Development Edge Consulting can assist you with leadership to develop value creating strategies, align and augment organisational needs, link strategy to results, eliminate non-value added activities and drive execution to sustain a value growth practice. In all cases, Development Edge Consulting provides the management expertise necessary for improving results.
Strategic Planning
The reality is that in today's competitive business environment managers can become so preoccupied with fire-fighting problems and short-term tactics that they may lose sight of the big picture. That's why regular business reviews prove invaluable for ensuring that the business strategy is still effective and being followed by everyone in the organisation. An effective strategic plan: Provides a framework for decision making and/ or for securing top level support and approval Provides a basis for planning as it cascades down through the organisation Explains the business to both internal and external audiences in order to inform, motivate & involve people. Assists with benchmarking & performance monitoring and management Stimulates change The Approach To Strategic Planning
During a business review the owners and management of a business review past performance by analysing the current status of the business, the objectives and strategies, market trends, customer needs and competitor developments. Tools should be employed to correctly define these by probing existing or perceived Strengths, Weaknesses, Threats and Opportunities (SWOT). This then leads to strategy development which covers the following: Vision, Mission, Values, Objectives, Strategies, Goals, Programs
The preparation of a strategic plan is a multi-step process that covers vision, mission, objectives, values, strategies, goals and programs.
The Vision
The Vision is a big-picture of the business that extends to three or more years time in terms of its likely physical appearance, size, activities etc.
The Mission
The nature of a business is often expressed in terms of its Mission which indicates the purpose of the business. It succinctly explains to customers, employees and the general public why you are in business. Try this exercise: Go to a few employees who represent the middle level of your organisation and ask them why the Company is in business. It is likely that they will be unable to provide a comprehensive answer to this question.
The Values
The Company's Values direct the operation of the business and its conduct or relationships with society at large, customers, suppliers, employees, local community and other stakeholders. Values are critical for ensuring that all employees behave in ways that are consistent with the Mission.
The Objectives
The business's Objectives are defined in terms of the results it needs/ wants to achieve in the medium to long term. Apart from spelling out profit targets, objectives should relate to the expectations and requirements of all the major stakeholders, including employees, and should reflect the underlying reasons for running the business. These objectives could cover growth, profitability, technology, offerings and markets.
The Strategies
Strategies are the plans by which the mission, objectives etc. may be achieved. They can cover the business as a whole including, for example, diversification, organic growth, or acquisition plans, or they can relate to key functional areas, for example the new product pipeline that will feed future growth.
The Goals
Goals are specific time-based measurements to be achieved by implementing strategies in pursuit of the company's objectives, for example, to achieve sales of $3m in three years time. Goals should be SMART - Specific, Measurable, Ambitious, Realistic and Time-bound. They usually relate to factors like market share, products, finances, profitability, utilisation and efficiency.
The Programs
Programs set out the implementation plans for the key strategies. These should cover resources, objectives, time-scales, deadlines, budgets and performance targets.
Together the mission, objectives, values, strategies and goals must be inter-linked and consistent with each other. This is much easier said than done because it takes time and skilled resources to do this properly. However, what is certain is that this approach ensures enduring business success. |
