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7 Top Tips Before A Business Writes an Executable Strategic Plan
| Guest post by: Leanne Hoagland-Smith |
Article Overview: Strategic business action planning is a very expensive process not only from the hiring of an executive coach or business consultant, but from an organizational perspective as well. Before you being this necessary process, these 7 top tips should help to ensure that your business action plan is truly executable and delivers the desired results allowing you to catapult ahead of your competitors.
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7 Top Tips Before A Business Writes an Executable Strategic Plan
Having a strategic plan is necessary in today's global market place where at every chamber or networking event another competitor has joined what many business owners already perceive to be a tight marketplace. Yet, before you, as the small business owner or the chief executive officer, begin crafting or writing that essential strategic plan, these 7 tips may ensure that your efforts are executable.
Top Tip #1 - Identify your purpose personally
Knowing your purpose is the foundation for your future business actions. Your purpose along with the creation of vision, values and mission statements will expedite the decision making process and ensure alignment and consistency of those decisions.
Top Tip #2 - Define why you are in business
This may sound like a simple question and it is. However, this question does create a top of mind awareness that is invaluable when working through a strategic plan.
Top Tip #3 - Use a qualitative/subjective evaluation for the executive management team
Have the key management decision makers take the time to independently review quality, production, cost effectiveness, turnover, strategy, safety, waste & scrap, new product, people development and time management. Then through a facilitated and collaborative debriefing, those same executives will begin to identify some of the gaps within the executive team including leadership. This tip may reveal that the top decision maker may require some business development or executive leadership coaching.
Top Tip #4 - Compare last year's wins and losses
Reviewing last year's total revenue – the wins – to the missed opportunities – the losses – illustrates the importance of creating an executable strategic plan. This tip builds motivation for the executive management team to follow through with the decision to take this proven business building action.
Top Tip #5 - Use a quantitative organizational survey or assessment
Data is critical to when building an executable strategic plan. However, the real essence is finding honest data and not what management wants to hear. The evaluation tool should be representative of all levels of employees within the organization from the executive team to the support staff. Also, the data should be organized to align with known predictors for organizational success such as the Baldrige criteria. This survey should be Internet accessible, have a proven historical track record, work with any industry including education, healthcare, manufacturing, not for profits and professional services,
Top Tip #6 - Consistent goal setting and goal achievement process
An executable strategic plan revolves around the ability to consistently set and achieve goals. Given that goal setting and goal achievement is not currently part of the K-16 curriculum, those responsible for executing the strategic plan should all be using the same goal setting and goal achievement process to ensure that the measurable results are achieved.
Top Tip #7 - Assess your commitment level
Why are you taking the action to create a strategic plan? Is it because of an excellent sales presentation? For a several reasons, some executives have been convinced to write a strategic plan. Yet, the finished plan may lie in a desk drawer or on a bookshelf unopened. Additionally, during the strategic planning process, the consultant, executive business coach or facilitator may be asked to take assume greater responsibility than appropriate because the client's commitment level is weak. For a strategic plan to be truly executable requires a 110% commitment from the top decision maker and the leadership or business development skills necessary to pull it off.
Strategic planning does not differ from any other organizational project in that taking preliminary steps will greatly improve the success of this critical decision to build the business. After all if you are going to invest your resources of people, time and money, doesn’t it make sense that you prepare the ground before digging the foundation?
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About the Author: Leanne Hoagland-Smith RSS for Leanne's articles - Visit Leanne's website Her book, Be the Red Jacket is a no-nonsense and quick read to help discover potential gaps that may be keeping you from your goal to increase sales. The forward is by Evan Carmichael of EvanCarmichael.com Remember if you think you cannot or you think you can either way you are right. (Henry Ford). Sales Coaching Tip: Change your thoughts; improve your results. Click here to visit Leanne's website   Leadership Audit For Business Leadership Assessment Business Building Check List |
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