Performance Management

Your Success Takes Planning

By Erica Olsen ⋅ February 23, 2007 ⋅  Email this post ⋅  Print this post ⋅ Post a comment

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 Strategy Benchmark of 280
firms in the United States found that by just adding strategic planning to a
business’ activities, organizations can experience an increase in net profit.
Those firms whose top management had a high commitment to execute strategic
planning reported an 80 percent increase in sales volume during that year, and
firms whose top management had a lower commitment reported a 59 percent
increase. (For more information or to view full results see the report.)

I
think it’s important to stress here that
successful strategic planning is a continuous process. It isn’t just a
one-time event; you need to make it a habit. I know how easy it is to get lost
in the process, especially when you’re also in the middle of your
organizations’ everyday operations, and in the coming weeks I’d like to share
some suggestions that should help you embed successful strategic planning
concepts into your organization. Consider them an easy-to-follow Strategic
Planning Process Checklist to help keep your team on track.

First,
I urge you to “Get Ready and Get
Organized”. This may sound elementary, but you’d be surprised by the number
of businesses that sabotage their strategic planning efforts by poor
preparation. Take your time here; this is about your past, present and future.
I encourage you to identify the specific issues and choices your strategic plan
should address. I’ll elaborate on this topic later, but for now you should
start thinking about where it is exactly you want your organization to go.
(i.e. Start thinking “big picture” and “end game”) Determine your organizational readiness.
(i.e. Do you have complete commitment and support from top leadership and key
management? Is yours a culture that is open to looking beyond the status quo to
find new ways of doing things?) Create your planning committee (i.e. Who will
you rely on to implement your strategic plan? Who will be you plan
administrator and who will be your most valuable players?). And finally,
identify the information which must be collected to help make sound decisions. (i.e.
What reporting is necessary to access your current situation and measure your
efforts in reaching your goals?) A plan is only as good as the information on
which it’s based. Don’t rely on assumptions or hunches. Again, I can’t stress
enough that you can never underestimate the power of preparation and research.

Please
join me as we continue down the Strategic Planning Process Checklist in this
space. Next time, I’ll discuss “Articulating
your mission and vision”. Meanwhile, keep in mind that success is not a matter of chance, but rather success is a matter of
choice.