Imagine if everyone in your organization showed up to work every day feeling passionate about their job and knew exactly what they needed to do to help your business succeed. Is this possible? Absolutely, when you have a powerful strategic plan.
In this episode, the author talks about how to Empower Your Company with a Powerful Strategic Plan, based on Chapter 3 of his book, Leaky Bucket of Profits. A strategic plan is a written document that clearly identifies what an organization wants to accomplish in the long-term. It starts with a seven to ten-year Vision Statement of the impact the leader wants to have on the industry, community or even the world. The next step is to have a Mission Statement that articulates the strategic actions that need to be taken to achieve the vision. This is all bound by an unwavering set of Core Values that will help guide decision making and the expected behaviors of team members.
The next step is to conduct a SWOT analysis to determine, Strengths, Weaknesses, Opportunities and Threats. With all four areas identified, the team brainstorms opportunities available if its Strengths were leveraged or Weaknesses and Threats neutralized. The team then shortlists the opportunities to three to five items that it will focus on. SMART goals and action items are then set to put the plan in motion. It is imperative that regular strategy meetings are held to ensure that actions are being taken and goals met.
The strategic plan needs to be communicated to stakeholders including management, employees and shareholders. It is imperative that “need to know” information is shared so that everyone understands their role and is passionate in helping the organization achieve its vision and goals.