Developing a strategic plan for an organization can be a challenging task.
It not only requires broad agreement from the Board, but alignment across the organization financially, operationally, and in many other areas. Despite this, committed organizations are able to execute the strategic plan through discipline, commitment, accountability, and the proper actions.
“Without strategy execution is aimless, without execution strategy is useless” Morris Chang.
It also requires having the right people in the right positions, on the same ship, working together to navigate in the same direction. What if nobody knows the charted course? What happens when each manager in their own lifeboat going their own direction, or even worse, sabotaging other lifeboats? Not everyone can be the captain, and we’ve all seen what happens if on the ship is looking for icebergs. While hopefully nobody is comparing your Organization to the Titanic, everyone needs to know the strategy, have a job to do, and function well as a team. At Tanner we use a 1-page action plan to accomplish this.
Set a 5-step, 1 Page Plan
- Once you have set your strategic plan, write down where you are now. This could include facts such as annual revenue, expenses, employee headcount, and other facts relevant to your strategic plan.
- Write down where you want to be. Meaning where you will be when your strategic plan is complete.
- Identify your how by listing the 3-5 strategies of your plan.
- For each strategy identify 3-5 specific actions to accomplish each strategy. Get specific about key drivers, and each action as a specific result so you will be clear when each is complete.
- For each task determine the date each will be completed and who will complete it. By not only clarifying each goal, but breaking it down into tasks, you will be able to celebrate small wins, assign authority and accountability.
Now you have a 1-page plan. At Tanner we don’t believe in long, multi-page strategic plans that are basically just a summary of the problem and lacks actual solutions.
Working as a Team
Make sure your entire team knows the plan, know their part in the plan, and are bought into the plan. This can best be accomplished by making sure each person understands the why behind the plan both for the organization and them as an individual and by tapping into individual’s motivation. Make small and consistent changes, celebrate those changes, and expect a compound effect.
Assess and Refine
Monitor your progress by assessing and refining the plan as needed. Schedule regular meetings that have a clear agenda. Plan to measure progress, get curious, identify issues before they arise, and course correct when necessary, by considering items below.
- What obstacles do you need to prepare for and what is the plan to remove them?
- Would removing any one obstacle remove multiple obstacles?
- What are the KPI’s and other financial metrics telling you about progress?
- What assumptions are you making?
- Do the right people have the right responsibilities and authority to carry them out?
- What don’t you see?
- What expenses or activities can you reduce or eliminate?
- What activities are causing the results?
- What changes does the organization need to make to achieve its goals?
Contact Us
Developing a straightforward strategic plan will ensure progress toward the company’s vision. Without the formal structure created by a plan, it can be very difficult to move your company closer to success. If you have questions about the information outlined above or need assistance with another business or accounting issue, Tanner can help. For additional information, call 801.532.7444 or click here to contact us. We look forward to speaking with you soon.