Strategy Expert Erica Olsen, COO and Co-Founder of M3 Planning, gives an overview of why scenario planning should be an important part of your strategic management process to maintain a strong business during times of growth and uncertainty.

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Strategy expert Erica Olsen, COO and Co-Founder of M3 Planning, explains why being a strong industry leader will help you and your business during economic downturns.

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• Strategy Stat: Downturns are roller coasters for weak firm
• Topic: Positioning Your Organization for the Future in an Economic Climate of Uncertainty
  • Conduct a simple and comprehensive scenario planning processes
  • Leverage existing tools and resources to jump start your effort
  • Drive the results into your existing strategic or operational plans

Download PDF (slide deck)

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1. Strategy Stat: Strategy Stat: Marketplace leader-board shuffles at double rate in downturn
2. Topic/Question: Planning in Turbulent Times: How do you do strategic planning looking out 1-2-5 years when there is a real threat of a dbl dip recession?  How is it applicable?  How do I adjust?
3. Topic/Question: Running Mid-year Reviews: How do I run an effective Mid-Year Strategy Review meeting?
4. Topic/Question: Leadership & Strategy: I’m new to the “strategy leader” for our mid size company.  What are 2 pitfalls that I need to watch out for?

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In February 2010, the Wall Street Journal published an article on, “Strategic Plans Lose Favor: Slump Showed Bosses Value of Flexibility, Quick Decisions.” We want to present the reasons why M3 Planning believes that strategic plans can be even more beneficial for flexibility and quick decision making.

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Harvard Business Publishing recently posted the results of an employee survey to their Daily Stat blog, claiming that employees are more appreciative and enthusiastic about their jobs than a year ago. From 2008 to 2009:

• Employees who take pride in their jobs rose from 71% to 79%
• Those who recommend their employer rose from 53% to 58%

Since MyStrategicPlan is frequently used as an employee engagement tool or performance management software, we take a close look at the general level of engagement found across the US. But just like the writers at the Be Excellent blog, I question whether these findings truly indicate a more engaged workforce.

During the recession, with jobs being scarce, it stands to reason that employees would take pride in their jobs; they actually have jobs, unlike many of their unlucky neighbors.

…And about whether they’d recommend their employer, with so many people out of jobs, almost everyone has a friend who has asked for help looking for employment. If a job opens up at someone’s place of business, they’re far more incentivized to tell their friends about it than they were when jobs were plentiful.

With other recent reports and pundits warning that a recession recovery will present challenges in employee retention, I don’t believe Harvard’s rosy take on their daily stat should be a signal to employers that their people will stay put.

More than ever, it’s time to make sure that your people are engaged, that they see where they fit in your organization and they know how you plan to get where you’re going- together.

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What can we learn from his dramatic recovery, and how solidly Apple has turned out successes through four different industries (Music, Movies, Cell Phones and Computing)?

A Dramatic Turn-Around that Speaks to Today’s Climate

For businesses who are currently navigating the global economic crisis, an example like Apple’s last decade of performance offers not only inspiration and hope, but great insight for cash-strapped organizations hoping to not only hold on but eventually thrive. In 2000, Apple was worth only $5 Billion and facing possible bankruptcy. Coming into 2010 they’re worth $170 billion, produce the leading mp3 player, the most popular mobile phone and have transformed all of the industries in which they do business. So, what did Jobs do when he took back the helm?

Steve’s Three Things: How Focusing on the Basics Gave Apple their Foundation

Humility

When Jobs came back on board at Apple, the company was not poised to launch the huge successes that have become so iconic to their brand in the last decade, like the iPod. The company was facing possible bankruptcy and had lost consumer confidence. Steve Jobs shocked many when he decided to turn to competitor Microsoft for help.

Such a move, especially for a personality not known for humility, what a bold move, but displayed Jobs’ fierce dedication to his company’s success, over his image. As leaders, owners and managers, our humility can greatly impact and inspire our organizations.

Simplicity

Next, Jobs dramatically paired down Apple’s product line from a broader range, to just four different computers. Doing this allowed the company to focus on creating four excellent tools for home and business, and also saved the company money by eliminating projects that didn’t contribute to the new vision Jobs had brought when he took back control. With this new focus, Apple created the iMac: an all-in-one solution that generating sales for future investments.

