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.
While each part of the strategic planning process is important, a little extra attention may be needed when developing your key performance indicators (KPIs). By this stage in your strategy development, you’ve already revised your organization’s vision, mission and Strategic priorities; you’ve worked through your SWOT and PESTLE analyses; and you’ve discussed scenarios and risks that your organization or industry may encounter in the future. You’ve done a lot of great work, but it doesn’t end there.
After you’ve developed your vision, mission, and strategic priorities, the next step in the strategic planning process is defining your objectives, goals and tactics (i.e. how you will carry out your strategic plan).
Every business will see benefits from regular strategic plan development. However, organizations that operate within fast-paced industries, such as the technology sector, will see additional benefits from shorter intervals between planning sessions.
Today I received an email from the Vice President and Chair of the Strategic Planning Process and VP Board of Directors for the Canadian Soccer Association, Nick Bontis.
He shared their strategic priorities from their last strategic plan, and invited me to participate in their stakeholder survey that they are going to use for input into their strategic planning process for 2019-2021.
What's the point of creating a strategic plan if you have no idea what success looks like?
That's why when you create your strategic priorities within your strategic plan, you want to attach a Key Performance Indicator (KPI) to each initiative so you can have measurable progress towards your ultimate vision.
Earlier this year, the CBC reported that Shell was tying their executive compensation to the company's overall performance to carbon footprint.