new target markets, new product lines, and partnering with other<br />
organizations. Grouping your priorities like this helps you to compare similar<br />
things when making trade-offs which are likely as you proceed. For example,<br />
choosing between investing in new technology or hiring new people are both<br />
expense decisions with similar outcomes, while choosing between entering a new<br />
market or implementing a succession plan aren’t directly related. </p>
<p class="MsoNormal">Finally, you’ll also need to pare your options down to a<br />
select few. I recommend that you strive for three to five internal and external<br />
priorities. If you have too many, you may lose focus as your plan becomes too<br />
big. If you find it hard to limit your priorities, consider creating a<br />
“someday” list of priorities that are important and deserve attention some day.</p>
<p class="MsoNormal">Now, you should be ready to starting organizing your plan<br />
which we’ll tackle next time. In the meantime, keep in mind that agreeing on<br />
priorities is all about maintaining focus. There are a lot of bright shiny<br />
ideas and trends out there in the business landscape to distract your<br />
attention, but successful strategic planning requires focus.</p>
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		<item>
		<title>Identifying your strengths and weaknesses</title>
		<link>http://mystrategicplan.com/blog/identifying-your-strengths-and-weaknesses/</link>
		<comments>http://mystrategicplan.com/blog/identifying-your-strengths-and-weaknesses/#comments</comments>
		<pubDate>Wed, 28 Feb 2007 14:53:20 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Resources &amp; Books]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/identifying-your-strengths-and-weaknesses/</guid>
		<description><![CDATA[Previously in this column, I discussed the first two
steps in the strategic planning process – “Getting ready and organized, and
Articulating your mission and vision”.&#160;What follows next in that process is “Reviewing your strategic position”.
You may already be familiar with the trusted business
planning tool called the SWOT, but just in case, let me quickly review. SWOT [...]]]></description>
			<content:encoded><![CDATA[<p class="MsoNormal"><span style="font-size: 10pt; line-height: 115%; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;">Previously in this column, I discussed the first two<br />
steps in the strategic planning process – “Getting ready and organized, and<br />
Articulating your mission and vision”.&nbsp;What follows next in that process is “<strong>Reviewing your strategic position</strong>”.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 10pt; line-height: 115%; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;">You may already be familiar with the trusted business<br />
planning tool called the SWOT, but just in case, let me quickly review. SWOT is<br />
an acronym that stands for Strengths, Weaknesses, Opportunities, and Threats. These<br />
key factors are crucial in assessing your organization’s strategic position.<br />
You’ll want to build on your company’s strengths, shore up the weaknesses,<br />
capitalize on any opportunities and recognize any threats that may exist. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 10pt; line-height: 115%; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;">Your organization’s strengths encompass everything that<br />
your company does well. Ask yourself what the company’s capabilities, skills<br />
and resources are that you can draw on to execute plans and actions. Consider<br />
your human and organizational capital, the company financial resources, and<br />
operational processes. This should be your assessment of what’s working in your<br />
organization. To see if your organization is making the grade, go to The<br />
Business Report Card at <a href="http://www.mybusinessreportcard.com">www.mybusinessreportcard.com</a><a href="http://www.mybusinessreportcard.com">.</a><br />
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 10pt; line-height: 115%; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;">Your weaknesses, conversely, encompass those things that<br />
are holding your company back from achieving your goals or serving customers.<br />
Ask yourself what might be hindering your organization from reaching its full<br />
potential. What are the impediments to your success? Maybe your technology<br />
management is outdated or perhaps your employees aren’t working together<br />
optimally as a team. Or consider your employee retention rate. Does your<br />
organization spin its wheels hiring and training employees only to lose them<br />
within a short time? <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 10pt; line-height: 115%; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;">It’s worth noting here that it is equally important to<br />
assess your strengths and weaknesses from the point of view of your customers.<br />
