An old buzzword resurfaces....

In these new economic realities, companies are looking at ways to save a penny as they hunker down for the uptick. An oldie but goldie has resurfaced as a means to plan for the lean times. The Strategic Plan has returned to guide the way.

Strategic Planning

Definition: A systematic process to plan for the overall course and direction of an organization for the purpose of optimizing its future potential. It involves a comprehensive business review and analysis of an organizations’ mission, vision, goals and objectives. It essentially tells you what you have and what you need if you are going to reach your company goals. In order to have a valuable strategic plan – you need to look at 5 basic areas:

Performance Management

Developing a strategy is essential but only the implementation of the strategy itself will deliver long-term benefits to the business. You will need metrics, data collection processes and systems to monitor and manage the business performance of the organization. In lean times ROI becomes key and it is worth going back to basics to ensure you are collecting the info you need. Cutting the chaff from the wheat will save time and money.

Governance

The integrity of an organization is particularly central to the health of its stability and economic growth. Corporate Governance insures that outcomes are in line with plans, and sets corrective actions to realign deviations. Making sure you have the talent that is capable of defining goals, guidelines and organizational identity is key to successful planning – these are the foundation layers.

Organizational Design

Meeting organizational goals, in line with the organizational mission and vision cannot be accomplished unless an organization is planned and designed. Organizational design includes designing the flow of work in organizations, grouping of tasks, and planning the relations between entities, all to define an effective communication and coordination, ensuring the growth and success of an organization

Change Management

Perhaps the most difficult part is improving organizational effectiveness. Planning and designing is crucial, yet actual results often don't come up to expectation. Changes can get mired in execution, changes that are made don't last, and costs become overwhelming.

Business Process Management

The application of knowledge, skills, tools, techniques and systems that will lead to enhancing efficiency and effectiveness, maximizing utilization, and minimizing errors and bottlenecks present in organizational processes. Education and encouragement are key.

Your company may have some excellent talent and galvanizing them to action with a single strategic view may be all you need to turn the volume up. Sometimes, you may need some outside help, a good consultant can tailor the help you need to minimize the costs while bringing in just the right expertise needed to expedite the plan. Either way – a strategic plan may be in your future as we hunker down for the long haul.