It can be tempting to focus solely on a short-term strategy. Execute with commitment, alignment and communication. Take advantage of advice from peer-to-peer counseling groups, individual executive advice, industry networks, exclusive events, and more. With continued global volatility and rising inflationary pressures in the market, your organization's strategic plan should take center stage as you move to mitigate potential impacts.
Here are our strategic planning best practices to get you started. When creating a winning strategy, organizations need a clear understanding of their mission and core values. To consolidate your own approach to strategy, start by asking: “What is the purpose of my organization? Actively manage organizational alignment with corporate strategy. Institutionalize the use of a common strategic performance reporting system by all units.
Make sure that the strategies of the business unit and the support unit are linked to each other and to the company's strategy. Organize and conduct monthly strategy review meetings, informing the CEO of strategic concerns in advance. Document the necessary adjustments in strategy and execution identified during the meetings and follow up to ensure that the changes are implemented. Help the chief financial officer prepare strategy updates for board meetings.
Research shows that, on average, 95 percent of employees don't understand their company's strategy, an astounding statistic, considering that the successful execution of the strategy requires an effort from the entire organization. From purpose to planning, from communication to reevaluation, know that by committing to the strategic planning process, you are laying the foundation for a successful implementation of the strategy and investing in the future of your organization. A successful strategy can put your organization on the right track for years to come, but creating one is often easier said than done. When developing your strategy, review your organization's financial statements, along with historical strategies that have been successful and have not been successful.
Developing a strategy is crucial, but it cannot be successful unless it is effectively and ingeniously communicated to the entire organization so that all employees feel empowered and responsible for achieving the company's objectives. Whether you're developing your strategic plan or you're already communicating your strategy to the entire organization, Blue Beyond can help you translate your strategy into a successful and executable framework. Compensation packages for 90% of frontline employees show no relationship with the success or failure of implementing the strategy.