It’s very likely that your organization could be conducting more business with<br />
your existing customers by looking at your operations through their<br />
perspective. Additionally, once you’re armed with this information, you can<br />
make strategic decisions that raise your worth in the eyes of those customers<br />
you value most.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 10pt; line-height: 115%; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;">Along with the internal assessments of your<br />
organization’s strengths and weaknesses, <strong>reviewing<br />
your strategic position</strong> also includes evaluating external opportunities and<br />
threats in the marketplace. There are issues, trends, and events that can<br />
conspire to positively or negatively impact your business, and reacting<br />
proactively will better help you determine your strategic position. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 10pt; line-height: 115%; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;">Opportunities that exist may be political or social, or<br />
they may be environmental or technological. Consider the graying of America.<br />
Does this development dramatically increase your potential market? Or consider<br />
the increasing diversity of the population. Is there an untapped market out<br />
there for you?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 10pt; line-height: 115%; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;">Maybe the opportunities are in your industry. If there<br />
are big startup costs or regulatory hurdles associated with your industry it<br />
could be an opportunity for your company to capitalize on its established<br />
business presence in the marketplace by expanding its offerings or product<br />
lines. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 10pt; line-height: 115%; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;">Of course, conversely, these same factors that may be<br />
opportunities could also be threats. What if the ageing population spells the<br />
demise of your market share? Or what if your company hasn’t already addressed<br />
meeting the demands of an increasingly diverse population?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 10pt; line-height: 115%; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;">Some of these issues may never have a bearing on your<br />
business, but it’s important to keep in mind that your operating environment is<br />
the outside circle influencing your business. And don’t forget to ask for help<br />
– objective input can help you see parts you may have missed. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 10pt; line-height: 115%; font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;">To better evaluate your strategic position use our <a href="http://www.mystrategicplan.com/swot/">SWOT tool</a>.<o:p></o:p></span></p>
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		<title>Your Success Takes Planning</title>
		<link>http://mystrategicplan.com/blog/your-success-takes-planning/</link>
		<comments>http://mystrategicplan.com/blog/your-success-takes-planning/#comments</comments>
		<pubDate>Fri, 23 Feb 2007 11:12:52 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Case Studies]]></category>

		<category><![CDATA[Strategic Thinking]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/your-success-takes-planning/</guid>
		<description><![CDATA[Did you know that having a strategic plan is the best way to
bring focus and direction to your organization AND drive growth at the same
time? According
to a recent study by M3 Planning, a nationwide leader in on-demand strategic
planning services, businesses that use strategic planning are 12 percent more
profitable. The results from the 2006 M3 Planning [...]]]></description>
			<content:encoded><![CDATA[<p class="bodytextblack"><span style="font-size: 11pt; font-family: &quot;Verdana&quot;,&quot;sans-serif&quot;; color: rgb(51, 51, 51);">Did you know that having a strategic plan is the best way to<br />
bring focus and direction to your organization AND drive growth at the same<br />
time? </span><span style="font-size: 11pt; font-family: &quot;Verdana&quot;,&quot;sans-serif&quot;;">According<br />
to a recent study by M3 Planning, a nationwide leader in on-demand strategic<br />
planning services, businesses that use strategic planning are 12 percent more<br />
profitable. The results from the 2006 M3 Planning Strategy Benchmark of 280<br />
firms in the United States found that by just adding strategic planning to a<br />
business’ activities, organizations can experience an increase in net profit.<br />
Those firms whose top management had a high commitment to execute strategic<br />
planning reported an 80 percent increase in sales volume during that year, and<br />
firms whose top management had a lower commitment reported a 59 percent<br />