Is your organization possibly wasting resources on projects or initiatives that aren’t in line with achieving your vision? Are there areas in which you could re-align resources towards sources that will better help you reach your goals?

People

As soon as Jobs came back on board, he assembled a stellar management team- many of whom had worked with him at his previous company. As a testament to the quality and fit of this brain-trust, nearly all of them have stayed on board throughout this decade of achievement.

Having the right people in place within your organization is one of the most powerful elements to executing your corporate strategy. When talented, committed personnel are given the authority and ownership to guide initiatives toward success, you can take a great deal of chance out of whether your strategy will succeed.

One More Thing

As driven as Steve Jobs is toward success, and as wealthy as he has become as a result, you may be surprised to learn that his motivations aren’t to make a ton of money. As told by some of his closest comrades, instead of being inspired by monetary success, Jobs is driven by his intense, abiding and passionate love for his company.

Those close to him can truly trust that he would to anything to see Apple succeed, and as those who have weathered the ups and downs and surprises brought by running a business know, sometimes that’s what pulls the company through.

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budget cuts

With stories of budget cuts (both in the public and private sectors) filling the business news, it has become a reality in the recession that in order to plan for the future, agencies and organizations must work with less resources. But how do you plan on a tight budget? Below, we’ve got some things for you to focus on.

Focus on your core outcomes that your citizens/customer must have

When your agency is sitting down to determine your strategic plan in a recession, you must first decide what your stakeholders must have. Without stretching your already thin budget too much, get a feel for what counts most to your people. If you don’t have the resources to perform a formal survey, create a weighted grid of your most pressing issues and have your managers vote on which are most important to their constituents.

Get clear on what is really your core and what you are best at

Look to your current strategic plan: what are your core competencies? Focusing on these will almost always bring you the greatest return. If you have to drop something, one way to base your decision on which to cut would be to forgo initiatives that fall outside of your strengths so that you can still focus on areas in which your organization or agency excels at.

Figure out how to work across dept lines to get more done

Cooperation is key during a recession. Infighting and political battles only drain resources, as does duplication of services. When budgets get cut, some merging of department resources may be necessary. Who within your organization has a reputation for fostering cooperation? They can be a great asset in heading up cooperative initiatives. Which departments are known not to work well together? These will require special attention.

If you have good stuff in your plan, then push the initiatives out a few years

When all else has been done to stretch your budget, there still may be initiatives that you believe shouldn’t be cut but you just don’t have the budget to make them happen right now. Delaying them or stretching the due date may be your solution- and at your next strategy meeting you can re-visit these initiatives you may find that the budget to implement them has surfaced.

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But, what if you lose a bunch of your employees?

Wait, losing employees? Aren’t they happy they even have jobs in an economy like this? True, right now you could look at the economy as an employer’s market- for every job posting right now there’s several times the applicants than there were a couple years ago. We recently caught this bit on a New York Hospitality Services Blog:

One consequence of the severity of the recession has been a surfeit of talent across industries looking for opportunities as few, if any, employers were hiring. That may change sooner than later as this survey by Intuit, a provider of payroll services finds that “that (of) nearly half of small business owners surveyed, 44 percent, are planning to hire new employees within the next 12 months. At the same time, many small business owners believe that benefits are key to attracting new hires but are finding them difficult to afford.”  Interesting findings of that survey include the fact that family and friends of current employees make for good new hires as well as that long term relationships with employees matter.

So, as the economy eases out of recession, we may see a massive surge in hiring- which means it’s more important than ever to keep your employees engaged. Forbes.com also weighs in on the issue with an analogy and some wise words:

Employees are like elephants: They watch, and they remember. They know how they were treated in the bad times, and how their fallen colleagues were treated, too. They form long-lasting impressions of their employers. And they are already planning what to do about it.

I’m not sure that your employees will want to be compared to elephants, but the fact remains that businesses need to be serious about employee satisfaction and employee engagement as the recession lifts, or else they could find their best and brightest lured away.

