‘On the Spot’ Effectiveness that Translates Strategies into Business Results
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An Espoir Worldwide Initiative
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There is cut-throat competition, and future is uncertain. Even in this situation, many companies have confusions about the need of strategic planning! Or, how a company has to do strategic planning.
Approaches may differ widely between a big corporation and a very small business or a department. The small business is unlikely to have a formal strategic planning process and document, whereas the big corporation probably has many plan documents for its different businesses and has a much more structured process to planning.
Strategic planning gives clarity to everyone in the organization because it spells out where the company is going over the next years and how it’s going to get there.
However, strategic planning (formal or informal) is the root cause of many conflicts in most organizations as the strategic plan is the formalized road map that describes how your company executes the chosen strategy.
ChiefMentor programs convincingly explain the factual (un-emotional) ways of using facts: Vision, Mission, Forecasts, Projections, Options, Scenarios to create Strategic Plans. And how to generate an Action Plan out of this strategic plan.
Strategic planning is a great way to assure you your belief in yourself. And once that happens, others will be convinced as well. You may open your eyes and observe how your division/department functions and where it can go from there. As you know, strategy might be built around or lead to many things you involve in a day to day basis: new products, services, and markets; revenue growth via various approaches, including acquisitions: and new partnerships and alliances. Strategy might be directed toward becoming a preferred supplier, a low-cost producer, a market innovator!
You might collect as much relevant data as possible. You can do a situational analysis, think about the factors that determine the plan’s success. You’re on the right path!
Strategic Planning is a process by which we can envision the future and develop the necessary procedures and operations to influence and achieve that future. -Clark Crouch
As planning is interlinked to a wide variety of functions: customer/markets, products/services, human resources, research and development, etc, it is important to gather relevant data and information from these functions in an efficient manner. Poor communication fails the whole approach.
Communication is critical as strategic planning calls for gathering and analysis of data and to address factors like: customer and market needs/expectations/opportunities, your competitive environment and your capabilities relative to competitors, technological changes that might affect your products/services and how you operate, your strengths and weaknesses, and financial, societal & other potential risks
Strategic planning is futuristic. The process demands relevant data in the form of forecasts, projections, options, scenarios and other approaches to envisioning the future for purposes of decision making and resource allocation.
Everyone takes a note of the degree to which quality and customer satisfaction goals, strategies and issues addressed in the long-term strategic business plan proposed by you to the company. When you make sure that these goals are based upon current and future quality requirements of customers in key markets, as well as projections of changes in customer requirements, you demonstrate your professional commitment and never quit attitude.
According to Harold Lasswell, “Politics is who gets what, when, and how”. While deciding on the strategic objectives and its success factors, it is mandatory to formulate action plans. Action plans needs commitments of resource allocation and a time line for the same. This usually leads to politics in many organizations - who gets what, when and how.
This is a golden opportunity to think above political lines. You must ensure that key success factors and strategic objectives have been identified based on relevant data and they can be linked back to the vision of the company. You must ensure that the targets show evidence of being based on research rather than arbitrary numbers.
Strategic plan development is a process. It has inputs in the form of company’s vision, mission, core values, and the results of situational analysis. As part of the development process you must short list key success factors, measures & targets and strategies to achieve them. As the next step, you must develop the action plans to implement these strategies. This involves the allocation of resources to ensure the accomplishment of your action plans.
You may help others in actively participate in this systematic decision making process. Helping others through constructive criticism, feedback, and guidance will not only help others further their careers, it will also help you further yours.
For the successful development and deployment of action plans, one must excel at networking as you need support of a host of individuals at various functions and levels. As you know, networking involves cultivating the relationships with people you need to accomplish your job.
Gathering customer and market knowledge is an input to your strategy and action plans and for deploying the developed action plans. You need to gather relevant data and information to support your key information needs and as an effective basis for your performance measurements. You need to integrate employee selection, training, development and the related factors. Now you know, You must network!
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ChiefMentor programs clearly describes a strategic plan as the formalized road map that describes how your company executes the chosen strategy. It is a plan that spells out where an organization is going over the next year or more and how it’s going to get there. Typically, the plan is organization-wide or focused on a major function, such as a division or a department.
Whether you are heading a company or a department, you can use strategic planning as a management tool that serves the purpose of helping your organization (company or a department) do a better job, because a plan focuses the energy, resources, and time of everyone in the organization in the same direction.