increase. (For more information or to view full results </span><a href="http://www.m3planning.com/report.pdf"><span style="font-size: 11pt; font-family: &quot;Verdana&quot;,&quot;sans-serif&quot;;">see the report</span></a><span style="font-size: 11pt; font-family: &quot;Verdana&quot;,&quot;sans-serif&quot;;">.) <o:p></o:p></span></p>
<p class="bodytextblack"><span style="font-size: 11pt; font-family: &quot;Verdana&quot;,&quot;sans-serif&quot;;">I<br />
think it’s important to stress here that<em><br />
successful</em> strategic planning is a continuous process. It isn’t just a<br />
one-time event; you need to make it a habit. I know how easy it is to get lost<br />
in the process, especially when you’re also in the middle of your<br />
organizations’ everyday operations, and in the coming weeks I’d like to share<br />
some suggestions that should help you embed successful strategic planning<br />
concepts into your organization. Consider them an easy-to-follow Strategic<br />
Planning Process Checklist to help keep your team on track.<o:p></o:p></span></p>
<p class="bodytextblack"><span style="font-size: 11pt; font-family: &quot;Verdana&quot;,&quot;sans-serif&quot;;">First,<br />
I urge you to “<strong>Get Ready and Get<br />
Organized”</strong>. This may sound elementary, but you’d be surprised by the number<br />
of businesses that sabotage their strategic planning efforts by poor<br />
preparation. Take your time here; this is about your past, present and future.<br />
I encourage you to identify the specific issues and choices your strategic plan<br />
should address. I’ll elaborate on this topic later, but for now you should<br />
start thinking about where it is exactly you want your organization to go.<br />
(i.e. Start thinking “big picture” and “end game”)&nbsp;Determine your organizational readiness.<br />
(i.e. Do you have complete commitment and support from top leadership and key<br />
management? Is yours a culture that is open to looking beyond the status quo to<br />
find new ways of doing things?) Create your planning committee (i.e. Who will<br />
you rely on to implement your strategic plan? Who will be you plan<br />
administrator and who will be your most valuable players?). And finally,<br />
identify the information which must be collected to help make sound decisions. (i.e.<br />
What reporting is necessary to access your current situation and measure your<br />
efforts in reaching your goals?) A plan is only as good as the information on<br />
which it’s based. Don’t rely on assumptions or hunches. Again, I can’t stress<br />
enough that you can never underestimate the power of preparation and research. <o:p></o:p></span></p>
<p class="bodytextblack"><span style="font-size: 11pt; font-family: &quot;Verdana&quot;,&quot;sans-serif&quot;;">Please<br />
join me as we continue down the Strategic Planning Process Checklist in this<br />
space. Next time, I’ll discuss <strong>“Articulating<br />
your mission and vision”</strong>. Meanwhile, keep in mind that <em>success is not a matter of chance, but rather success is a matter of<br />
choice.</em></span><em><span style="font-size: 11pt; font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;"><o:p></o:p></span></em></p>
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		<title>Inspired by success</title>
		<link>http://mystrategicplan.com/blog/inspired-by-success/</link>
		<comments>http://mystrategicplan.com/blog/inspired-by-success/#comments</comments>
		<pubDate>Mon, 19 Feb 2007 13:21:00 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Strategies]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/inspired-by-success/</guid>
		<description><![CDATA[In case you don&#8217;t think selling your business is likely or even possible, here are examples of some entrepreneurial companies who&#8217;ve sold their businesses (I hope you&#8217;re inspired by their success):
Catalytica Pharmaceuticals: A 1,700 employee, Mountain View, California-based pharmaceutical outsourcer that made the world&#8217;s supply of such drugs as AZT and Wellbutrin. The company was [...]]]></description>
			<content:encoded><![CDATA[<p>In case you don&#8217;t think selling your business is likely or even possible, here are examples of some entrepreneurial companies who&#8217;ve sold their businesses (I hope you&#8217;re inspired by their success):</p>
<p><strong>Catalytica Pharmaceuticals: </strong>A 1,700 employee, Mountain View, California-based pharmaceutical outsourcer that made the world&#8217;s supply of such drugs as AZT and Wellbutrin. The company was founded in 1993 and was sold to DSM of Holland for $800 million in 2000.</p>
<p><strong>MLMReporter.com:</strong> Founded in 2000, this company, which sells online marketing programs and systems, was sold two years later to KMT Media for just under $250,000 in April 2002.</p>
<p><strong>Paypal:</strong> An online payment service based in San Jose was sold to eBay three years after it was founded for $1.5 billion in stock in June 2002.</p>
<p><strong>MySpace:</strong> A social networking website (the fourth most popular English language website as of May 2006), was sold to media giant News Corp for $580 million in 2006 three years after it was founded.</p>
