Most companies don’t do strategic planning and execution well. Just ask the people responsible for delivering on it: less than 10% of employees say they understand their company’s strategy.
Leaders list strategic execution as their number one business challenge. That is no surprise given that employees may or may be working on the right things to support a strategic plan they do not understand!
But strategic planning does not have to be daunting. Nor does it have to be complex to be effective. To the struggling executives today, we offer up:
What it is: The plan should be long-term (5-10 years), high level, and connected to the grand vision. Strategic planning is the process of establishing and documenting the direction of your organization (where you are today and where you’re going long term).
Why it matters: Strategic planning aligns the people in your organization around purpose, mission, vision, and values. Plus, it sets your long-term goals and how you’ll reach them.
What it includes: while there are other items to consider, the best-in-class plans include:
What it is: Goals are measurable indicators of success, where your plan meets execution. Organizations call these objectives, scorecards, OKRs, or KPIs.
Why it matters: What gets measured gets done. Tying quantifiable metrics to goals helps employees understand how WELL or by HOW MUCH they accomplished or missed a goal.
What it includes: while there are other items to consider, the best-in-class goals include:
What it is: Work is what you do today in order to achieve a purpose or result, where your plan meets right now. Great execution is the result of strategically choosing to work on the highest value goals as efficiently as possible.
Why it matters: when employees work strategically, they are able to see progress fast and often. Many companies fall into the trap of “tasks = job done” and end up busy but don’t move the needle, resulting in low morale.
Whether you are starting to build your strategic plan, or in the middle of it, be sure that the key components are there and everyone has access to them:
To learn more about how to manage & measure your strategic vision, visit Strategypoint.co or contact us at Sales@strategypoint.co.
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