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Strategic Planning: Moving from Point A to Point B Faster

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Strategic Planning: Moving from Point A to Point B Faster

  1. 1. “ The real path to greatness , it turns out, requires simplicity and diligence. It requires clarity , not instant illumination. It demands each of us to focus on what is vital and to eliminate all of the extraneous distractions” - Jim Collins, author
  2. 2. AGENDA <ul><li>What is strategic planning? </li></ul><ul><li>Benefits of a clear strategic direction </li></ul><ul><li>The “Top Ten Tips” </li></ul><ul><li>Key elements in your plan </li></ul><ul><li>Best practices in execution </li></ul><ul><li>Q&A and Feedback </li></ul>
  3. 3. The One Thing… It’s 2008. What one thing did you accomplish in 2007 that you are most proud of?
  4. 4. What is it? Strategic Planning
  5. 5. By the book (sort of) Strategic planning helps you pave the most direct path towards your vision, saving you time and money.
  6. 6. Getting there faster
  7. 7. Getting there faster
  8. 8. Why it matters Strategic Planning
  9. 9. Intentional or unintentional
  10. 10. Focus, Focus, Focus
  11. 11. Leads the pack in tools Source: 2005 Bain & Co. Management Tools study
  12. 12. WHAT’S HE DO ALL DAY? <ul><li>Characteristics of INC 500 CEOs: </li></ul><ul><li>Spend an average of 60 hrs/week building the business </li></ul><ul><li>Hardworking </li></ul><ul><ul><li>Goal setting first , action second </li></ul></ul><ul><li>50% to 90% time spent on strategy and business development </li></ul>** To be eligible for Inc. 500 , companies have to be independent and privately held, have had at least $200,000 in net sales in Year 1 and $2 million in Year 5.
  13. 13. The bottom line…. <ul><li>Impact of strategic planning: </li></ul><ul><li>12.3% increase in sales volume </li></ul><ul><li>11.1% increase in net profit </li></ul><ul><li>Impact of market/community focus: </li></ul><ul><li>17% increase bottom-line performance </li></ul><ul><li>25% increase in employee commitment </li></ul><ul><li>Impact of balanced scorecard: </li></ul><ul><li>Allows for 2.5 times more complete management of firm performance </li></ul>
  14. 14. … and the front door
  15. 15. “ The nicest thing about not planning is that failure comes as a complete surprise and is not preceded by a period of worry and depression .”   Richard Palmer
  16. 16. Erica’s Top Ten
  17. 17. Being strategic is the end, planning is merely the means.
  18. 18. Decide if you are organizing your thoughts or determining your strategic direction.
  19. 19. Don’t mix them up. Strategy Tactics & Business as Usual
  20. 20. Know what mountain you are climbing.
  21. 21. Don’t plan in a vacuum. Get the right data.
  22. 22. Be the Best. “ You don’t want to be considered the best at what you do. You want to be known as the only one who does what you do.”   Bill Graham, entertainer and concert promoter
  23. 23. Figure out execution before the strategy. 95% of a typical workforce does not understand its organization’s strategy 90% of organizations fail to execute their strategies successfully 86% of executive teams spend less than one hour per month discussing strategy
  24. 24. Get real.
  25. 25. Strategy does not matter, if your culture is askew.
  26. 26. It’s messy, don’t strive for perfection.
  27. 27. Use a strategy framework. <ul><li>Balanced Scorecard </li></ul><ul><li>Revenue Generation </li></ul><ul><li>Profitability Improvement </li></ul><ul><li>Malcolm Baldridge </li></ul><ul><li>High-performance organizations </li></ul><ul><li>http://www.quality.nist.gov/ </li></ul><ul><li>Your Industry </li></ul><ul><li>Best practices from the top performers </li></ul><ul><li>Industry associations </li></ul>
  28. 28. Key Elements in your Plan Strategic Planning
  29. 29. Skip the semantics. Where are we now? How will we get there? Where are we going?
  30. 30. Where are we now? Mission statement: To define the organization’s core purpose. Why do we exist? Values statement or guiding principals: To clarify what you stand for and believe in. SWOT: To assess the particular strengths, weaknesses, opportunities, and threats that are strategically important to your organization.
  31. 31. Where are we going? Sustainable competitive advantage: To define what you are best at. What can your organization potentially do better than any other organization? Vision statement: To explain where you are headed, your future state. To formulate a picture of what your organization’s future makeup will be and where the organization is headed. What will our organization look like in 5-10 years from now?
  32. 32. How will we get there? Strategic objectives/priorities: Long-term, continuous strategic areas that get you moving from your mission to achieving your vision. (3-5 year) Short-term goals/initiatives: Effective goals clearly state what, when, how, who and are specifically measurable. (1-3 year) Action items: To set specific actions items that lead to implementing your goals. How will we being to achieve our goals in the next 90 days?
  33. 33. Example – Parks Dept.
  34. 34. How do I grow? Current Products/Services New Products/Services Market Penetration Product and Service Development Geographic, Segment and/or Channel Expansion Innovation/ Diversification
  35. 35. Execution, Execution, Execution Strategic Planning
  36. 36. So now you have a plan… <ul><li>Accountability </li></ul><ul><li>Put someone in charge – not you </li></ul><ul><li>Hold monthly strategy meetings </li></ul><ul><li>Find someone to hold you accountable </li></ul><ul><li>WIIFM – link performance to compensation </li></ul><ul><li>Leadership </li></ul><ul><li>Don’t cancel meetings </li></ul><ul><li>Commit to the process </li></ul><ul><li>Celebrate! </li></ul><ul><li>Reward and praise where appropriate </li></ul><ul><li>Celebrate often </li></ul>
  37. 37. How to get your plan moving? <ul><li>Delegate it internally </li></ul><ul><li>Someone with clout </li></ul><ul><li>Detail and process oriented </li></ul><ul><li>Outsource it </li></ul><ul><li>Local resources </li></ul><ul><li>Vistage site – search the directory </li></ul><ul><li>Balanced Scorecard Collaborative </li></ul><ul><li>Your industry associations </li></ul><ul><li>DIY </li></ul><ul><li>The Dummies Book </li></ul><ul><li>Our site – MyStrategicPlan.com </li></ul><ul><li>Center for Simplified Strategic Planning </li></ul>
  38. 38. <ul><li>Success is not a matter of chance, but rather success is a matter of choice. </li></ul>
  39. 39. To your path of success, wherever it may lead you
  40. 40. <ul><li>Erica Olsen </li></ul><ul><li>M3 Planning </li></ul><ul><li>775.747.7407 </li></ul><ul><li>erica@m3planning.com </li></ul><ul><li>MyStrategicPlan.com </li></ul><ul><li>www.MyStrategicPlan.com/dummies/plan </li></ul>

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