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		<title>How to Avoid Going Broke</title>
		<link>http://mystrategicplan.com/blog/how-to-avoid-going-broke/</link>
		<comments>http://mystrategicplan.com/blog/how-to-avoid-going-broke/#comments</comments>
		<pubDate>Mon, 12 Feb 2007 13:07:00 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Case Studies]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/how-to-avoid-going-broke/</guid>
		<description><![CDATA[A recent survey found that 54 percent of all companies filing for bankruptcy are experiencing record sales levels in the days and weeks before closing their doors. In most cases, these companies are on a positive growth curve in all areas of their business: hiring new people, generating new business, and ramping up with suppliers. [...]]]></description>
			<content:encoded><![CDATA[<p>A recent survey found that 54 percent of all companies filing for bankruptcy are experiencing record sales levels in the days and weeks before closing their doors. In most cases, these companies are on a positive growth curve in all areas of their business: hiring new people, generating new business, and ramping up with suppliers. What happened? They ran out of cash.</p>
<p>Take the Tour de Nez, a small local cycling race. It was started 13 years ago by Tim Healion, owner of Reno&#8217;s first coffeehouse Deux Gros Nez, to celebrate the restaurant&#8217;s anniversary. Over the years, the event has grown from a bunch of revelers riding bikes to a pro cycling event with eight different races. With the growth also came the pre-event expenses. Although Tim was experiencing national recognition and wild success, the financial viability of the race became more and more dire. For a while the coffeehouse profits were used to finance cash shortfalls. But eventually, the event&#8217;s cash demands became even too much to finance internally. The result? Tim narrowly avoiding going broke this year through some big sponsorship sales. But next year presents the same issues again. His accounts payables continually outpace his accounts receivable, no matter how successful the event is.</p>
<p>How do you avoid going broke? Protect your balance sheet at all costs. Most businesses owners get caught up in the income statement showing growth in sales. But it&#8217;s easy to overlook how this growth impacts the balance sheet. Most of the cash in the business is actually generated and consumed on the balance sheet (by buying inventory, carrying receivables, paying off creditors, and buying fixed assets). Therefore, any time sales go up, it has an immediate and direct impact on both cash flow and the balance sheet. Understanding these relationships holds the key to surviving rapid sales growth.</p>
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		<title>See Your Business Through a Customer’s Eyes</title>
		<link>http://mystrategicplan.com/blog/see-your-business-through-a-customer%e2%80%99s-eyes/</link>
		<comments>http://mystrategicplan.com/blog/see-your-business-through-a-customer%e2%80%99s-eyes/#comments</comments>
		<pubDate>Mon, 05 Feb 2007 11:09:15 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Marketing]]></category>

		<category><![CDATA[Resources &amp; Books]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/see-your-business-through-a-customer%e2%80%99s-eyes/</guid>
		<description><![CDATA[Original article featuring Erica Olsen: http://www.mastercard.com/us/business/en/smallbiz/articles/archive/0205Customer.html 
Considering the time and effort you invest in
your business, it may be hard to stand back and see your company from a
different perspective. Discover strategies that will help you to
understand how customers experience your business.
By Tara Remiasz
Imagine you’re traveling for business. After your flight takes off
and you settle into [...]]]></description>
			<content:encoded><![CDATA[<p><span style="font-size: 0.8em;">Original article featuring Erica Olsen: <a href="http://www.mastercard.com/us/business/en/smallbiz/articles/archive/0205Customer.html">http://www.mastercard.com/us/business/en/smallbiz/articles/archive/0205Customer.html</a> </span></p>
<p><span style="font-size: 0.8em;"><strong>Considering the time and effort you invest in<br />
your business, it may be hard to stand back and see your company from a<br />
different perspective. Discover strategies that will help you to<br />
understand how customers experience your business.</strong></span></p>
<p><span style="font-size: 0.8em;"><em>By Tara Remiasz</em></span></p>
<p>Imagine you’re traveling for business. After your flight takes off<br />
and you settle into your seat, you suddenly smell freshly baked<br />
chocolate chip cookies. After a while, you see the flight attendants<br />
handing the cookies out to everyone. When you finally take a bite of<br />
your cookie, you congratulate yourself for choosing an airline with<br />
such a great perk.
