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They carefully create a vision of their future and the strategies needed to get there. But many fail to realize their vision and fail to deliver the expected strategic results.
Unfortunately, executive teams cannot pinpoint the reasons for this dilemma so they repeat the strategic planning cycle over and over, always hoping that the next strategic planning session will bring better results.
In our experience, there are 5 critical factors that will ensure your strategic plans are successfully implemented. Strategic Planning is a process not an event.
A key element in the process is the engagement of all levels of staff throughout the organization. Staff engagement generates additional input and helps build their commitment to the end plan. It is essential to involve employees in the planning of strategy and direction for the organization.
Provide insight into issues, challenges, concerns, and opportunities which may not have been known or fully understood. The senior management team will not execute the strategies — staff will.
Engage them and your strategy execution success rate will increase dramatically. Harvard Business School Strategic Planning processes are successful when a bottom up and top down communication approach is taken.
It starts off with a communication to all levels of employees informing them that a Strategic Planning process will be undertaken. It includes how they will be involved in this process.
This is the bottom up communication. Employees will provide input to the strategic planning process through feedback surveys, focus groups, meetings, etc.
It is followed by the top down communication.
Senior management will share the strategic plan with employees. They will communicate to all employees how their engagement will help ensure success in the execution of these strategies.
Yet if they try something that is a little dangerous and new, they will realize true innovation. They put teams of individuals together to work on these major initiatives and give them investment money to ensure success.
This is not a failure of execution. It is the lack of an Innovation Process to manage the strategy that led to the failure. The senior management created strategies that required innovation to achieve them.
This is unfortunately, very common. Many organizations tell their employees to be more innovative. They create strategies for new products and services.
But they fail to develop a strategy for Innovation which includes reshaping the organizational culture to be innovative, implementing a process for managing innovations, etc. Research in Motion is a classic case.In this article, we cover the topic of international marketing and explore 1) an introduction to international marketing, 2) factors to consider for international marketing and 3) a conclusion.
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Likewise, if you own a nail salon, your employees will need to be able to. What are the most important factors to consider in budget development? Team work and brain storming will be useful in case you need to meet the aggressive targets The most important factors to consider in budget development are.