From a strategic perspective, you should not spend time itemizing the laundry list of everything your company does well. In fact, sometimes this can bog the planning process down. You want to identify the strengths that matter. Everything else is just icing on the cake.
Are you ready to make more money in your business? Who isn’t? The secret to making more money: Stop doing things that lose money. Now, before you roll your eyes, don’t overlook the simplicity of this statement.
To endure the test of time for your company to be great, your competitive advantage needs to be sustainable. Why? Because most advantages can be duplicated within a period of time, and process improvements quickly follow. And everyone knows competing on price is never sustainable.
More often than not, life and day-to-day operations take over a well-intentioned strategic plan implementation. Embed your strategic planning into daily operations and you begin to make strategy a habit instead of an event. Here are ten quick ways to keep your strategic plan from hitting the shelf and collecting dust.
A company’s strategic plan is the “game plan” management has for positioning the company in its chosen market arena, competing successfully, satisfying customers, and achieving good business performance. If you are part of the 90 percent that do not have a strategic plan, here’s how one can help give your company the direction you desire.
Failure is a topic most of us would rather avoid. But ignoring obvious (and subtle) warning signs of business trouble is a surefire way to end up on the wrong side of the business survival statistics. From interviews and experiences of our business network, M3 Planning highlights ten causes of business failure.
A strategic plan does not have to be perfect or 100 percent complete: It is a living document after all. It doesn’t have to be an overwhelming or a monumental task. Just grab a few key people in your organization, turn off the phones and let’s get started.
Our list of helpful references within the realm of Strategic Planning.
Sample the wisdom from these four articles and gain insight on how to lead during challenging times, how leadership strategically can deal with drastic change, how strategic processes require strong leadership, and learn the nine areas of technique to help make strong leadership decisions.
Strategic planning, strategic thinking, and strategy making are all exercises in strategy. See article reviews on each and gain more understanding about how each exist within your Strategy Toolbox. It’s all about improving your bottom line and organizational health in a concerted effort at key phases.
At the end of the day, high-performance organizations accomplish extraordinary results, and they do it with ordinary people. The key to achieving is to structure an organization so ordinary people can regularly accomplish outstanding things. Enter a strategic plan.
Great online and traditional media resources can help you give a holistic approach to your Strategy Planning. See our links to relevant topics from meansbusiness.com, entarga.com, and Harvard Business School’s Institute for Strategy and Competitiveness (ics.hbs.edu).
Traditional financial measures – ROI, net profit, sales growth, and market share – fail to capture the true picture of a firm’s value propositions because they focus on the past. A Balanced Scorecard better measures a firm’s capabilities to create long-term value by identifying an organization’s value drivers. A real benefit is that this scorecard can become a cornerstone to assist you in your organization’s strategic implementation.
All best laid strategic plans are all subject to time and money. Find insight on how to make decisions regarding when to implement certain action items and if your cash outlay will generate the required revenue to meet your financial goals.
A very high percentage (possibly as high as 80%) of your success depends on your ability to accomplish clear, measurable goals. Realistic goals are not wishful thinking. Setting goals acknowledges a company’s SWOT and converts the its mission, strategic vision and objectives into specific performance targets that can be measured.
Before you can get to the answer, you must consider the question. Find a host of things to consider in the topics of Business Purpose, Sustainable Advantages, Market Orientation, and the Passion that motivates your organization. Then tie all that into building your Strategic Thinking.
The critical actions move a strategic plan from a document that sits on the shelf to actions that drive business growth. Sadly, the majority of companies who have strategic plans fail to implement them. According to a Fortune cover story in 1999, nine out of ten organizations fail to implement their strategic plan for many reasons.
What makes a great goal? Whether you’re using an online platform like MyStrategicPlan.com, or sitting down with a pencil and paper to plan your day, you need to make your goals smart. Smart goal setting ensures that everyone in your organization knows what they’re supposed to be doing and when.
Whether it be employee engagement, accounting for efficiency or customer resource management, there are examples of value-creating strategies throughout the various domains of successful business planning and management. Identify what rings true to your situational environment and feed into your Strategic awareness.
Many businesses, even those with well-made plans, fail to implement their strategy. Their problem lies in ineffectively managing their employees once their plan is in place. Sure, they’ve conducted surveys, collected data, gone on management retreats to decide on their organization’s direction- even purchased expensive software to manage their process- but somewhere, somehow their plan falls apart.