</p>
<p>Several years ago, an employee for Canadian Airlines International<br />
devised the idea that baking and serving fresh cookies would be a great<br />
way to enhance the customer experience, says Paul Levesque, author, CEO<br />
and founder of Customer Focus Breakthroughs Inc. based in California.<br />
The idea of serving fresh cookies may sound simple, but it required a<br />
solid understanding of the customers’ experience before the idea could<br />
be developed. </p>
<p>Often times it is difficult for owners and workers to grasp the<br />
customer experience because they are so ingrained in the minutia of<br />
running the business. Here are some strategies that will help you to<br />
see your business from a customer’s perspective.</p>
<p><strong>Break It Down<br />
</strong>Levesque says he had consulted with Canadian Airlines<br />
International about how to brainstorm customer service ideas. It is<br />
likely that a process like the one he taught Canadian Airlines<br />
International personnel was used in the brainstorming session that<br />
produced the fresh cookie idea. According to Levesque, you cannot<br />
separate employee motivation from the issue of customer service. Asking<br />
employees how to improve customer service has two inherent benefits: 1)<br />
Because of their daily dealings with customers, workers possess unique<br />
insights into the customer experience. 2) Employees will have a<br />
stronger desire to see initiatives enacted if they generate the ideas,<br />
as opposed to just following a mandated policy.</p>
<p>Ask employees to break down the customer experience into each step<br />
in the transaction, Levesque says. For example: First, the customer<br />
arrives in the parking lot. Second, the customer enters through the<br />
front door. Third, an employee greets the customer. And so on. Each<br />
step will be based on the type of business you run, whether it is on<br />
the Internet or a brick-and-mortar operation.</p>
<p>Once the customer experience has been broken down into each step,<br />
it’s time to apply three customer service principles to each phase of<br />
the process. You and your employees should consider how your business<br />
can <em>exceed expectations</em>, make the customer <em>feel important</em> and <em>tailor the experience</em><em> to individual categories of customers</em>.</p>
<p>Levesque offers an example of how all three of these principals were<br />
realized when he visited the Magic Kingdom and spotted a braille map of<br />
the entire park. The existence of this map went beyond what most<br />
patrons probably expected, demonstrated that visually impaired visitors<br />
are important, and that the Magic Kingdom considers how to enhance<br />
everyone’s experience.</p>
<p><strong>Ask Your Customers<br />
</strong>Perhaps the only people who can vouch for the customer<br />
experience better than your workers are the customers themselves.<br />
Former customers can provide you with a wealth of information on how to<br />
improve operations, says Erica Olsen, vice president of marketing for<br />
Reno, Nev.-based MyStrategicPlan. </p>
<p>Olsen suggests having a third-party call former customers for<br />
feedback. Instead of directly asking ‘Why don’t you frequent our<br />
business anymore?’ she suggests couching the question in terms of ‘We<br />
are trying to become more effective as an organization and would value<br />
your feedback.’</p>
<p>When you conduct surveys of existing customers, it’s essential that<br />
you ask if the primary job was done correctly, she says. Often times,<br />
surveys focus on specific details and overlook basic questions such as<br />
how well a business achieved its central goal.</p>
<p>There’s no magic number in terms of how many surveys you should<br />
conduct, but Olsen suggests that you do enough to see patterns in<br />
people’s answers. Allow yourself the necessary time to gather feedback,<br />
rather than conducting too few interviews before making changes. She<br />
also stresses the importance of giving something back in return for<br />
your customers’ feedback. By offering a discount or small gift card,<br />
you are in fact acknowledging that you value your customers’ time.</p>
<p><strong>A Little Help From Your Friends<br />
</strong>Andrew Field, CEO and founder of PrintingForLess.com, Inc., in<br />
Livingston, Mont., also endorses the idea of conducting surveys. Field<br />
suggests using a one to seven rating scale that covers how a certain<br />
transaction went, and also how important that particular transaction is<br />
for the customer. </p>
<p>In addition to tapping employees and customers for feedback, Field<br />
recommends professional mystery shoppers or simply employing the<br />
services of friends and family to mystery shop your operation. Field<br />
learned the value of mystery shopping accidentally, after his mother<br />
placed an order for brochures from his company. When the box of<br />
brochures arrived at her door, Field’s mother was dismayed to find that<br />
