Business Strategy
As a first step in a strategic plan or assessing a business model, it helps to assess the factors in the environment that could have an impact on the success of our organization.
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Where to focus a business leader’s attention when it comes to creating a strategic plan for future success?
For most of my career, I have been very comfortable with the model illustrated below.
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As a first step within a strategic planning process, it is important to recognize that the nature of the competitive forces within our industry will determine the relative scope for growth and profitability. Understanding the dynamics of these forces will help us to assess the potential for new opportunities and begin to differentiate ourselves from others.
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Strategic Planning has gotten a bad rap for not addressing questions that turn on the critical choices that constitute strategy. Some critics have noted that strategic plans can simply be a roll-up of plans from across the organization, with little or no alignment and absent of any transformative attributes.
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An objective or measurable step is required to achieve any strategy.
That is why Strategic Objectives is one of the five elements of our Strategic Framework. It starts with a Vision Statement, it follows with Pillars of Success and then we develop Strategic Objectives. These are followed by Measures (dashboard) and Key Initiatives.
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Establishing Key Initiatives for the organization makes a Strategic Framework a lot more “real” for many employees.
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In our facilitation and consulting practice we enable clients to build Strategic Frameworks. These multi-year plans include a Vision Statement, Pillars of Success, Strategic Objectives, Measures and Key Initiatives. It is important to differentiate Strategic Objectives, which are long-term, comprehensive and measurable outcomes, from Measures, which are the subject of this article.
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We have congratulated ourselves on the creation of a powerful strategic framework to guide the organization for the next few years. For our clients will include a strategic framework with:
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Let’s consider five reasons why you should invest in strategic planning.
There are four things to consider before engaging a facilitator to manage your strategic planning process.
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