STRATEGIC FOCUS AND PLANNING
For our businesses to continue to thrive, we must constantly evolve and adapt to changing needs of the market and our clients. Transformation only happens when we focus on it, and at the beginning of every quarter, it is time to take stock of our areas of focus and determine if we need to change or pivot our direction. Be strategic. Consider the impact of technology, talent, and operational changes to help you continue to grow and remain competitive.
Q1 REVIEW
Strategic focus sustains and builds on an organization’s high performance and effectiveness. Set aside time to conduct a Q1 review:
Step 1: List your three biggest wins and accomplishments from Q1.
Step 2: How far did you get on your Q1 goals?
Step 3: In Q1, list what worked and what didn’t that you can learn from.
Step 4: Define what you will keep doing, improve upon, stop doing and start doing due to this review.
Step 4: List your goals for Q2 and who will be accountable for the results by when.
STRATEGIC FOCUS TIMING
Remember it takes time to define your focus, implement and execute the action.
- 20% planning
- 40% implementation and change installation effort
- 40% sustaining high-performance effort on the direction and plan over the long term
NO STRATEGIC PLAN?
If you don’t have a strategic plan, it is time to work on one. There are three core phases to follow:
Phase One – Assess and Organize
- Environmental scan and organization assessment
Phase two – Strategic Design and Plan
- Define company positioning
- Articulate customer focus
- Clarify competitive strategies and critical success factors
Phase three – Operational Design
- Plan priorities
- Strategic budgets
- Performance management systems
- HR management strategies
COMPONENTS OF A WRITTEN STRATEGIC PLAN
There are core components of a strategic plan. The points below can be used as a checklist for you in the design of your plan:
- Introduction – opening defining your ‘why.’ Include your company vision, mission and values
- Current State Assessment (SWOT: Strengths – to build on, Weaknesses – to eliminate, opportunities and threats))
- Environmental Scan
- Marketplace (segments and characteristics) Analysis: key customers, main products and services, the value of segment, market share percentage, industry competitors, the life cycle of product or service
- Organizational Goals
- Key Success Factors (KSF) and Action Plan (Areas of concentration, actions to develop target measures and baseline data, who is responsible and due date)
- Core Strategies and Actions for Each Strategy
- Major Change Summary (summary of significant changes desired over the life of the strategic plan) and Change Management Structure
- Priority Actions (key must-do actions in addition to the day-to-day operations and other stats that you can complete in addition)and Implementation Game Plan
- Annual Plan Format – break this down into a yearly roadmap
TIPS FOR SUCCESSFUL STRATEGIC PLANNING
- Have the process facilitated
- Take an organization-wide approach and integrate all level planning
- Define quantifiable measures of success
- Include short and long-term forecasting
- Use transparent and straightforward terminology and language
- Clarify and benchmark against the competition
- Define strategic business units
- Make informed budget decisions
- Make tough decisions when necessary
- Be open to pivoting from the initial direction
- Implement an effective process to roll out new initiatives
- Empower and support staff to take action on strategic initiatives
Acknowledge that the process does not end once a document is produced. It needs to be executed on, implemented, evaluated and measured. Your strategic plan has to be a living document, one that is continually reviewed.
HOW WELL ARE YOU DOING?
On a scale of 1-5 rank (1 being the lowest and 5 the highest), your organization on the following:
- A culture of excellence
- Accountability of resource
- Effective and efficient business processes
- Collaboration and teamwork
- Communicated long term vision and direction
- Constructive problem solving
- Continuous process improvements
- Data based decisions
- Employee empowerment
- Equality of opportunities
- Facilities and equipment
- High staff productivity and performance
- Innovation and creativity
- Job design and descriptions
- Marketplace competitiveness
- Performance appraisals
- Profitability consciousness
- Quality production of products/delivery of services
- Resilience level to adaption to change
- Resources (monetary and other)
- Reward systems
- Staffing levels
- Team development
- Technology
- Visionary leadership
STEP ONE: Highlight any score below three
STEP TWO: Brainstorm action that could be implemented on low scoring areas to raise your rank
STEP THREE: Attain buy-in on identified actions, implement and execute
Plans are of little importance, but planning is essential.
~ Winston Churchill
If you would like more information on strategic planning, and you need someone to keep you accountable through this process, I can be contacted at +1-604-616-1967 or jenny@jennyreilly.com. If you want monthly leadership tips, sign up for my JRC newsletter or check out my social media on Instagram for top leadership advice throughout the year.