the box had been damaged in transit and some of the brochures had been<br />
ruined. Several of Field’s sales reps confirmed that this problem<br />
occasionally occurred with their clients’ shipments. Armed with this<br />
new information, Field’s company instituted a policy of shrink-wrapping<br />
bundles of paper goods and then double boxing each shipment. </p>
<p>Whether you decide to use a professional mystery shopping service or<br />
friends and family, the key is to obtain objective, unbiased<br />
information about how a customer experienced your company. Be sure to<br />
obtain feedback on everything from how the customer was greeted to the<br />
quality and timeliness of service.</p>
<p>
<p>&nbsp;</p>
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		<title>Ten Tips to Creating Momentum in Your Life</title>
		<link>http://mystrategicplan.com/blog/ten-tips-to-creating-momentum-in-your-life/</link>
		<comments>http://mystrategicplan.com/blog/ten-tips-to-creating-momentum-in-your-life/#comments</comments>
		<pubDate>Wed, 03 Jan 2007 14:39:01 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Strategic Thinking]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/ten-tips-to-creating-momentum-in-your-life/</guid>
		<description><![CDATA[Creating momentum in your life takes
increasing the things that move you forward and decreasing those that
hold you back. Sounds like a snap, but I know, just like you do, that
living a life that we desire is not always easy to achieve. We have
habits and repeat cycles to overcome. But by creating momentum, we can
move past [...]]]></description>
			<content:encoded><![CDATA[<p class="bodytextBlack">Creating momentum in your life takes<br />
increasing the things that move you forward and decreasing those that<br />
hold you back. Sounds like a snap, but I know, just like you do, that<br />
living a life that we desire is not always easy to achieve. We have<br />
habits and repeat cycles to overcome. But by creating momentum, we can<br />
move past those and move toward the life we want.</p>
<p class="bodytextBlack">Momentum,<br />
by its nature, requires a lot of upfront push to get the ball rolling.<br />
Here are ten tips to jumpstart the momentum in your life: </p>
<p class="bodytextBlack"><strong>Create your picture of success and make it a reality.</strong><br />
It’s true – if you can’t see your vision of success, you’ll never get<br />
there. So what does success look like for you day to day? How do you<br />
want to spend your time? How do you want to define success for yourself<br />
this year. Write your vision down and post it somewhere you will see it<br />
everyday. </p>
<p><strong>Know what you love and do what you love. </strong>You<br />
know what they say, either fix the problem or quite complaining about<br />
it. If you hate your job, get a new one. Go to school and learn a new<br />
profession. Start that business you’ve always dreamed of. Pick up that<br />
crazy hobby you’ve been thinking about. Sound too scary? Facing too<br />
many roadblocks (time, money, naysayers)? Why not tackle one of them.<br />
Explore your options, and then take action. There is no time like the<br />
present!<br />
&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; </p>
<p class="bodytextBlack"><strong>Pick a BHAG.</strong><br />
What is that big, hairy, audacious goal you want to achieve this year<br />
that will help you step into your vision of success? Write it down<br />
along with the one thing you can do today to make it happen. Here is an<br />
example of the power of a written goal: A study was conducted among a<br />
graduating class at Harvard to see how many had concrete goals around<br />
how much money they wanted to make. Only 3% had written their goals<br />
down. Ten years later, that 3% were making more than the other 97%<br />
combined! Now that is power! </p>
<p class="bodytextBlack"><strong>Eliminate your energy drains and recharge yourself.</strong><br />
Energy drains are those things that drag you down. Things that recharge<br />
your energy can be anything that inspires you and puts you in a good<br />
mood, like a room in your house, a place to relax, an activity, or a<br />
person. Spend more time doing the things that give you energy and stick<br />
a post-it next to each drain with an idea for getting rid of it. </p>
<p class="bodytextBlack"><strong>Remove your fears.</strong><br />
The greatest source of procrastination is often a deep-seeded fear –<br />
fear of success, change, failure, ridicule, the unknown. Take a daily<br />
step to remove your fears by asking yourself every day, “What would I<br />
do today, if I were not afraid?” </p>
<p class="bodytextBlack"><strong>Take control of your finances.</strong><br />
Do you feel like you are on a treadmill, working more to pay for ever<br />
increasing bills? It seems like the more we work, the more we spend to<br />
do the things we don’t have time to do while we are working<br />
(housekeeper, take-out food, dry cleaner, etc.). Spend a little less<br />
here and a little less there and stop hemorrhaging money. Make sure<br />
