Further, we often see leaders tire of the management tool or methodology before full adoption has occurred. As managers and executives, if we determine the organization is in need of XYZ change to improve performance, we need to commit to see the change through completely – meaning the tool, process or approach becomes part of the “way you do business.” Obviously, my post is a little self-serving because we are often on the receiving end of repairing yet another failed strategic planning effort. The reason this occurs is because the leadership did not fully operationalize the strategic management process. The focus was only on pulling off a good annual offsite and not taking it one step further to put in place the process pieces needed to “keep the plan alive.” So then leadership comes back around 12 months later and beat themselves up for not using the plan to guide their work.

My mantra and plea to all leaders and managers out there, don’t implement the next “best practice” because you feel like you are supposed to. Have the managerial courage to only adopt those management practices that your organization needs now and you will commit to full utilization.

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1. Can you suggest 3-4 resources (video, book, speech, slideshow) to share with my CEO that will help me emphasize the value of Strategy Planning and to convince him that it is worth his time, and his staff’s time? I don’t have the buy in yet:-)

Additional Resource Shared during Webinar: 80-sample Strategic Plans

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1. Our company has been checking out MyStrategicPlan and a few other options the past few months. What are the benefits of MyStrategicPlan and a robust plan versus the One-Page Strategic Plan. To me, I like the concept of a one page plan, but don’t know exactly what the trade-offs are. Am I thinking through the difference right – robust vs simple?

Additional Resource Shared during Webinar: 80-sample Strategic Plans

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1. We are an existing successful business with a long track record. We are developing a Strategic Plan and a Business Plan to raise capital to help us expand. I would love to hear you discuss how the Strategic Plan and Business Plan can work together in a situation like ours.

Additional Resource Shared during Webinar: 80-sample Strategic Plans

Download PDF (slide deck)

You may also be interested in:

• What are 3-4 Resources that Emphasize the Value of Strategic Planning? Watch a recorded video of Part 6 of the latest...
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Sometimes we read books, articles or opinions that give us insight into the things we are doing right, the things we could be doing better and the ways we can expand our knowledge to be better organizational strategists.

This summer, Richard Rumelt authored a book called “Good Strategy, Bad Strategy: The Difference and Why It Matters.” As you might expect the title alone caught our attention! Rumelt hit the mark on a couple common misconceptions of strategy, and we’d like to elaborate on those points with M3 Planning’s COO Erica Olsen’s perspective.

#1: There’s a growing tendency to equate fluff, buzzwords and financial goals as sufficient for “strategy” that needs to be debunked to really understand the power of a good strategy.

Olsen: There’s nothing fluffy about a good plan—a solid plan requires a good, hard look at your company, the way you do things and how successful you are at delivering to your customer/client/membership base. Only then can you get a clear, data-based understanding of your current strategic position. This can be effectively addressed by conducting a rigorous SWOT exercise, as this will help you diagnose your company just like a doctor might a patient. This is where the fluff will get flattened, and you can move forward to create a diagnosis that does more than explain the situation, but also defines the domain of action.

#2: Good strategies work by harnessing and applying power where it will have the greatest effect for facing big challenges. Most people think they might have a good strategy, but end up pursuing a “dog’s dinner” of conflicting policies and actions.

Olsen: People do amazing things with common tools. It’s about knowing how to use what you have. Good leaders can take a strong, compelling vision and use it to engage people by creating a shared understanding of what is possible. Good strategy isn’t a magical stunt. It’s more about the 1-2-3s of connecting the dots in a 3-D landscape. The process is a multi-level thought exercise, yet Rumelt does not spend a lot of time on execution, which is where we have seen many strategies become stagnant. A good strategy that cannot be executed (i.e. not realistic, no accountability, not cascaded or aligned) is as bad as magical thinking.

Overall, this book is a good library addition for our fellow practitioners of strategy. It offers a picture of what good strategy looks like. In summary, remember no strategy is complete without the execution of coherent, coordinated actions to address your organization’s situation or challenges. Like guardrails on a highway, your plan offers a guiding approach. Happy strategizing on your organization’s journey!

- Cammy Elquist LoRé writes the newsletter and is a functional leader of Customer Loyalty Engagement programs for M3 Planning. She can be reached at @cammyelquist on Twitter.

StrategyCheck

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Give the Gift of Goats

In 2010 the RUN Ministries’ Nepali Rescue Project rescued more than 20,000 girls from human trafficking. They also provided counseling, job skills training and practical tools to start micro-businesses to at-risk girls and those coerced into human trafficking. One of those practical tools includes giving goats to rehabilitated girls so they can return to their village with a livelihood to begin a new life with hope and dignity. M3 Planning was pleased to donate 12 goats as part of our on-going commitment to support one charity a month with 10% of our net income. See the other charities we’ve supported by clicking here.

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1. What is the appropriate number of strategic objectives? We have an internal struggle regarding strategic objectives and how many is too many.

Additional Resource Shared during Webinar: 80-sample Strategic Plans

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1. i. Part A: We do customer research all the time, what kind of research beyond this do we need in order to enter into a strategic plan with all the information needed?
2. ii. Part B: I find that many organizations that do strategic planning really don’t do a good job with the environmental scan, especially the external component. Do you have any suggestions or tools or templates that help to successfully facilitate this process.

Additional Resource Shared during Webinar: 80-sample Strategic Plans

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1. Question 1: I’m a big fan of strategic planning, but have never led the charge as the strategy leader. I am new to our company and they have already been down this road too many times and it has never stuck. Do you have any recommendations to purse to make it work more successfully this time?

Additional Resource Shared during Webinar: 80-sample Strategic Plans

Download PDF (slide deck)

You may also be interested in:

• Strategy Huddle: Open Line Q&A Watch a recorded video of the latest Strategy Huddle (October,...
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1. Strategy Stat:
   1. Fewer Strategic Priorities Is Better
   2. After a recession, progressive companies outperform pragmatic companies

Additional Resource Shared during Webinar: 80-sample Strategic Plans

Download PDF (slide deck)

You may also be interested in:

• What is the Appropriate Number of Strategic Objectives? Watch a recorded video of Part 3 of the latest...
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Uncovering why your customers buy products from your company or use your services is essential to be successful.  Ultimately, the value you provide is only as good as the benefits the customer receives.  Your strategy excels or fails on that perception or lack thereof.  If you ask companies what they sell and then turn around and survey their customers to ask what they buy, you’ll most likely hear two different answers.  Generally, customers give you a different answer or express it in a different way that the company.  Quickly query a handful of your customers to see whether this trend holds true for your organization.  Here are some questions to ask, crafted to your company specifically:

• Who buys our products or services?
• What do they buy?
• Why do they buy?
• When do they buy?
• How do they buy?

Take Netflix, an online DVD rental service, for example.  Employees may say that Netflix sells a service that allows customers to check out and return DVD rentals through the mail or by streaming DVDs online.  Conversely, customers may say that they’re buying convenience.  In order to see your business through the eyes of your most valuable customers, you have to understand what your customers think they’re really buying from you.  You have to think like your customers.

Answers to these questions can be found in information and feedback all around you.  Some of that information is easy to get and some takes a bit more work.  There are many methods you can use to find out why your customers are your customers.  The Net Promoter Score, which we talk about in this newsletter, explains how your NPS score can help you gain insight into what your customers think about you.  Whatever method you choose, any insight into your customers is worthwhile.

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