Submitted by kklogic on
in
Forums
We recently had a company in to assist us with strategy development. We went through SWOT and developed vision, mission and values. We also did the strategic objectives pyramid and created our assumptions.
Unfortunately, we've run out of funding RIGHT when we got to the meat and potatoes. Can anyone tell me where we go from here - step by step - like I'm a small child?
We have been working in 4 groups and then coming together as a whole and wordsmithing, discussing, etc. I would assume we'd want to continue this method --- but don't know what instructions to give the groups. We obviously need to develop strategic initiatives, tasks and timelines, metrics for measuring effectiveness and a plan to re-evaluate and tweak.
Thanks in advance, everyone!
Step by step strategic initiative development?
kklogic,
You have listened to the three part SWOT podcasts, I assume?
John
Step by step strategic initiative development?
John,
I just did a quick re-listen (while I was working - so admittedly I wasn't totally focused on it) ... but it seemed more indepth about SWOT itself. We've done that portion of the process. We need to develop the actual strategy and tactics from the data collected in that process now. Did I miss this part in my quick skim? Should I relisten?
Step by step strategic initiative development?
No, you didn't miss it - just checking where you are in the process.
I'll assume you also read the "Strategy 101" discusion: http://www.manager-tools.com/forums/viewtopic.php?t=334
I can't give you a step by step process. Here are some things you need to do:
Agree on the key performance indicators. Dont' have too many. Examples: retention % for HR, Gross margin for operations, # of new customers etc.
Agree on the target values for those KPIs.
The key from here is action: projects (you might call them initiatives...) must be defined that are aligned with your mission.
The projects must align with your budget. Perfect timing - budget season is moving into high gear! So work your budgets and projects until you have something that looks like it will hit your KPI targets.
Execute.
Track progress no less frequently than mothly, and don't be afraid if you don't hit your targets. Revisit your mission along with the performance, and make mid-course corrections.
Finally, remember that markets, technologies, and customers are changing; yet great, timeless strategies are rarely found.
John
Step by step strategic initiative development?
John,
Thanks a ton. That's a big help.