what you purchase is in line with your values. Run a QuickBooks report<br />
to see exactly what you are spending your money on. What if you<br />
decreased every category (except maybe your mortgage and other loan<br />
payments) by 10%? Use your money to fuel your dreams instead of feeding<br />
the treadmill.</p>
<p class="bodytextBlack"><strong>Create a braintrust.</strong><br />
Identify a handful of people in your life who can help you move your<br />
life forward. Consider pulling from a wide range of backgrounds, ages,<br />
experience and opinions. Sometimes those who are most critical provide<br />
the best insights. Call on them together or individually to help you<br />
move past any roadblocks and keep the momentum going.<strong><br /></strong></p>
<p class="bodytextBlack"><strong>Find the time. </strong>One<br />
of the biggest challenges to having the life we want is finding the<br />
time to do all we want to do. Track how you spend your time for a week.<br />
At the end, tally up the time spent on each thing – such as sleeping,<br />
eating, shopping, checking email, etc. Look at each category. What<br />
things can you do to cut time in each area? Be creative and find the<br />
time to do what you love to do, instead of what you have to do.<br />
&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; </p>
<p class="bodytextBlack"><strong>Let things evolve. </strong>When<br />
the flywheel of momentum starts to turn, pay attention to clues,<br />
connections, and opportunities that are presented to you. Allow your<br />
future to unfold and change in ways you might not have been able to<br />
imagine when you started dreaming. </p>
<p><strong>Commit to your dreams.</strong><br />
Creating momentum starts with commitment. Commit to doing one of the<br />
ideas above that will move you closer to your dreams.<br />
&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; </p>
<p class="bodytextBlack">We all know that life is short. So, shouldn’t we all live the best life we possibly can? <br />Absolutely! Because remember – how we spend our days, is how we spend our lives.&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp; </p>
<p>Erica Olsen is the vice president of marketing for M3 Planning (<a href="http://www.m3planning.com/">www.m3planning.com</a>),<br />
which helps growth-oriented organizations develop and execute their<br />
strategies. Erica is also the author of the newly released Strategic<br />
Planning For Dummies. Carol McClelland is the owner of Transition<br />
Dynamics (<a href="http://www.trainsitiondynamics.com/">www.transitiondynamics.com</a>) and author of Your Dream Career For Dummies. </p>
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		<title>Strengthen Your Mission and Vision for Profitability</title>
		<link>http://mystrategicplan.com/blog/strengthen-your-mission-and-vision-for-profitability/</link>
		<comments>http://mystrategicplan.com/blog/strengthen-your-mission-and-vision-for-profitability/#comments</comments>
		<pubDate>Wed, 22 Nov 2006 17:06:00 +0000</pubDate>
		<dc:creator>Erica Olsen</dc:creator>
		
		<category><![CDATA[Performance Management]]></category>

		<category><![CDATA[Mission &amp; Vision]]></category>

		<guid isPermaLink="false">http://mystrategicplan.com/blog/strengthen-your-mission-and-vision-for-profitability/</guid>
		<description><![CDATA[How a Clear Vision and Mission Leads to More Profits



Dan Bobinskihttp://www.management-issues.com/display_page.asp?section=opinion&#38;id=2837






	
Here&#8217;s
an experiment you can try: Walk into a company&#8217;s office and find its
mission statement hanging on a wall. Take note of its meanings, and
then speak to any five people you meet from that company. Ask them if
they know their company&#8217;s mission. 
Chances are you&#8217;ll hear
either [...]]]></description>
			<content:encoded><![CDATA[<p>How a Clear Vision and Mission Leads to More Profits</p>
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<td><span class="boldcopy">Dan Bobinski<br /><a href="http://www.management-issues.com/display_page.asp?section=opinion&amp;id=2837">http://www.management-issues.com/display_page.asp?section=opinion&amp;id=2837</a><br /></span></td>
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<p>	<span class="copy"><seda var="get_image"></seda>
<p><strong>Here&#8217;s<br />
an experiment you can try: Walk into a company&#8217;s office and find its<br />
mission statement hanging on a wall. Take note of its meanings, and<br />
then speak to any five people you meet from that company. Ask them if<br />
they know their company&#8217;s mission. </strong></p>
<p>Chances are you&#8217;ll hear<br />
either five different responses, or the ever-popular, &quot;I don&#8217;t know.&quot;<br />
Some people may even laugh at you. </p>
<p>It&#8217;s<br />
no small wonder the majority of employees scoff at mission statements.<br />
Usually what we see is fluff - overly vague generalizations that could<br />
apply to almost any company, and often they&#8217;re paragraphs long; too<br />
long to be recalled by anyone, and therefore, largely useless.
