In today’s competitive business environment, companies need to engage in strategic planning to clearly define the vision, mission, goals and objectives of the organization. This includes an internal and external organizational analysis that leads to the formulation of a strategy and execution of the plan. During this process, however, one must have an eye toward simplifying processes and procedures in hopes of improving efficiencies. As well, one of the key critical success factors is clear and effective communication.
Logixsource utilizes a Strategic Planning Framework to assist clients in mapping out their corporate strategic plans. The framework can be broken down into the following elements:
- A clear focus and vision is essential in a team environment for achieving business goals. The vision is a picture of the ‘preferred future’. It is the statement that describes how the future will look if the organization achieves its ultimate goals.
- Review the mission statement, and align the strategy with the mission statement.
- Review the corporate guiding principles. This is the governance model that sets the foundation for how an organization will conduct business.
- Establish the team’s goals & objectives. Goals are broad, long-term aims that define accomplishment of the directive. Objectives are defined as specific, quantifiable, realistic targets that measure the success criteria of a goal over a specified period of time. E.g. “open a new store by August 2016”
- Identify the critical success factors. These are the major items or issues that need to ‘go right’ to achieve one or more objectives.
- Identify the challenges in the strategies, team capabilities and performance. A SWOT analysis is a key tool for this strategic task.
- Develop strategic plans that include; a) Product/Market strategy, b) operating strategy, c) financial strategy. Identify the resources that are needed to accomplish these tasks and communicate the execution plans effectively to the team.
- Initiate the delivery of strategic execution including a) communication, b) action plans, c) performance measurement.
- Oversee the delivery of the plan allowing for slight changes in direction but concentrating on staying as close to the corporate strategy as possible.
Clear communication through all levels of the organization is critical to ensure that the vision and strategy that has been painstakingly developed is embraced and supported by those who must implement it. To measure success, define parameters to be measured and the target values of those parameters. Compare the measured results to the pre-defined standard and make changes where necessary.
Working through this strategic planning framework allows reasonable goals to be established. It also enables all key stakeholders to participate in the process from idea to execution and review, leading to increased support and likelihood of a positive outcome.
If your company is looking to work through their strategic planning process or would benefit from a review of their existing plan, please contact Heather Cartwright at email@example.com.