Question

How can you execute your strategic plan in a way that every member of your organization feels like they understand, own, and have a stake in this plan?

Answer 1

ANS. The strategic planning process are the steps that you go through as an organization to determine:

• the direction of your organization (Vision)
• what you're going to do and for whom (Mission)
• how to measure it and guide your strategy to get to where you want to be (Goals) Execution of strategic plan :-

1. Set clear priorities.

Entrepreneurs might fail in carrying out their strategy if they set too many priorities. Establish only one priority at a time along with supporting initiatives. For example, a priority might be penetrating a new territory. Supporting initiatives could be leasing an office, hiring staff and initiating a marketing plan.

Having too many priorities is like trying to keep too many balls in the air. Then it's problematic if only one gets focused on. Chances are good that eventually all the balls fall to the ground.

2. Collect and analyze data.

Entrepreneurs often specify measurable goals in their strategic plans. But once the planning process is a wrap, the document might be set on a shelf and not revisited for quite a long time.

A key to ensuring execution is staying on top of results. Entrepreneurs should develop key performance indicators (or KPIs) that can be measured and monitored on an ongoing basis. They need to procure operating data related to these indicators and evaluate results on schedule (daily, weekly, monthly or quarterly).

3. Keep a rhythm to meetings.

Without continuous communication, employees can lose touch with an entrepreneur’s goals and objectives. Over time employees, and even the entrepreneur, can veer off course. This leads to poor results, which can have a disastrous effect on an organization.

To ensure that the entire organization keeps in sync with the entrepreneur's vision and strategic.plan, the staff should gather periodically for different types of update meetings..

4. Evaluate the strategy.

The entrepreneur should also meet with the executive team and key management personnel on a monthly or quarterly basis to evaluate the progress with the strategic plan. These strategic meetings should be more in-depth and designed to determine if changes are required.

The periodic strategic meetings should discuss strengths, weaknesses, opportunities and threats (or SWOT). They can help executives determine if the strategy's soundness in light of changes within the organization, industry and economy. The meetings should aim to exploit strengths and opportunities while mitigating weaknesses and threats.