<p>The problem is made worse when vision and mission statements are intermixed, further clouding their practicality. </p>
<p>At<br />
the core of this all-too-common problem is a simple lack of<br />
understanding. Ask those same five people you talked to earlier to<br />
define &quot;vision&quot; and &quot;mission&quot; and you&#8217;re likely to get an equally wide<br />
range of responses. </p>
<p>So, with the intention of making life more<br />
simple and companies more profitable, I offer an easy-to-remember way<br />
to create clearly understood - and useful - vision and mission<br />
statements. </p>
<p>Here are some definitions (and differences), in very simple terms: </p>
<p>	<strong>Vision Statement:</strong> 	Where you &quot;see&quot; yourself being; where you want to go<br />
	<strong>Mission Statement:</strong>	What you do to get there</p>
<p>In a more practical example:</p>
<p><strong>Vision:</strong>	Widget Manufacturing will be known worldwide as the highest quality widget producer. <br />
<strong>Mission:</strong>	Widget Manufacturing strives to:
</p>
<ul>
<li>research and integrate the latest, most reliable widget technology,
</li>
<li>use the most reliable widget manufacturing processes, and
</li>
<li>provide unparalleled customer service to every widget customer.
 </li>
</ul>
<p>Note<br />
that the vision is not what they do, but where they want to be. The<br />
mission statement outlines what Widget Manufacturing will do. The<br />
differences are clear, and quite simple. </p>
<p>Most of the time a<br />
company keeps its vision statement to itself, since where a company<br />
sees itself being is nobody else&#8217;s business. Besides, if the<br />
competition knew where you wanted to be, they could easily create a<br />
strategy that gets in your way. The purpose of a vision statement is to<br />
guide top leadership when making strategic decisions. </p>
<p>A mission<br />
statement clarifies what your company does. You want people to know<br />
what you do - both internally and externally. Internally, it keeps<br />
employees focused and it forms a basis for making tactical decisions.<br />
In other words, if two options for action are on the table, looking at<br />
them in light of the mission statement often helps in choosing a course<br />
of action that moves a company in the direction of its vision. </p>
<p>Externally,<br />
publishing your mission statement tells your clients what they can<br />
expect from you. Just knowing that provides them a sense of stability<br />
and security, and they&#8217;ll be more comfortable doing business with you. </p>
<p>Does<br />
a company need a vision and mission statement to function? Obviously<br />
not. The mere fact that so many companies survive without them answers<br />
that question. So what&#8217;s the benefit of having them? </p>
<p>Again, the<br />
answer is focus, flow, and a foundation for decisions. In other words,<br />
thriving instead of surviving. Aligning our efforts with an agreed-upon<br />
focus saves both time and frustration, and it makes a company much more<br />
profitable. </p>
<p>For example, much strife exists in companies due to<br />
no shared focus. When a company lacks a vision to which all subscribe,<br />
individual visions and missions tend to rise up and compete with each<br />
other. The result is conflict, delays, and lost revenues, all because<br />
of unnecessary turf wars consuming time and energy. </p>
<p>Creating a clear corporate vision minimizes big pet projects and helps point everyone in the same direction.</p>
<p>Your<br />
mission statement should be posted on a company website, on published<br />
literature, and throughout a company&#8217;s brick and mortar structures so<br />
people can see it, be reminded of it, and use it as a guideline for<br />
operations. </p>
<p>Everyone from the top on down should be able to<br />
recite it from memory, and recite it often. If top management eats,<br />
drinks, and breathes the mission statement, everyone else will, too. If<br />
top management ignores it, so will everyone else. </p>
<p>Ideally,<br />
mission statements should not be more than one sentence long. A couple<br />
of bullet points (such as in the example given) are fine, but multiple<br />
paragraphs are not practical for keeping people focused, and are<br />
therefore ineffective. If you find your mission covers a lot of ground,<br />
find a way to boil it down; it can be done if you take the time.</p>
<p>Bottom<br />
line, vision and mission statements create clarity and form a basis for<br />
making both strategic and tactical decisions - all of which help a<br />
company thrive instead of survive. </p>
<p>If thriving profitability is<br />
what you seek and your company vision and mission are unclear or<br />
non-existent, investing time to clarify these statements will help.</p>
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<p><span class="boldsmallgrey"><strong>This article comes from <a href="http://www.management-issues.com">www.management-issues.com</a> </strong></span></p>
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