Once you’ve created a strategic plan for your business, the next step is to roll out that plan throughout your organization. One of the most important aspects of executing your strategic plan successfully is getting buy-in from your team.
An immigrant from South Africa, Elon Musk is an inventor, entrepreneur, investor and multi-billionaire. After dropping out of a Stanford PhD program, Musk went on to create and sell his first technology company to Compaq Computer Co. for over $300 million (USD). After that, he and his brother created what we know today as PayPal, before selling to eBay for $1.5 billion in stock. Finally, he had the funds to start a private space exploration company called SpaceX, as well as an electric vehicle company called Tesla shortly after. Along with having an involvement in other companies such as Solar City, Neuralink, and the Boring Company, Musk’s success has amassed him a net worth or over $19 billion.
Goals, Objectives, Measures Targets, Pillars, Strategic priorities: These things all mean different things to different people. While there is no one right way to interpret each term, you do need to agree on which ones you and your team will use when developing your strategy.
Time and time again, organizations book strategy days, plan retreats and spend money on strategic planning sessions that don’t produce any lasting results. The session may go well and produce a sensible and comprehensible plan for everyone to follow, but progress hardly takes form. The plan barely gets off the ground before it’s pulled back down to business as usual.
Aside from inarguable opportunities, globalization can increase competitive pressure by rising compatibility and digital transparency, while decreasing switching costs offer consumers the possibility to change companies like socks. In such a volatile environment, it becomes more important for companies to effectively position themselves, know their strategic competitive advantages, and communicate them to their customers.
In this episode, we were joined by Micah Lorenc, the Director of Business Architecture for a large insurance organization. For most of his career, Micah has been involved in the corporate world, facilitating and developing strategic plans, as well as in the entrepreneurial world, working on new and interesting creative projects. He recently merged these two worlds through the development of an online course aimed at helping entrepreneurs and small businesses learn about strategic planning.
Once you’ve had your strategy meeting and have developed your organization’s strategic plan, you might be wondering what comes next.
The strategic planning process doesn’t end once a document is created. To successfully execute your strategy across the organization, careful attention needs to be paid to the next steps: communication, implementation, monitoring and tracking.