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Reno, NV (PRWEB) July 17, 2009 – In the age of instant information via Google, and amidst economic uncertainty and nation-wide budget cuts, how can public libraries remain relevant sources of information? According to strategy expert Erica Olsen, there’s hope for these struggling beacons of knowledge, and by embracing new technology, as well as informing the public of major changes that libraries have already adopted, they have a promising future especially during tough economic times.

Like parks and other public benefits, Libraries are feeling the effects of the economic downturn. As the current economic crisis continues to squeeze budgets, libraries across the country are starting to shorten hours, close locations and, fortunately, begin taking steps to reclaim their communities. Where they begin, according to Erica Olsen of M3 Planning and MyStrategicPlan.com, is by employing the same strategic business planning that is currently at use in the private sector.

Our libraries, after taking stock of their current strategic position, have begun scanning their external environment and gathering information through community discussions.

We all love our library

but even some of our team was surprised to learn about all that they already provide for us.

For us, it’s like using Netflix for free, and you get to check out three or four times as many selections at a time.

We don’t even have to go to different locations

We just choose what we want and the library ships it to the closest one to wait for us.

Most people don’t even know that the library provides things like that

they even offer free downloads of music and audio books over the internet.

Especially during tough economic times like these

we all want to save money, and right now the library is the perfect place for it.

According to Olsen, whose company M3 Planning is working with the Washoe County Library System in Northern Nevada, libraries already have a wealth to offer, and the first step is engaging their communities in discussion. “Our libraries, after taking stock of their current strategic position, have begun scanning their external environment and gathering information through community discussions.” Olsen says that the library will be using the feedback they receive in order to choose which opportunities to pursue as part of their current business strategy.

Informing the public is also a major part of the current strategy the library system is pursuing. “We all love our library,” says Olsen, “but even some of our team was surprised to learn about all that they already provide for us.” One underused area that surprised her team was the library’s vast collection of DVDs. In Washoe, as in many libraries across the country, members can check out movies and television series’ for weeks at a time, at no cost. “For us, it’s like using Netflix for free, and you get to check out three or four times as many selections at a time.” Employees at M3 have been seen with stacks of movies, and can be heard frequently amazed at how fantastic the service is from the library. “We don’t even have to go to different locations,” says Olsen, “We just choose what we want and the library ships it to the closest one to wait for us.”

Technologically-focused services like that, says Olsen, are going to be key to relating to the current generation of members. “Most people don’t even know that the library provides things like that,” she continues, “they even offer free downloads of music and audio books over the internet.” M3 Planning’s team believes that if more people within the 20-40 year old age group learn that libraries offer so many more things that support their lifestyle, that people will begin flocking there again. “Especially during tough economic times like these,” says Olsen, “we all want to save money, and right now the library is the perfect place for it.”

Not only are libraries getting the word out about their tech services, but they’re also embracing new ways to communicate with the public online. The Washoe County Library System has developed a page on Facebook.com to link up with locals, and also plans on utilizing the popular messaging client Twitter.com to keep users informed of events and promotions, as well as field questions. Gone, they say, are the days of the “stuffy librarian.” In addition, many libraries around the country are weaving in text messaging and email to alert members when books are available for pickup, or are approaching the dreaded “overdue” status.

Along with the feedback they receive from upcoming community discussions, as well as from their online presence, Erica Olsen and her team believe that the Washoe County Library System and others who are following suit will thrive during these tough economic times.

About M3 Planning

M3 Planning is a strategic planning firm that works with growth-oriented organizations to develop and execute their strategic plans. In addition to their online strategic planning system, MyStrategicPlan, the company is also a resource for other strategic planning tools, books, articles, workshops and facilitations. MyStrategicPlan is an easy-to-use software application that enables any organization, regardless of size and budget, to build a comprehensive plan, effectively and easily track goals, create professional reports for every stakeholder and monitor implementation all year long.

About Erica Olsen

Through M3 Planning’s online client base and onsite strategic planning facilitation work, Erica Olsen has developed and reviewed hundreds of strategic plans for organizations across the country. She has also authored several strategic planning books including Strategic Planning for Dummies and was named Entrepreneur of the Year by The Business Report of Northern Nevada in 2007.

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