Online resources to advance your career and business. We become so fixated on these stories that, all too often, we overlook the other side of that reality: that just as businesses become big and successful, there are also companies – perhaps in greater numbers – that fail. Although we start with a logical process, see figure below, it is not the process it self that make your new strategy work. A flexible but focused approach will put organisations in a better position to deal with setbacks and to respond to new opportunities as they emerge. Evaluate the current staffing structure, checking if you have enough manpower, and if they have the necessary competencies to carry out the tasks. How will we grow, stabilize, or retrench in order to sustain our organization into the future? Continuous engagement of personnel by providing trainings and reorientations. If not, why? Implementation (i.e., “action”) must be a standalone chapter or section within your plan document. That’s why so many strategic planning meetings are unsuccessful. Some call them “strategy-encouraging policies” while others refer to them as “constant improvement programs”. We keep hearing news stories and anecdotes about this “successful business” or that “entrepreneur who hit the big time with his business idea”. Disburse the necessary resources to the departments, and make sure everything is properly and accurately documented. Since the employees and maybe even the supervisors of the smaller units are unaware of the strategy, or do not understand it, there is very little motivation and sense of empowerment to make them perform well in their respective tasks and functions. Should the deadlines be modified? Or what business should we be in? There is a lack of ownership, since the employees do not feel that they have a stake in the plan, and this results to poor implementation of the strategy. 1-2 weeks (1 hr meeting with Owner/CEO, Strategy Director and Facilitator (if necessary) to discuss information collected and direction for the continued strategic planning.). Determine critical success factors. Organizations will always have to deal with matters regarding staffing. An organization that develops and executes a strategic plan gains significantly from the experience, and starting with a working model and then building a tangible plan can be more successful for your organization than having no plan at all. Here’s our five-step approach: 1. Threats refer to external conditions or barriers that may prevent a company from reaching its objectives. These success factors are presented in the McKinsey 7s Framework, a tool made to provide answers for any question regarding organizational design. Yes or no? Weaknesses refer to any limitations a company faces in developing or implementing a strategy. The process is more or a less a roadmap and a guideline. Thus, much attention is given to human resource processes, specifically hiring, recruitment, selection and training. > KPI, Analyse the external (macro) environment External, Analyse the internal operating environment Internal, Determine the opportunities and threats. In the last 90 days, what are the three most important things that we have learned about our strategy? What will our organization look like 5–10 years from now? Indentify the core reason or justification for existence. 8. Once you have identified potential threats and opportunities, it is time to develop a strategy. Establishing an annual local economic development report card to monitor and track economic growth. Opinions expressed by Forbes Contributors are their own. Step five below digs deeper on the importance of continuous evaluation. 6. All the trials and triumphs of building a business – delivered to your inbox. Economic development plans are carefully and strategically built frameworks. Lets be honest, most of the models are look-a-likes, constructed around the same core elements, concept, idea and/or theory only presented in a different model. 5. There are hundreds of business books dedicated to the topic. To ensure the plan performs as designed, you must hold regularly scheduled formal reviews of the process and refine as necessary. What new needs of customers could you meet? You may opt-out by. Engineers | Architects | Planners | Scientists © 2020 Forbes Media LLC. Will your goals be achieved within the time frame of the plan? Long-Term Strategic Objectives are long-term, broad, continuous statements that holistically address all areas of your organization. However, if done right, it will ensure the achievement of objectives, and the success of the organization.

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