Fostering alignment and generating buy-in is an important part of the strategic planning process that should be started early on. Although organizational and departmental leaders may be the ones in the strategic planning meeting, employees can and should be consulted prior to and after the session. Questionnaires, interviews, and face-to-face conversation are great ways to generate employee participation throughout the process.
We’re excited to announce that our Managing Partner, Anthony Taylor, will be speaking at the Engage Strategy Conference that will be held April 28-30 in Portland, Oregon. Hosted by Cascade Strategy, the leading strategic planning software provider, this conference aims to develop excitement around strategy, help senior leaders and managers to develop and focus their teams, and to share strategic insights between attendees.
After you’ve developed your vision, mission, and values, the next step in the strategic planning process is defining your objectives, strategies and tactics (i.e. how you will carry out your strategic plan initiatives).
Your organizational values consist of all of the behaviours that exist within your business - not just the positive values you want to have, but also negative or neutral behaviours that are being acted out.
Values and behaviours are closely tied to your company culture and can have an impact on those within as well as outside of your organization. Evaluating and understanding the current values and behaviours that are active within your organization can help you pinpoint which ones you would like to continue to reinforce and reward, and which ones you hope to change or add to your organization (i.e. what types of behaviours do we hope to see in the future?)
Innovation is one of the keys to growing your business and increasing its competitiveness that you can include in your strategic planning process. It can help you to improve your productivity, reduce costs and become more profitable. Because small to mid-sized companies usually aren’t as capable of benefiting from economies of scale to the same extent that big companies can, the ability to innovate becomes even more important.
When developing a strategic plan, a technique we like to use is VMOST: Vision, Mission, Objectives, Strategies and Tactics. A strong strategic plan is developed in this order, starting with the vision. Developing your organization's vision is so much more than jotting down a few quick lines and calling that a vision statement.
High turnover is expensive – the time and money invested in staff who have left will need to be invested again for the training of new staff, and there is the additional cost of time and money spent on recruitment and hiring. Additionally, organizational culture and productivity can suffer if staff turnover is frequent. From a capital perspective (both financial and human), it is important for organizations to focus on employee retention as a part of their business strategy.