Succinctly, a strategy is a comprehensive, integrated plan that ensures the basic objectives of the organization are reached. Amongst academics and the savvy business community it is well documented that success is often realized in those organizations that have both strong and well-executed strategies. A well articulated, well supported, and professionally presented strategy is a valuable communication tool for shareholders, Board of Directors/Advisors, employees and community stakeholders.
Far too often, however, we see well-intentioned strategic plans shelved due to the inevitable day-to-day operational demands, improperly integrated plans, or lack of organization-wide acceptance. Unfortunately, the results are typical: increased crisis management, ineffective use of resources, and lost opportunities. It is little wonder then that the strategic planning sessions for many organizations have created the dichotomy of hope and frustration.
“You don’t get what you plan.
You get what you resource. You get what you measure. You get what you reward.”
-- David Brown, Brown Governance
Today’s rapidly changing environment suggests that an adaptive enterprise is one that has a great opportunity for success. This creates a “living” document that is particularly relevant and useful.
Source: Pietrson, Willie. Reinventing Strategy – Using Strategic Learning to Create & Sustain Breakthrough Performance. John Willey Sons Inc., New York (2002)
A successful strategic process will include the following key steps:
This section of the Raj Manek Mentorship Toolkit is presented under the assumptions that you are an active small- to medium-size business entity, with a complete business plan. If you are not, then it is recommended that you discuss your situation with your Raj Manek Mentor.
Three sections are provided for easy reference, and utilize a practical and simplified approach to strategic planning. Each section can be treated as stand-alone, but are presented sequentially for those wishing to follow a more linear approach:
- Situational Analysis to Perspective
- Strategic Choices & Alignment
- Implementing Strategy & Evaluating Progress
Your firm has unique needs. It is, therefore, encouraged that you utilize the following as a guideline only, and that you source professional advice to customize and/or fine-tune your strategic plan.
- The terms “organization” and “firm” are used interchangeably throughout this document.
- Helpful hyperlinks and web links are provided throughout the document for those wishing clarification or further insight.
Although the sections can be addressed as stand-alone, the next sequential step is “Situational Analysis to Perspective”.